Question
In: Economics
The following table shows the daily relationship between the number of workers and output (Q) for...
The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $100 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.)
WORKERS Q TC MC ATC
1 20 ? ? ?
2 44 ? ? ?
3 70 ? ? ?
4 91 ? ? ?
5 100 ? ? ?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
The table below shows the weekly relationship between output and number of workers for a factory...
The table below shows the weekly relationship between output and
number of workers for a factory with a fixed size of plant.Number
of Workers Output001502110330044505590666577008725971010705a.
Calculate the marginal product of labor. b. At what point do
diminishing returns set in? Explain. c. Based on the table above,
if the wage rate is $500.00 and the price of output is $5, how many
workers should the firm hire?
The following table shows a part of the daily labor-output relationship for a firm. In this...
The following table shows a part of the daily labor-output
relationship for a firm. In this table q is the quantity of output
produced and L the amount of labor required to produce the
corresponding level of output. For example, to produce 2 units of
output per day we need a total of 50 units of labor and to produce
5 units per day we need a total of 120 units of labor. The wage
rate is $40 per day...
The following table shows a part of the daily labor-output relationship for a firm. In this...
The following table shows a part of the daily labor-output
relationship for a firm. In this table q is the quantity of output
produced and L the amount of labor required to produce the
corresponding level of output. For example, to produce 2 units of
output per day we need a total of 50 units of labor and to produce
5 units per day we need a total of 120 units of labor. The wage
rate is $40 per day...
The following data in the table below represents the relationship between the number of workers and...
The following data in the table below represents the
relationship between the number of workers and their outputs in a
company for a given day in the short-run:
Workers
Output
P
Marginal Product
MP
Variable Cost
VC
Fixed Cost
FC
Total Cost
TC
Average Variable Cost
AVC
Average Fixed Cost
AFC
Average Total Cost
TC
Marginal Cost
MC
0
0
0
1
12
2
2
21
6
3
27
12
4
30
35
5
32
80
6
33
160
1- ...
The following data in the table below represents the relationship between the number of workers and...
The following data in the table below represents the
relationship between the number of workers and their outputs in a
company for a given day in the short-run:
Workers
Output
P
Marginal Product
MP
Variable Cost
VC
Fixed Cost
FC
Total Cost
TC
Average Variable Cost
AVC
Average Fixed Cost
AFC
Average Total Cost
TC
Marginal Cost
MC
0
0
0
1
12
2
2
21
6
3
27
12
4
30
35
5
32
80
6
33
160
Q1...
a) The following table shows, for a group of 12 production workers, the number of months...
a) The following table shows, for a group of 12 production
workers, the number of months of working experience on a particular
process each of them had, and the number of defective items that
they produced during a given week.
Worker
A
B
C
D
E
F
G
H
I
J
K
L
Experience(Months)
9
11
8
16
10
14
12
6
4
13
3
11
Number of rejects
produced
24
18
26
14
21
16
22
24
36
20...
Suppose that the table below shows an economy’s relationship between real output and the inputs needed...
Suppose that the table below shows an economy’s relationship
between real output and the inputs needed to produce that
output:
Input Quantity
Real GDP
75
$400
56.25
300
37.5
200
a. What is the level of productivity in this
economy?
Instructions: Round your answer to two decimal
places.
( )
b. What is the per-unit cost of production if the
price of each input unit is $3?
Instructions: Round your answer to two decimal
places.
( ) $
c. Assume...
Suppose that the table below shows an economy’s relationship between real output and the inputs needed...
Suppose that the table below shows an economy’s relationship
between real output and the inputs needed to produce that
output:
Input
Quantity
Real
GDP
75.00
$400
56.25
300
37.50
200
a. What is the level of productivity in this
economy?
Instructions: Round your answer to two decimal
places.
b. What is the per-unit cost of production if the
price of each input unit is $5?
Instructions: Round your answer to two decimal
places.
$
c. Assume that the input price...
Suppose that the table below shows an economy’s relationship between real output and the inputs needed...
Suppose that the table below shows an economy’s relationship
between real output and the inputs needed to produce that
output:
Input
Quantity
Real
GDP
300.00
$400
225.00
300
150.00
200
a. What is the level of productivity in this
economy?
Instructions: Round your answer to two decimal
places.
b. What is the per-unit cost of production if the
price of each input unit is $3?
Instructions: Round your answer to two decimal
places.
$
c. Assume that the input price...
The table identifies the total output produced for each given number of workers. Workers Output 1...
The table identifies the total output produced for each given
number of workers.
Workers
Output
1
100
2
190
3
270
4
340
5
400
6
450
7
490
At a nominal wage of $75 per unit labor and a price of output
equal to $1 per unit, how many workers are
hired?
Enter a whole number.
Enter increase, decrease, or same for the rest of the questions
below.
If the wage and price remain constant, an increase in labor...
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