Shelley runs a worm farm in Lakewood, Washington. Shelley pays $500 a week for equipment and $700 a week to each worker she hires The table shows Shelley's total product schedule. At what output is Shelley's average total cost at a minimum?
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- A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.How do we calculate marginal product?Are fixed costs also sunk costs? Explain.
- Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?What is a production function?8. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for each of which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the table below. Quantity of workers 0 1 2 3 4 5 Quantity of foot massages per day 0 10 25 45 60 70 Fixed Variable cost cost vituo loota a pian Total cost 998791 012 0E2 Average total cost AUL COE Average Average Fixed Variable Cost Cost ovode lovsi tugtuo as te sieu to asi ban 180 Marginal cost
- TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을what is the marginal product of the third worker Table 1 Labor Production Marginal Product Total Variable Cost Total Fued Cost $0 1 $10 200 200 $20 $10 2. 350 $40 $10 3 470 $60 $10 80 $80 $10 5. 50 $100 $10 $120 $10 6. 630
- Total product (dogs groomed per week) Quantity of labor (workers) 40 100 150 4 190 220 6 240 Anna owns a dog grooming salon in Brunswick, Georgia. The above table has Anna's total product schedule. Anna pays each worker $300 per week and she pays rent of $600 a week for her salon. These are her only costs. When Anna has staff of 2 workers, her average total cost equals O A. $2,400. O B. $12.00. O C. $300 O D. $10.00. O E. $1,200.The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $50 per unit per day and the fixed cost of the capital is $2000 per day. ain N E Click the icon to view the table. ssign o Hor a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. ake a Units of Labour Total Output (per day) (per day) TFC TVC TC MC AFC AVC ATC 200 $4 10 500 $ 15 1100 20 1750 1) 25 2050 6) 30 2190 1/1) 1/1) 35 2270 1/1) 只只Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >
