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Marty's Frozen Yogurt is a small shop that sells cups of frozen yogurt in university town. Marty have three frozen-yogurt machines. His other inputs are refrigerators, frozen-yogurt mix, cups, sprinkle toppings, and, of course, workers. He estimates that his daily production function when he varies the number of workers employed (and at the same time, of course, yogurt mix, cups, and so on) is as shown in the accompanying table.
Quantity of labor (workers) Quantity of frozen yogurt (cups)0 01 1102 2003 2704 3005 3206 320
a. What are the fixed inputs and variable inputs in the production of cups of frozen yogurt?b. Draw the total product curve. Put the quantity of labor on the horizontal axis and the quantity of frozen yogurt on the vertical axis.c. What is the marginal product of the first worker? The second worker? The third worker? What does marginal product decline as the number of workers increases?
Make some research on a topic known to economists as 'friction-free' or 'low-friction' economy. Early writers on this topic foresaw many of the seismic shifts that have occurred in the market place over last one to 2-decades.
How does capital investment affect the marginal physical product of labor and does more college education have the same kind of effect also which is a better investment
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Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.
The following table demonstrate yearly sales information for Landrover, Inc., over the ten-year 1998-2008 period:
Assume long run production for the company is indicated by, Compute the firm's optimal amount of capital and labor.
Consider a manufacturer with 2-factories. They can make at either factory or both. However, we need to consider the quantities that will be produced at every factory.
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
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