Reference no: EM13245321
1. Suppose a business finds that output varies according to the following schedule as it adds more workers:
Workers Total Product Marginal Product Average Product
0 0 -
1 10 10
2 25 12.5
3 42
4 58
5 70
Fill in the marginal product and average product columns. Diminishing marginal returns is encountered with the addition of which worker?
2. Notice that average product (that is, output per worker) continues to rise after marginal product has fallen. Why? How can it be that output per worker can rise after the point of diminishing returns has been encountered?
3. Suppose a firm has the following output and cost structure:
Output Total Cost Marginal Cost
0 15
1 25
2 30
3 45
4 65
5 90
6 120
7 155
8 195
9 240
10 290
Fill in the marginal cost column.
4. What is the average fixed cost for the third unit of output? (Hint: What type of costs will be encountered at output 0?)
5. What is the average variable cost for the 5th unit of output?
6. What is the average total cost for the 10th unit of output?
7. Why does the marginal cost of producing the product fall and then rise? (What is the relationship between the cost curves and the production function?)
8. What is the relationship between the marginal cost and the average variable and average total costs? You may fill in all the appropriate numbers and draw a graph with MC, TVC, AVC, TC, ATC, TFC, and AFC, if you wish.
|
Explain the economic forces that give rise to the structure
: Suppose that U.S.-based Qualcomm and European-based T-Mobile are contemplating infrastructure investments in a developing mobile telephone market. Qualcomm presently uses a code-division multiple access ( CDMA) technology
|
|
What is the temperature of the air
: A sound wave has a frequency of 677 Hz in air and a wavelength of 0.50 m. What is the temperature of the air
|
|
Find the required tension for a wave in the string
: Transverse waves travel at 23.3 m/s on a string that is under a tension of 7.00 N. What tension is required for a wave speed of 33.3 m/s in the string
|
|
Develop regression model to identify the fixed overhead cost
: Develop a regression model to identify the fixed overhead costs to the consulting group and what is the constant component of the consultant group's overhead?
|
|
What is the average variable cost for the 5th unit of output
: What is the relationship between the marginal cost and the average variable and average total costs You may fill in all the appropriate numbers and draw a graph with MC, TVC, AVC, TC, ATC, TFC, and AFC, if you wish.
|
|
Revolution affect americans'' expectations
: How did the Revolution affect Americans' expectations regarding individual rights, social equality, and the role of women in American society?
|
|
Revolutionary ideas of western civilization
: What are the main topics I should focus on with writing a paper on revolutionary ideas of western civilization during the 20th century.
|
|
Where will the price settle in the long run
: 1. How do you know that the firm represented in the graph above is a purely competitive firm 2. To maximize profits, this firm will produce at what output level (one letter) 3. Explain why this MR=MC position is the profit-maximizing position for any..
|
|
What is the velocity at the peak of flight
: A golf ball is hit on a 7.2m tall hill at 23m/s and 30° above the horizontal, what is its velocity at the peak of its flight
|