Reference no: EM13942744
Use the following information to answer questions 1-15
Consider a firm that daily rents machinery for the cost of $1100 and employs workers at the cost of $50 for a full day of work. The following table describes the production function of the firm. Fill the table such that you can make some production decisions for this firm.
|
Units of Labor
|
Units of Production
|
Fixed Costs
|
Variable Costs
|
Total Costs
|
Average Variable Costs
|
Average Total Costs
|
Marginal Cost
|
|
1
|
11.00
|
|
|
|
|
|
|
|
2
|
16.55
|
|
|
|
|
|
|
|
3
|
19.79
|
|
|
|
|
|
|
|
4
|
22.09
|
|
|
|
|
|
|
|
5
|
23.88
|
|
|
|
|
|
|
|
6
|
25.33
|
|
|
|
|
|
|
|
7
|
26.57
|
|
|
|
|
|
|
|
8
|
27.64
|
|
|
|
|
|
|
|
9
|
28.58
|
|
|
|
|
|
|
|
10
|
29.42
|
|
|
|
|
|
|
|
11
|
30.18
|
|
|
|
|
|
|
|
12
|
30.88
|
|
|
|
|
|
|
|
13
|
31.52
|
|
|
|
|
|
|
|
14
|
32.11
|
|
|
|
|
|
|
|
15
|
32.66
|
|
|
|
|
|
|
QUESTION 1: What is the level of production when 10 units of labor are employed?
QUESTION 2: What is the fixed cost of production when 10 units of labor are employed?
QUESTION 3: What is the variable cost of production when 10 units of labor are employed?
QUESTION 4: What is the total cost of production when 10 units of labor are employed?
QUESTION 5: What is the average variable cost of production when 10 units of labor are employed?
QUESTION 6: What is the average total cost of production when 10 units of labor are employed?
QUESTION 7: What is the marginal cost of production when 10 units of labor are employed?
QUESTION 8: What is the minimum amount of workers needed to be employed if the firm were to produce 24 units of the good?
QUESTION 9: At what approximate level of production is the marginal cost of production equal to the average total cost?
QUESTION 10: What would be the firm's level of production if the price of the good was $60?
QUESTION 11: What would be the firm's profits at equilibrium if the price of the good was $78?
QUESTION 12: What would be the price of the good if the firm is employing 8 workers at equilibrium?
QUESTION 13: What would be the profit of the firm if the firm is employing 8 workers at equilibrium?
QUESTION 14: What would be the price of the good if the firm is employing 9 workers at equilibrium?
QUESTION 15: What would be the profit of the firm if the firm is employing 9 workers at equilibrium?
|
Technical description of program
: So as we've discussed in this week's podcast, there are numerous ways to give a technical description of your program, from focusing on the classes you take to extolling the real-world experience you get from it. At minimum, your description shoul..
|
|
What if four hexadecimal digits are used
: What if four hexadecimal digits are used? Explain your answer.
|
|
Characteristics important in a union representative
: Discuss the characteristics that you believe would be important in a union representative if you were a member of the union. Would the characteristics differ based on the position the representative holds (President, VP, Secretary, Treasurer)?
|
|
Definition of a hypothesis and a null hypothesis
: Give a definition of a hypothesis and a null hypothesis and identify the method of research that uses a hypothesis. Discuss what you believe are the key elements of a well-written set of hypotheses. Support your opinion with appropriate peer-reviewe..
|
|
What is the level of production
: What is the level of production when 10 units of labor are employed? What is the fixed cost of production when 10 units of labor are employed? What is the variable cost of production when 10 units of labor are employed
|
|
Write letter to companies you supply explaining situation
: Write a letter to the companies you supply explaining the situation to them. Write a memo to your staff so they know what is happening and will be prepared to deal with any customer questions or complaints.
|
|
Can a charitable organization exempt under section
: Can a charitable organization exempt under section g 501(c)(3), not a private foundation, file a group return for all of its branches if they are located in different states?
|
|
Describe the sequence of events that lead to the computation
: Describe the sequence of events (loading registers from memory, saving values in memory, and so on) that lead to the computation of x + y + z. How about (2x) + y?
|
|
Ratio of the heat transfer coefficient
: Determine an expression for the ratio of the heat transfer coefficient averaged over the N tubes, each experiencing a combined entrance process, to the heat transfer coefficient averaged over the single tube, hD,N /hD,1.
|