Question

# QUESTION 22 A firm can produce 450 gallons of milk per day with 4 workers and...

QUESTION 22

1. A firm can produce 450 gallons of milk per day with 4 workers and 500 gallons per day with 5 workers. The marginal product of the fifth worker expressed in gallons per worker per day, is:

 35 50 70 350

2.5 points

QUESTION 23

1. Exhibit 7-1 Production of pizza data
 Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19

Exhibit 7-1 shows the change in the production of pizzas as more workers are hired. The marginal product of the second employee equals:
 4 10 14 6 15

2.5 points

QUESTION 24

1. Exhibit 7-1 Production of pizza data
 Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19

Exhibit 7-1 shows the change in the production of pizzas as more workers are hired. The marginal product of the fifth employee equals:
 4 18 19 3 1

2.5 points

QUESTION 25

1. Exhibit 7-8 Costs schedules for producing pizza
 Pizzas Fixed Cost Variable Cost Total Cost Marginal Cost 0 \$ \$ \$ \$ 1 5 2 13 3 10 4 100 140 5 20 6 85 7 215

By filling in the blanks in Exhibit 7-8, the marginal cost of the sixth pizza is shown to be equal to:
 \$10. \$15. \$20. \$25. \$85.

2.5 points

QUESTION 26

1. Exhibit 7-12 Cost schedule for producing pizza
 Pizzas Fixed Cost Variable Cost Total Cost 0 \$ \$ \$ 1 48 2 17 3 27 4 78 5 40 6 64 7 80

By filling in the blanks in Exhibit 7-12, the AFC of 4 pizzas is shown to be equal to:
 \$10. \$9.50. \$19.50. \$40. \$78.

2.5 points

QUESTION 27

1. Exhibit 7-12 Cost schedule for producing pizza
 Pizzas Fixed Cost Variable Cost Total Cost 0 \$ \$ \$ 1 48 2 17 3 27 4 78 5 40 6 64 7 80

By filling in the blanks in Exhibit 7-12, the AVC of 4 pizzas is shown to be equal to:
 \$10. \$9.50. \$19.50. \$40. \$78.

2.5 points

QUESTION 28

1. Exhibit 7-12 Cost schedule for producing pizza
 Pizzas Fixed Cost Variable Cost Total Cost 0 \$ \$ \$ 1 48 2 17 3 27 4 78 5 40 6 64 7 80

By filling in the blanks in Exhibit 7-12, the ATC of 4 pizzas is shown to be equal to:
 \$10. \$9.50. \$19.50. \$40. \$78.

Ans.22- 50

Marginal product of fifth worker= 500-450= 50

Ans.23- 6 (10-4 = 6)

Ans.24- 1 (19-18=1)

Ans.25- 25

Ans.26- 10

AFC = 40/4 = 10.

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