Homework Answers
Answer
Option 2
$10
The price of L is wage.
========
Total product of n inputs =sum of an MP
Total product of 1 labour =2 units
Total variable cost =AVC*TP
TVC (2) =5*2=10
MC (n) = (TVC (n)-TVC (p))/ (n-p)
It is true for n>p and n and p are non negative
TVC (n) =total variable cost of n units
TVC (p) = total variable cost of p units
MC (2) = (10-0)/ (2-0) =5
=======
Wage =MC*MP
Wage =5*2=10
The wage is $10
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Suppose Kis the fixed input and L the variable input. Price of K = $6; Price...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and L the variable input. Price of K = $6; Price of L =? TP TC FC K MP VC ATC AFC MC AVC 0 5.00 4 10 3 10 8 5 32 7 33 1. Refer to Table 1. Price of L = $ 29 O 4 LO N
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to T...
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to Tablo 1 1f th Table 1. Production and Cost Functions of a Firm Suppose Kis the fixed input and L the variable input. Price of K=$6; Price of L =? K LITP MP FC VC TC AFC AVC ATC MC 5.00 1 2 2 4 3 10 4 8 5 29 6 32 7...
I don't understand how there is a correct answer to this. I put everything into an...
I don't understand how there is a correct answer to this. I put
everything into an excel file and each one of these would be
changed.
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and the variable input. Price of K = $6; Price of L= ? TP MP Fc vc tc Arc Ave Arc MC 0 5.00 10 14 129 6 32 33 1. Refer to Table 1. Price of L =...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price of K-56 Price of L 1. Refer to Table 1. Price of Question 2 Refer to Table 1. When TP-32.MC Question 3 Refer to Table 1. When L-3, ATC- 13.33 O 35.00 5.625 4.17 Question 4 Refer to Table 1. If the price of Kincreases to $8, which column's values are not affected? MC AFC ATC FC
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5...
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5 1 5 2 2 5 7 1.00 2.50 3.50 1.00 2 5 6 4 5 9 0.67 0.83 1.50 0.50 3 5 12 6 5 11 0.50 0.42 0.92 0.33 4 5 19 8 5 13 0.42 0.26 0.68 0.29 5 5 25 10 5 15 0.40 0.20 0.60 0.33 6 5 28 12 5 17 0.43 0.18 0.61 0.67 7 5 29 14...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve,...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
for question 2 use the information in picture 2 and use as much deatil as possible....
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180 2 220 3 270 4 360 5 470 6 600 Complete the table. Draw the diagram with the curves of TC, VC and FC. Draw the diagram of the curves of ATC, AVC and AFC.
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it pays the current minimum wage of $7.25/hr. Each unit of Labor works a total of 40 hr/week. So, one unit of Labor cost the firm $290 (1 unit of Labor * $7.25/hr * 40 hr/week). The current Price in this market is $15/unit. Use the information above to fill out the chart below (45 points): MPL TC...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and L the variable input. Price of K = $6; Price of L =? TP TC FC K MP VC ATC AFC MC AVC 0 5.00 4 10 3 10 8 5 32 7 33 1. Refer to Table 1. Price of L = $ 29 O 4 LO N
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to Tablo 1 1f th Table 1. Production and Cost Functions of a Firm Suppose Kis the fixed input and L the variable input. Price of K=$6; Price of L =? K LITP MP FC VC TC AFC AVC ATC MC 5.00 1 2 2 4 3 10 4 8 5 29 6 32 7...
I don't understand how there is a correct answer to this. I put
everything into an excel file and each one of these would be
changed.
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and the variable input. Price of K = $6; Price of L= ? TP MP Fc vc tc Arc Ave Arc MC 0 5.00 10 14 129 6 32 33 1. Refer to Table 1. Price of L =...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price of K-56 Price of L 1. Refer to Table 1. Price of Question 2 Refer to Table 1. When TP-32.MC Question 3 Refer to Table 1. When L-3, ATC- 13.33 O 35.00 5.625 4.17 Question 4 Refer to Table 1. If the price of Kincreases to $8, which column's values are not affected? MC AFC ATC FC
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it pays the current minimum wage of $7.25/hr. Each unit of Labor works a total of 40 hr/week. So, one unit of Labor cost the firm $290 (1 unit of Labor * $7.25/hr * 40 hr/week). The current Price in this market is $15/unit. Use the information above to fill out the chart below (45 points): MPL TC...
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