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Question 5 [25 points] Answer the following questions assuming that employees are paid $10/hour. Note: If...
Answer the following questions assuming that employees are paid $10/hour. Note: If necessary round your answers...
Answer the following questions assuming that employees are paid $10/hour. Note: If necessary round your answers to two decimal places. a) Based on the table in part b), what are the fixed costs for this firm? Fixed Cost = $0 b) Fill in the table by calculating the marginal product, total costs, and marginal costs at each quantity of employee hours. Employee Hours Output Marginal Product Total Costs Marginal Costs 35 0 0 0 0 öo 0 0 AWNO Iooooooo...
Short Answer (5 pts) 16.) Explain why marginal cost initially decreases and then increases, creating a...
Short Answer (5 pts) 16.) Explain why marginal cost initially decreases and then increases, creating a curve that looks like the Nike "swoosh" Table (10 pts) To start up a small part time business assume your only costs are paying $1,000 to rent a small factory and paying each employee you hire $100. Based on the previous information complete the following table and answer the questions that follow. Q TFCTVC TCMC AFC AVC ATC TPMP O 0 0 0 10...
1)Which of the following statements is true? A. Average fixed cost equals total fixed cost divided...
1)Which of the following statements is true? A. Average fixed cost equals total fixed cost divided by total output. B. Average total cost always falls as output increases. C. Average fixed cost equals average total cost plus average variable cost. D. Average variable cost is always greater than average fixed cost. 2) As output increases, average fixed cost A. remains constant. B. always decreases. C. decreases, then increases. D. increases, then decreases. 3) Average total cost minus average variable cost...
1. Nimbus, Inc. produces and sells brooms. This table shows the relationship between the number of...
1. Nimbus, Inc. produces and sells brooms. This table shows the relationship between the number of employees and the daily production of Nimbus (* Use only numbers and decimal points. Use two decimal places for all amounts of money. Round correctly) A. Fill in the marginal product column B. An employee costs $ 120.00 per day and the company has fixed costs of $ 300.00. Use this information to fill in the total cost column. C. Fill in the column...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
Information: Suppose the firm has 500 employees each working a standard workweek of 40 hours. The...
Information: Suppose the firm has 500 employees each working a standard workweek of 40 hours. The typical worker earns a real wage of 10 per hour and receives another 200 in weekly benefits and training, 150 of which are quasi-fixed costs to the firm. The marginal expense an employer faces when increasing its average workweek by an hour (MEH) is approximately the sum of wage and variable benefit costs (on a per-hour basis) multiplied by he number of employees. Assuming...
Module 10 Profit Worksheet 1. Fill out the productivity chart for Spicy Chicken sandwiches at each level of labor at Chi...
Module 10 Profit Worksheet 1. Fill out the productivity chart for Spicy Chicken sandwiches at each level of labor at Chick-fil- B: Workers Output Average Product Marginal Product 0 0 1 15 2 35 3 45 2. Now suppose that Chick-fil-B has to pay $100 per day to turn the lights on and $8 per hour for the workers. Complete the associated table and suppose that each worker just works one hour. Workers Output Fixed Cost Variable Cost Total Cost...
Hello, I had already solve this questions with the best of my knowdlege. Please let me...
Hello, I had already solve this questions with the best of my
knowdlege. Please let me know if they are correct. Thanks.
3. Under what circumstances does the burden of an excise tax fall mainly on producers? when the supply is relatively inelastic and demand is fairly elastic b. when the supply is relatively elastic and demand is fairly inelastic c. when consumers do not have many substitutes for the good d. when it is easy for suppliers to expand...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. D) D. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D) factor...
1) The study of economics arises due to A) money B) scarcity C) greed D) resources...
1) The study of economics arises due to A) money B) scarcity C) greed D) resources 2) Think about your favorite meal in your favorite restaurant. If the price of the meal increases, you would probably purchase it less often. It demonstrates that when the price of a product _____ the demand for it _____. A) increases, increases B) decreases, decreases C) increases, decreases D) decreases, increases 3) Economics promotes which of the following as the way to make the...
Answer the following questions assuming that employees are paid $10/hour. Note: If necessary round your answers to two decimal places. a) Based on the table in part b), what are the fixed costs for this firm? Fixed Cost = $0 b) Fill in the table by calculating the marginal product, total costs, and marginal costs at each quantity of employee hours. Employee Hours Output Marginal Product Total Costs Marginal Costs 35 0 0 0 0 öo 0 0 AWNO Iooooooo...
Short Answer (5 pts) 16.) Explain why marginal cost initially decreases and then increases, creating a curve that looks like the Nike "swoosh" Table (10 pts) To start up a small part time business assume your only costs are paying $1,000 to rent a small factory and paying each employee you hire $100. Based on the previous information complete the following table and answer the questions that follow. Q TFCTVC TCMC AFC AVC ATC TPMP O 0 0 0 10...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
Hello, I had already solve this questions with the best of my
knowdlege. Please let me know if they are correct. Thanks.
3. Under what circumstances does the burden of an excise tax fall mainly on producers? when the supply is relatively inelastic and demand is fairly elastic b. when the supply is relatively elastic and demand is fairly inelastic c. when consumers do not have many substitutes for the good d. when it is easy for suppliers to expand...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. D) D. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D) factor...
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