Homework Answers
The wages are variable cost.
For 25 bushels, only one labor is required.
Hence variable cost =$150.
The correct option is $150.
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011 QUESTION 36 Table: Production Function for Soybeans Quantity Quantity of of labor (workers) soybeans (bushels)...
Table: Labor and Output Quantity of Labor (workers) Quantity of soybeans (bushels) 0 0 1 25...
Table: Labor and Output Quantity of Labor (workers) Quantity of soybeans (bushels) 0 0 1 25 2 45 3 60 4 70 5 75 Reference: Ref 11-10 Table: Production Function for Soybeans (Table: Production Function for Soybeans) Use Table: Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of...
is measured in bushels. A firm uses two inputs to produce wheat per day, workers (L)...
is measured in bushels. A firm uses two inputs to produce wheat per day, workers (L) and bed planters (K). Its production function is 9 - KL, where Bed planters are rented at $100 per day and each worker is hired at $50 per day. Suppose K is free to vary i. Derive the firm's long-run cost function. Show workings. 1. Compute the long-run average costs of producing 10 bushels. Show working Ill. Is this firm experiencing diseconomies of scale?...
The following table shows the market demand and supply for soybeans. TABLE DATA: Quantity SuPplied (Bushels...
The following table shows the market demand and supply for soybeans. TABLE DATA: Quantity SuPplied (Bushels per Year) Quantity Demanded (Bushels per Year) Price ($ per Bushel) 10 120 0 110 9 10 8 20 100 7 30 90 6 40 80 5 50 70 4 60 60 3 70 50 2 80 40 1 90 30 0 100 20 Instructions: Enter your responses as a whole number a. What is the equilibrium price? $ per bushel b. What is...
Total Cost (TC) 12 Quantity of Soybeans (bushels) 0 26 33 42 54 69 2 104...
Total Cost (TC) 12 Quantity of Soybeans (bushels) 0 26 33 42 54 69 2 104 5 7 Reference Ref 12-11 Table: Soybean Cost (Table: Soybean Cost) Use Table: Soybean Cost. If the market price of a bushel of soybeans is $15, what will be the farmer's short-run profit at the optimal level of production? Select one O a. 575 O biss O c.569 d. 56 Type here to search
Pigs Workers The graph above shows the production function of a small farm that raises pigs....
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Suppose (for simplicity) that the U.S. economy uses one resource – labor – to produce two...
Suppose (for simplicity) that the U.S. economy uses one resource
– labor – to produce two goods: soybeans and health
care. The U.S. has 100 million workers at
first. Each worker can produce either 10 bushels of
soybeans or 2 units of health care each day.
On the graph below, draw the nation’s production
possibilities frontier
Suppose the U.S. produces a total of 800 million bushels
of soybeans per day.
If the U.S. produces 800 million bushels of soybeans, how many
units...
Resources Quantity of workers Quantity of cupcakes (in dozens) Earl owns and operates a food trailer...
Resources Quantity of workers Quantity of cupcakes (in dozens) Earl owns and operates a food trailer at the State Fair. After being featured on a national televison network, his deep-fried cupcakes dramatically increase in popularity, and Earl hires more workers at a cost of $80 per worker per day. Earl also pays $40 per day just to park his trailer, even if he has no workers. The table shows the number of workers and the number of cupcakes that they...
The table below describes the production function of a small cookie producer relating the quantity of...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 0 2 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits Check mm 200000000" npt. The table below describes the production function of a small cookie producer relating...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 9 workers then it can produce pigs. • To produce 60 pigs the farm needs to hire worker(s). Point C on the production function tells us that to produce pigs the farm needs to hire worker(s). •...
is measured in bushels. A firm uses two inputs to produce wheat per day, workers (L) and bed planters (K). Its production function is 9 - KL, where Bed planters are rented at $100 per day and each worker is hired at $50 per day. Suppose K is free to vary i. Derive the firm's long-run cost function. Show workings. 1. Compute the long-run average costs of producing 10 bushels. Show working Ill. Is this firm experiencing diseconomies of scale?...
The following table shows the market demand and supply for soybeans. TABLE DATA: Quantity SuPplied (Bushels per Year) Quantity Demanded (Bushels per Year) Price ($ per Bushel) 10 120 0 110 9 10 8 20 100 7 30 90 6 40 80 5 50 70 4 60 60 3 70 50 2 80 40 1 90 30 0 100 20 Instructions: Enter your responses as a whole number a. What is the equilibrium price? $ per bushel b. What is...
Total Cost (TC) 12 Quantity of Soybeans (bushels) 0 26 33 42 54 69 2 104 5 7 Reference Ref 12-11 Table: Soybean Cost (Table: Soybean Cost) Use Table: Soybean Cost. If the market price of a bushel of soybeans is $15, what will be the farmer's short-run profit at the optimal level of production? Select one O a. 575 O biss O c.569 d. 56 Type here to search
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Suppose (for simplicity) that the U.S. economy uses one resource
– labor – to produce two goods: soybeans and health
care. The U.S. has 100 million workers at
first. Each worker can produce either 10 bushels of
soybeans or 2 units of health care each day.
On the graph below, draw the nation’s production
possibilities frontier
Suppose the U.S. produces a total of 800 million bushels
of soybeans per day.
If the U.S. produces 800 million bushels of soybeans, how many
units...
Resources Quantity of workers Quantity of cupcakes (in dozens) Earl owns and operates a food trailer at the State Fair. After being featured on a national televison network, his deep-fried cupcakes dramatically increase in popularity, and Earl hires more workers at a cost of $80 per worker per day. Earl also pays $40 per day just to park his trailer, even if he has no workers. The table shows the number of workers and the number of cupcakes that they...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 0 2 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits Check mm 200000000" npt. The table below describes the production function of a small cookie producer relating...
Pigs tt LILIW Workers 9 10 o i 2 3 4 5 6 7 8 The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 9 workers then it can produce pigs. • To produce 60 pigs the farm needs to hire worker(s). Point C on the production function tells us that to produce pigs the farm needs to hire worker(s). •...
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