Question

L | W | MP | TP | MC | TVC | TFC | TC |

1 | 200 | 10 | |||||

2 | 200 | 30 | |||||

3 | 200 | 75 | 650 | ||||

4 | 200 | 40 | |||||

5 | 200 | 140 |

Please answer the next 7 questions based on the table presented above.

The TFC associated with 30 units of output is equal to ________ dollars.

The TVC of producing 4 units of output is equal to ___________ dollars.

MP is at a maximum when MC is equal to _______ dollars.

Diminishing returns sets in with the addition of the ________ worker.

The TFC associated with 40 units of output is equal to ___________ dollars.

Answer #1

We can show the above information in the following table:

L |
W |
MP |
TP |
MC |
TVC = L*W |
TFC |
TC= TFC+TVC |

1 |
200 |
0 |
10 |
0 |
200 |
50 |
250 |

2 |
200 |
30 |
40 |
200 |
400 |
50 |
450 |

3 |
200 |
35 |
75 |
200 |
600 |
50 |
650 |

4 |
200 |
40 |
115 |
200 |
800 |
50 |
850 |

5 |
200 |
25 |
140 |
200 |
1000 |
50 |
1050 |

From the above table it appears that TFC for all values of output or Total product (TP) is fixed at 50 dollars.

1. Therefore, TFC associated with 30 units of output is equal to 50 dollars

2. From the above table, we find that when TP or total output is 10 units, the TVC =200

Therefore, when total output is 4 units, the TVC = 200/10*4=80 dollars

3. MP is at maximum when MC is equal to 200 dollars.

4. Diminishing returns sets with the addition of the fourth worker.

5. The TFC associated with 40 units of output is equal to 50 dollars.

Labour (hrs)
(Input)
TP
(Output)
AP
(Avg. Product)
MP
TVC
TFC
TC
(Total Cost)
AVC
ATC
MC
0
0
9
35
222
15
50
22
70
30
85
39
100
48
110
Complete the table above, assuming that the labour costs
are $8 / hr
What is the point of maximum productivity :
____ units of labour (input)
What is the AVC _____ and ATC
_____ at this quantity?
What is the quantity of diminishing returns?
____
What is the...

P
q
TC
MC
TR
MR
π
Mπ
30
1
53
25
30
2
20
30
3
80
25
30
4
120
Please answer the next 7 questions based on the table presented
above.
In what type of market does this firm sell its output?
A. Monopoly
B. Oligopoly
C. Perfect competition
D. Monoplistic Competition
E. Cannot be determined from the information provided.
If this firm shuts down it will lose ____ dollars.
The TR associated with two units of...

Q
TC
TVC
TFC
AC
MC
AVC
1
100
2
160
3
20
4
95
5
170
6
120
the following incomplete table shows a firms various costs of
producing up to 6 units of output. fill in as much as possible. If
you cannot determine the number in a box, explain why it is not
possible to do so

9. Average cost in the long-run is defined as _____.
TVC/Q
TC/Q
TVC + TFC/Q
none of the above
10. Economies of scale is a characteristic of production where
______.
average costs increase as output increases
total cost decreases as output increases
average cost decreases as output increases
average cost decreases as output decreases
11. Which of the following factors of production is more likely
to be fixed in the short run?
The number of workers.
Changes in electricity consumed....

Complete the table below, which represents the production costs
for a typical firm. TP is total product (which is also Q). Please
note that for the first row (where TP = 0), you cannot calculate
the AFC, the AVC, the ATC and the MC, since there are 0 units being
produced. However, you are expected to calculate the TC for the
first row (where TP =0) and you are also expected to fill in all
the other missing numbers in...

Table 1. Use the information to calculate the following
TC, AFC, AVC, ATC, AND MC (I through 50)
TP
TFC
TVC
TC
AFC
AVC
ATC
MC
150
0
(1)
(11)
(21)
(31)
(41)
2
150
70
(2)
(12)
(22)
(32)
(42)
3
150
130
(3)
(13)
(23)
(33)
(43)
4
150
240
(4)
(14)
(24)
(34)
(44)
5
150
300
(5)
(15)
(25)
(35)
(45)
6
150
360
(6)
(16)
(26)
(36)
(46)
7
150
390
(7)
(17)
(27)
(37)...

Use the following production function to answer the questions
below where labor (L) is measured in workers per day and output (Q)
is number of units per day. Compute marginal physical product
(MPP), marginal cost (MC), and average total cost (ATC)
L
Q
MPP
TVC
TC
MC
ATC
0
0
$0
$12
1
8
8
20
2
20
16
28
3
28
24
36
4
32
32
44
5
34
40
52
Suppose a firm had two sewing machines and...

Use the following production function to answer the questions
below where labor (L) is measured in workers per day and output (Q)
is number of units per day. Compute marginal physical product
(MPP), marginal cost (MC), and average total cost (ATC)
L
Q
MPP
TVC
TC
MC
ATC
0
0
$0
$12
1
8
8
20
2
20
16
28
3
28
24
36
4
32
32
44
5
34
40
52
Suppose a firm had two sewing machines and...

1. Use the data that is posted below to answer the following
questions. If your answer has units to it, then please state those
units.
Production Options
Sugar beets (tons)
Wheat (tons)
A
200
0
B
180
20
C
140
40
D
80
60
E
0
80
a) Graph Production Possibilities Frontier (Curve) for Sugar
Beets and Wheat. Put sugar beets on the vertical axis and label
that axis Sugar Beets and put wheat on the horizontal axis and
label that...

MicroEcon chapter 7&8
1-3, 10-12.
PLEASE EXPLAIN WHYY. thanks
Use the table below to answer the next 3 questions
Units of Output
Total Fixed Cost
Total Variable Cost
1
$1000
$200
2
450
3
800
4
1350
5
1950
10. Given the cost schedule above, the ATC of producing 4 units
is
(a)
$550
(c) $1000
(b)
$588
(d) $2350
11. Given the cost schedule above, the TC of producing 3 units
of output is
(a)
$800
(c) $1800
(b)
$1000 ...

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