Question
Firm Alpha currently employs 8 workers and 5 stamping machines to produce 10 gizmos each day....
Firm Alpha currently employs 8 workers and 5 stamping machines
to produce 10 gizmos each day. In the short-run, Alpha is unable to
vary its number of stamping machines, but can vary the number of
workers. The daily wage rate is $50 per worker and the daily rental
rate for each stamping machine is $30. What is Firm Alpha's
short-run total cost of producing 10 gizmos per day?
Select one:
a. none of the above
b. $550 variable cost
c. $400 variable cost plus $150 fixed cost
d. $150 variable cost plus $400 fixed cost
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
The cookie company in the mall hires only labor to produce cookies. The workers are paid...
The cookie company in the mall hires only labor to produce
cookies. The workers are paid $70 per day, and the cost of renting
the space in the mall is $300 per day.
Number of workers
Daily output (cookies)
1
200
2
400
3
600
4
700
The daily fixed costs of production are
Choose one:A. $300 .B. $370 .C.
$140 .D. $70 .E. $0.
The labor cost per day of hiring two workers
is $ .
The total cost per day...
LeBron Factory Number of Workers Number of Machines Output (chairs produced per hour) Marginal Product of...
LeBron
Factory
Number
of
Workers
Number
of
Machines
Output
(chairs
produced
per hour)
Marginal
Product of
Labor
Cost of
Workers
Cost of
Machines
Total
Cost
?1
?2
?5
?2
?2
?10
?3
?2
?20
?4
?2
?35
?5
?2
?55
?6
?2
?70
?7
?2
?80
Refer to Table above.
First, complete the missing information in the Table
above.
1.Each worker at the
LeBron Chair Factory costs $12 per hour. The cost of each machine
is $20 per day regardless...
A firm has a daily production function q = 2.5L^1/3K^1/3. Currently, the firm rents 8 pieces...
A firm has a daily production function q = 2.5L^1/3K^1/3.
Currently, the firm rents 8 pieces of equipment. The amount of
equipment is fixed in the short run. The unit wage rate is $25
while the rental cost of capital is $100.
Find the short run production function.
Find the number of workers the firm wishes to employ to produce
q units (the short run conditional demand for labor).
Find the firm’s short run total cost
Find the firm’s short...
1. In the short run, the firm ________ change the number of workers it employs but...
1. In the short run, the firm ________ change the number of
workers it employs but ________ change the size of its plant.
A) can; can B) can; cannot C) cannot; can D) cannot; cannot
2.Jill runs a factory that makes lie detectors in Little Rock,
Arkansas. This month, Jill's 34 workers produced 690 machines.
Suppose Jill adds one more worker and, as a result, her factory's
output increases to 700. Jill's marginal product of labor from the
last worker...
Workers Quantity of Production Fixed Cost Variable Cost Total Cost Average Fixed Cost Average Variable Cost...
Workers
Quantity of Production
Fixed Cost
Variable Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average
Marginal Cost
Total Cost
0
0
1
20
2
60
3
140
4
200
5
240
6
260
7
268
8
272
The table above shows the production and cost schedule for
producing t-shirts. Each worker is paid $250 per day and the total
fixed cost of capital is $1000. T-shirts can be sold at a local
store for $15.
a) Use this...
2. Inputs and outputs Juanita's Performance Pizza is a small restaurant in Miami that sells gluten-free...
2. Inputs and outputs
Juanita's Performance Pizza is a small restaurant in Miami that
sells gluten-free pizzas. Juanita's very tiny kitchen has barely
enough room for the four ovens in which her workers bake the
pizzas. Juanita signed a lease obligating her to pay the rent for
the four ovens for the next year. Because of this, and because
Juanita's kitchen cannot fit more than four ovens, Juanita cannot
change the number of ovens she uses in her production of...
Nimbus, Inc. makes brooms and then sells them door-to-door. The table below demonstrates the relationship between...
Nimbus, Inc. makes brooms and then sells them door-to-door. The
table below demonstrates the relationship between the number of
workers and Nimbus’s output in a given day. The firm experiences
fixed costs of $200, and its variable cost (workers) is $100 per
worker per day. The broom industry is perfectly competitive.
Fill in the table below:
Number of Workers
Brooms
(Total
Output)
Q
Marginal Product
MP
Fixed
Cost
FC
Variable Cost
VC
Total Cost
TC
Avg Fixed Cost
AFC
Avg...
The production function for a firm is Q = −0.6L 3 + 18L 2K + 10L...
The production function for a firm is Q = −0.6L 3 + 18L 2K + 10L
where Q is the amount of output, L is the number of labor hours per
week, and K is the amount of capital.
(a)Use Excel to calculate the total short run output Q(L) for L
= 0, 1, 2...20, given that capital is fixed in the short run at K =
1.
(b) Use Excel to calculate the total long run output Q(L) for...
Inputs and outputs Poornima's Performance Pizza is a small restaurant in San Francisco that sells gluten-free...
Inputs and outputs
Poornima's Performance Pizza is a small restaurant in San
Francisco that sells gluten-free pizzas. Poornima's very tiny
kitchen has barely enough room for the three ovens in which her
workers bake the pizzas. Poornima signed a lease obligating her to
pay the rent for the three ovens for the next year. Because of
this, and because Poornima's kitchen cannot fit more than three
ovens, Poornima cannot change the number of ovens she uses in her
production of...
A pie shop has a production function given by Q = 30K1/3L1/3, where Q is the...
A pie shop has a production function given by Q =
30K1/3L1/3, where Q is the number of
pies produced per hour, K is the number of ovens (which is
fixed at 8 in the short run), and L is the number of
employed workers. How many pies can be produced per hour with 27
workers in the short run?
Question 9 options:
200
150
220
180
Question 10 (2 points)
The production function for an automobile industry is given...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 8 minutes ago
asked 20 minutes ago
asked 20 minutes ago
asked 59 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago