Question

3. Use the following table to complete the question.

Workers |
Output |
Marginal Product |
Total Cost |
Average Total Cost |
Marginal Cost |

0 |
0 |
||||

1 |
20 |
||||

2 |
50 |
||||

3 |
90 |
||||

4 |
120 |
||||

5 |
140 |
||||

6 |
150 |
||||

7 |
155 |

a) A worker costs $100 a day, and the firm has fixed costs of $200. Use this information, fill in the table.

b) What is the relationship between average total cost and marginal cost?

c) What is the relationship between marginal product and marginal cost?

Answer #1

(a)

MP = Change in Q / Change in L

TC = FC + VC = 200 + 100L

ATC = TC/Q

MP = Change in TC / Change in Q

L | Q | MPL | TC | ATC | MC |

0 | 0 | 200 | |||

1 | 20 | 20 | 300 | 15 | 0.75 |

2 | 50 | 30 | 400 | 8 | -0.23 |

3 | 90 | 40 | 500 | 5.56 | -0.06 |

4 | 120 | 30 | 600 | 5 | -0.02 |

5 | 140 | 20 | 700 | 5 | 0 |

6 | 150 | 10 | 800 | 5.33 | 0.03 |

7 | 155 | 5 | 900 | 5.81 | 0.09 |

(b)

- When ATC is decreasing, MC is lower than MC.
- When ATC is increasing, MC is higher than MC.
- The ATC and MC curves intersect atthe minimum point of ATC.

(c)

- When MP is increasing, MC is decreasing.
- When MP is decreasing, MC is increasing.
- When MP is maximized (minimized), MC is minimized (maximized).

3. Use the following table to complete the question.
Workers
Output
Marginal Product
Total Cost
Average Total Cost
Marginal Cost
0
0
1
20
2
50
3
90
4
120
5
140
6
150
7
155
a) A worker costs $100 a day, and the firm has fixed costs of
$200. Use this information, fill in the table.
b) What is the relationship between average total cost and
marginal cost?
c) What is the relationship between marginal product and
marginal...

mbus, Inc., makes brooms and then sells them door-to-door. Here
is the relationship between the number of workers and Nimbus’s
output in a given day:
In the following table, complete the marginal product
column.
WORKERS
OUTPUT
MARGINAL PRODUCT
TOTAL COST
MARGINAL COST 3.33/ 5.00/ 15.00/ OR
100.00
AVERAGE TOTAL COST 3.33/ 5.00/15.00 OR
100.00
0
0
$
1
20
$
2
50
$
3
90
$
4
120
$
5
140
$
6
150
$
7
155
$
A worker...

Use the table showing output and costs for Betty Lou's Burritos
to answer the questions. Round your answers to two decimal
places.
Labor (workers per day)
Output (units per day)
Total fixed cost ($ per day)
Total variable cost ($ per day)
Total cost ($ per day)
0
0
50
0
50
1
8
50
25
75
2
12
50
50
100
3
20
50
75
125
4
25
50
100
150
5
32
50
125
175
What is the...

The table below shows the quantity of workers and total output
for a local pizza parlor. Answer the following questions based on
this table:
Quantity of workers
Total Out put
0
0
1
3
2
3
17
4
22
5
26
6
24
a. When the owner hires 4 workers, the average product of labor
is nothing pizzas. (Enter your response rounded to
two decimal places
b the marginal product of the fifth worker is nothing
pizzas. (Enter...

Fill in the blanks in the following table:
output
total cost
total fixed cost
total variable cost
average fixed cost
average variable cost
average total cost
marginal cost
100
4500
3500
1000
35
10
45
200
9
8
300
9.50
400
7300
8.75
500
4890
16.78
600
6000
10
700
5
12.50
800
12150
15.19
A) complete the table
B) do your numbers in the table illustrate the expected relation
between average variable cost and marginal cost? between average
total...

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...

complete the table below:
Output
Total Cost
Variable Cost
FIxed Cost
Marginal Cost
0
50
1
60
2
75
3
100
4
150
5
225
6
400

Graph the following table.
Number of Workers
Total Output
0
0
1
20
2
60
3
150
4
260
5
350
6
420
7
455
8
420
9
375
10
300
A. What is the marginal product and average product at each
level of production?
B. Graph marginal product and average product.
C. Label the areas on the graph of increasing marginal
productivity, diminishing marginal productivity, and diminishing
absolute productivity.

Please do it by type not pics,
1.Suppose Debbie notices the following relationship between how
many workers she hires to work on her fishing boat, and how much
fish her company catches (per day):
Workers
Qty of Fish (in pounds)
Marginal Product
Total Cost
Average Total Cost
Marginal Cost
0
0
1
120
2
220
3
300
4
360
5
400
a.Use the information in the table to complete the marginal
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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...

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