3150 8130 $100 200 8 adjoin 8 88 60 0 O Multiple Choice 250 375 Units of labor What is the marginal rate of technical substitution at each cost minimizing equilibrium poll 0.80 0.40 120 2.50 2.00 Q-1,200 Q-800 Q-400 500 Seved impossible to tell without marginal products
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- The marginal product of effort, a typical worker in fast-food burger joint, is one- fourth burgers per hour; that is, MPe = .25The price of a burger is $2. The figure graphs Mac’s marginal cost of effort. If Mac increases his effort by one unit per hour, the change in the burger joint’s revenue is $ per hour. That is, what is VMPe , the value of Mac ‘s marginal product of effort ? Plot the VMPe curve in the figure. Mac efficient effort e^ is the solution to what equation? Illustrate the solution in the figure. Mac efficient…Number Of Output Workers 1 50 110 300 4 450 590 665 700 8. 725 710 10 705 According to the above table, At what point does diminishing retums set in? O 4th labor 3rd labor O 1st labor O 2nd laborThe manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?
- Ch07. ppt (Compatibility Mode] - Microsoft PowerPoint SIGN ANIMATIONS SLIDE SHOW TRANSITIONS REVIEW VIEW -|24 - AA E-E-E . lh Text Direction Align Tert- Shape Fil- 7 Shape Outline- Convert to SmAn- } Stvles - O Shape Effects Layout Reset BIUS A- Aa A Arrange Quick Section- es Font Paragraph Drawing Optimal Level of Variable Input Usage • Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = ATRP A(Q P) P•AQ = P• MP AX AX AX • Total Labor Cost (TLC) =w•X ATLC = W • Marginal Labor Cost (MLC) = AX 2003 Prentice Hall Business Publishing Managerial Economics, 4/e Keal/Young NOTES COMMENTS Mehwish Bhatti's screen7 Output for a simple production process is given by Q- KL, where K denotes capital and i denotes labor. The price of inbor is $10 per unit and the price of capital is $2 per unit. If at the current level of production the marginal product of labor is 8 while the marginai product of capital is 2, then in order to minimize your costs of production you should use Multipie Choice more capital and less labor the same ahount of both inputs more labor and less capital more of both inputs.10 a 16 5 12 — P=$/Q 100 95 90 85 80 75 70 65 60 SSSSSSSOS 45 40 35 M3221150 43 D before stay at home order Q of toilet paper 15 Dafter stay at home order The graph shows the market for toilet paper in Michigan. Based on the graph, we know that the production of toilet paper experiences diminishing returns to the variable input. Explain how we know and what this means.
- pols Add-ons Help Last edit was seconds ago xt I UA Calibri 11 + 三 2 | 3 II | I 4 II| II6 4. Thanks to years of consistent contracts and an outstanding administration, Crestwood High School has formed one of the best teaching staffs in the State of Michigan. This staff has learned how to work seamlessly with each other and students. They are now able to effectively teach more students in every class than before. *Name the determinant: Automakers have introduced new heating lamps to their paint shops that allow them to dry layers of paint faster than ever before. These newly invented heaters use less energy and have greatly increased output. 5. *Name the determinant: 27°C Rain II 近6. Given the following diagram and the information that input a is the only vari- able input, answer the questions in parts a through d. Output TPa 120 90 60 30 01 10 15 30 Input a a. What is the maximum value of AP,? b. At approximately what quantity of input a will MP, be at a maximum? c. If P, is $96, what is the minimum AVC? 4.P4=96 TFC4800 hnd STC SAC ot ofp levelg 60 units 20Mon Tue Wed Thu Fri Sat Sun Notes yue cost Functi ou and price per unit function of setling x vinit of calculators are c(x) =°0.1x+ 2x+500 and X= 200-p hspectively calculeate the ) revenue Functon ) Elaborate the of cakulators are produced. marginal cost when 5 units t) maximun protit
- Please assist with the last question. Thank you.10. An isoprofit curve will have which of the following properties? (a) If an extra unit of capital is used, output will rise by AQ = MP₁AL (b) If an extra unit of capital is used, the value of the extra output produced would be PMPKAK (c) If profits are being maximised, then profits can only be increased by using a different combination of inputs (d) If an extra unit of capital is used, the cost of producing the extra output produced will be rAKMPK (e) Profit maximisation will occur where the marginal rate of substitution is greater than the ratio of prices.please analyze interaction ofmarginal cost and average cost numerically and derive the formula of thisrelationship with respect to relevant mathematical economics theory and interpret yourformula
