Totaling Costs_WS_2

Exhibit 21-3 Marginal Physical Total Total Product of Variable Marginal Variable Fixed Input Input Variable Input Fixed Cost Cost Cost Output (units) (units) (units) (units) (dollars) (dollars)| (dollars) 1 $500 $0 1 1 10 (A) $500 $200 (F). 2 1 25 (B) $500 $400 (G) 3 1 45 (C). $500 $600 (H). 4 1 60 (D) $500 $800 (1) 5 1 70 (). $500 $1000 (). Refer to Exhibit 21-3. The average fixed cost of producing 25 units of output is a. indeterminable with the information given. b. $50.00. c. $2.50. d. $20.00. e. $500.00.

Exhibit 21-3 Marginal Physical Total Total Product of Variable Marginal Variable Fixed Input Input Variable Input Fixed Cost Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) (dollars) 1 $500 $0 1 1 10 (A) $500 $200 (F) 1 25 (B) $500 $400 (G) 3 1 45 (C). $500 $600 (H). 4 1 60 $500 $800 (1). 5 1 70 $500 $1000 (). Refer to Exhibit 21-3. The marginal cost figures in blanks (F) and (G), respectively, are O a. $2.00 and $1.33. b. $20.00 and $13.33. c. $2.00 and $1.60. O d. $2.00 and $2.66.

TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $

0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profit

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Calculate the size of the workforce needed for the companyto meet average weekly demand.

4-2 Game Day Shuttle Service You run a game day shuttle service for parking services for the local ball club. Your costs for different customer loads are 1: $30, 2: $32, 3: $35, 4: $38, 5: $42, 6: $48, 7: $57, and 8: $68. What are your MCs for each customer load level? What is the AC? If you are compensated $10 per ride, what customer load would you want?

Marginal Total Marginal Cost RevenueRevenue Quantity Variable Price costs PER UNIT $0.00 $5,3 --- --- 1 $5.50 $5,3 $6.00 $5,3 3 $6.50 $5,3 4 $7.00 $5,3 5 $7.50 $5,3 $8.00 $5,3 The fixed costs are $70. Calculate the marginal costs if the current level of production is 3 units and the producer decides to increase its output by 1 unit. Show your answer with a number only. The number must have 2 digits after the decimal point.

please read the question carefully as there are multiple questions with the same graphs that is shown on the image

workers ouput marginal product  total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?

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Fill in the missing values based on the above production schedule table. For average responses round two decimal places

Quantity of Labor Total Product Total Revenue 1 4 $ 18 2 8 36 3 11 50 4 13 59 5 14 63 Refer to the given data. This firm's product price is A) $4.5. B) $4.25. C) $4.8. D) $18.   Please explain/show your work, thank you! Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer.  Take care of plagiarism. Answer completely. You will get up vote for sure.

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Task 3 3(a) Medi Pharma Company produces two products Mask and PPE kit (both are in high demand due to covid19). The cost structure of these two products are as follows: Selling price per unit Variable cost Contribution per unit Mask $ 100 60 PPE-kit $ 70 40 40 30 Both the products need services of lab experts with special skills. Only six experts are available with the company each working a 35 hours week (total 210 hours in total). The production of Mask need 30 minutes (0.5 hours) of experts' time and PPE-kit needs 20 minutes (0.33 hours). Required: 3(a) When there a a scarce resource, we undertake the activity that has the highest contribution per unit of scarce resource. Do you agree? Explain your point using the data of Medi Pharma. 3(b) Smart auto garage bought a machine three years ago for $ 12000. The future of this machine is uncertain and considering the replacement as it has no disposable value. Can $12000 be a relevant cost in making decision of replacing it? Smart auto…

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(a) Complete the following table and draw the corresponding graphs.   Capital inputs Labor inputs Total product Average product Marginal product 20 0 0     20 1 15     20 2 34     20 3 51     20 4 65     20 5 74     20 6 80     20 7 80     20 8 75       (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative?        (c) Whether the above phenomenon is long run or short run and why?         (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.

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Total Fixed Total Variable Labor Output cost (workers) (units per day) (dollars) 20 20 20 20 20 20 Cost (dollars) 13 16 18 25 50 75 100 125 4.

Table linking output to inputs Units of Labor Input Quantity of Output Marginal Product Marginal Cost 1 3 2 7 3 12 4 16 19 6 21 7 22 Share your methods and calculations for Marginal Product and Marginal Cost and be specific in discussing the link between the two.

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Accounting Complete the table and Graph the cost curves:   Output (Q)/day Total Variable costs ($) Total costs (TC) ($) Marginal costs (MC) ($) Average Total costs (ATC) ($) Average Variable costs (AVC) ($) 0 0 635 -- ---- ---- 1 50         2 100         3 150         4 200         5 300         6 400         7 500         8 650         9 800         What is the dollar value of the fixed costs in this example? Why do marginal costs, average variable costs, average total cost have a “U” shape? That is, why do they start out high, get lower, and then higher again? For 7 units of output, what is the average fixed cost? Why does average fixed cost fall as a firm produces more of a good?

The President of ACME wants to know why he shouldn't produce at the point when average costs are the lowest. Explain to him why this is not the best production level.

4. Exercise 8.4 From your knowledge of the relationships among the various cost functions, complete the following table. (Hint: If necessary, round to two decimal places.) TTC Q (Dollars) TFC (Dollars) TVC (Dollars) ATC (Dollars) AFC AVC (Dollars) (Dollars) MC (Dollars) 0 125 5.00 10 20 10.50 30 110 40 255 50 60 3.00 3.00 70 80 295 5.00

12 true or false The point at which the marginal product of a variable input is at a maximum corresponds to the point at which marginal cost is at a maximum

Which of the following is an example of a Variable Cost? A. an employee who makes $40,000 a year B. purchasing raw materials when production increases C. making a mortgage payment for building ight © 2003 -2022 International Academy of Science. All Rights Reserved.

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Answer all questions Question 1 Calculate the productivity for the following operations: Three employees processed 600 insurance policies last week. They 8 hours per day, 5 days per week. A team of workers made 400 units of product, which is valued by its standard cost of $10 each (before markups for other expenses and profit). That accounting department reported that for this job the actual cost were $ 400 per labor, $1000 for materials and 4300 for overhead. Question 2 a) Find the productivity if four workers installed 720 square yards of carpeting in eight hours. b) Compute for the productivity of a machine which produced 68 usable pieces in two hours. Question 3Compute the multifactor productivity measure for an eight-hour day in which the usable output was 300 units, produced by three workers who used 600 pounds of materials.  Workers have an hourly wage of $20 and material cost is $1 per pound.  Overhead is 1.5 times labour cost.Question 4A health club has two employees who…