Distinguish between input and output.

Q: 1. In a the short product process a(an) _marginal product of labor explains why marginal cost is…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 13. Suppose you have a production technology given by f(x1,x2) = min{2r1, r2} and you are producing…

A: In a market, when a firm produces a product, it requires various input resources like labor, raw…

Q: How are the marginal cost curve and average variable cost (AVC) curve related? Explain why the AVC…

A: Marginal cost (MC) is that the cost of manufacturing an additional unit of output.Average variable…

Q: shoes (Q) irm producing car labor. The price of K is $8 and the price of L is $2. production vhere K…

A: A firm producing cars. The production function for shoes is :        Q= K1/2 L1/2 .…

Q: Q: Theoretically and graphically explain how firm choose optimum combination of inputs in short run…

A: Answer: Assumptions:  Two inputs, Labor (L) and Capital (K) Price of labor, wage rate (W) Price of…

Q: Based on production function Q (L, K) = L0.5K0.5, Output-10 abour Capital Labour Capital Labour…

A: Answer in step 2.

Q: Output (Cups of tea per hour) Total Cost in Rs. 0 30 1 33 2 38 3 45 4 54 5 65 6 78…

A: We are going to undergo cost analysis to answer this question.

Q: 1. Explain the meaning of: a. Fixed cost b. Variable cost Stating an example of each above.

A: Since both are different questions, we will answer the first one only. Please resubmit the other…

Q: How firm choose optimum combination of inputs in short run and long run explain theoritically and…

A: There are two type of period in economics which are short run and long run. In the short run, there…

Q: 1. Suppose a chair manufacturer is producing in the short run (with its existing plant and…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 7. The following is a production function. 2,000 1,000 100 300 Units of labor (L) a. Draw a graph of…

A: In the production process, different inputs are used to produce the final output. The inputs are…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…

Q: Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his…

A: MPL = Change in Q / Change in L L Q MP 0 0   1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: 5. Jane’s Juice Bar has the following cost schedules: Quantity 0 vats of juice 1 2 3 4 5 6 Variable…

A: In economics, average variable cost is a firm's variable costs divided by the quantity of output…

Q: 1. (Production) Jasmine has just inherited a restaurant. In the short run, she has to stick with the…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: Relationship between marginal and average cost) assume that labor and capital are the only inputs…

A: Cost is the amount used by the firm in the production function of goods and services. Divided as…

Q: 1. Show and explain the relationship between total product, average product and marginal product.

A: Average Product (AP)= Total Product (TP)/ Labour (L). It denotes the addition of variable factor to…

Q: . Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice…

A: Total cost is classified into two parts, variable cost and fixed cost. In the short run fixed cost…

Q: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is…

A: (1.) In a the short product process a (an) diminishing marginal product of labor explains why the…

Q: Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5   22) Diminishing returns to labor…

A: For the first question (22), the diminishing returns to labor, begin at labor unit 4.  This is…

Q: 6. The relationship between marginal physical product and margınal cost Hubert's Big Burger is a…

A: Marginal product is the additional output that is generated when one more unit of the variable input…

Q: 4. A firm producing cars. The production function for shoes (Q) is: Q = K"² L"² where K is capital…

A: Answer -

Q: 4). The Greening of Motels and Hotels ( Hotels and motels that have gone green are using on average…

A: Going green: It refers to the technique under which the business will try to pursue those practices…

Q: Which graph correctly represents the relationship between all three cost curves? O Cost MC Cost АТС…

A: The relationship between curves: The MC curve cuts the ATC and AVC at the minimum and ATC>AVC.

Q: uses inputs rease output, these inputs are:

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Consider this production function. Study hours 1 4 5. 10 11 12 13 14 15 or more Grade 20 33 42 50 57…

A: [1] Lets discuss options one by one:-a. UK workers have more free time than Greek workers.Ans. UK's…

Q: Give an example of a fixed cost and a variable cost.

A: Variable and Fixed costs in economics are those two types of costs that a firm incurs during the…

Q: 2. A firm is using 7 units of labor and 100 units of capital to produce 1000 units of goods. At…

A: Cost of labour is $15 per unit but quantity is less Cost of capital is $2 but quantity is more

Q: hi  Suppose you build bird houses. One day, you double the time you spend building and double the…

A: Consider the definition of returns to scale. When we change all factors of production by a certain…

Q: Good afternoon, please assist me with the following economics graphs.    1. Explain, with the aid…

A: Answer to the question is as follows :

Q: Activity: My Production! A. Production Function Directions: Below is the production schedule for…

A: The production function of the firm shows the maximum amount of output a firm is able to produce by…

Q: ctions: (1) Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal…

A: Please find the answer below.

Q: Tiva has a crafts store that makes jewelry using beads (B) and copper (C). Her production function…

A: Given  Production function: Q=B0.4C0.4                .... (1) Where B denotes beads and C denotes…

Q: 3. Jane's Juice Bar has the following cost schedules: Variable Cost $0 Total Cost Quantity 0 vats of…

A: Given,

Q: The saying “too many cooks in the kitchen can spoil the stew” can be used to describe the concept of…

A: According to the law of declining marginal returns, adding a new factor of production leads to…

Q: 9. Cost-curve shifters The following graph shows the average total cost (ATC) curve, average…

A: Given the price of pizza including sales tax = $5 The price of pizza excluding sales tax = $4

Q: Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The…

A: Total cost (TC) at zero level of out is the total fixed at cost at each level of output. Thus, fixed…

Q: 4. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in San Diego. The…

A: Table is completed by using below formula is shown below. MC=Change in TCChange in Q FC=TC at Q=0…

Q: 2. Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these…

A: The production function shows the technical relationship between input factors and final output. The…

Q: 5. The production function for gadgeadoodles uses a variable amount of labor and a fixed amount of…

A: Production function refers to the quantity of physical product or output to the quantity of factor…

Q: Which of the following is an implicit cost? A. The $100,000 the firms pay a person in salary to…

A: Since you have posted multiple questions, so as per answering guideline, We are bounded to solve…

Q: Use the following to answer questions 5-6: Production Data for Baseball Bat Company Total output…

A: Diminishing marginal returns are set in when each additional labor hired leads to less extra output.

Q: Inputs of labor Total Product Average Product Marginal Product 1 15 34 51 4 65 74 6 80 7 83 8. 82…

A: Total Product refers to the sum total of all the goods that are produced by a firm using the…

Q: (a) Explain intuitively why a firm's average cost curves are U-shaped and why does its average…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1) Consider the long-run productior of shirts. The cost of the indivisible inpu 3 used in the…

A: Cost of invisible input used in the production of shirts = $400 per day. Addition cost of one shirt…

Q: Question 1.Find the optimal input bundle, (L ,K), when r = $11a, w = $38, F(L,K) = L 2/4K 1/4 and…

A: A production function in economics describes the technological relationship between the quantities…

Q: Define explicit cost and implicit cost. Briefly discuss the law of diminishing marginal returns.

A: The costs broadly classified into two parts  I) Explicit Costs II) Implicit Costs