Firm Measures: Productivity, Costs, Revenues, and ProfitsLabor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC)$800,000$0$800,000$ 800,000$800,000$800,000d.e.f.g.0124561.080003000045000560006000063000$800,000$800,000$800,000$1,500,000$2,250,000$3,130,000$4,200,000$5,040,000a.Solve for marginal product (MP) in each row, except for where labor = 0.b. After which worker does the region of diminishing marginal returns begin?c. Specialization and division of labor are observed in which one of the threePrice$80$80$80$80$80$80$80regions?Solve for total cost (TC) in each row.Solve for average variable cost (AVC) in each row, except for where labor = 0.Solve for marginal cost (MC) in each row, except for where labor = 0.Why are the MC and MP inversely related to one another? While it is because asone increases, the other decreases, please explain the meaning behind the inverserelationship that exists between worker productivity and cost, in general.Solve for total revenue (TR) in each row.h.j.i. Solve for marginal revenue (MR) in each row, except for where labor = 0.What is the profit maximizing total product, or quantity, for this firm? Providethe specific numerical value for TP.k.State in each row, except the first where the labor is 0, whether this firm willchoose to produce or shutdown.Using your responses from part k, state what profit or loss the firm will earn ateach quantity, except where labor is 0, stating how much they will earn if theyshutdown if that is what you indicated they would do, or how much they wouldearn or lose if they decided to produce, if that is what you indicated they woulddo at the given TP level.m. Is this firm an example of pure competition or monopolistic competition?Explain.

The marginal product of labor (MP) refers to an increase in total production when one additional…

Firm Measures: Productivity, Costs, Revenues, and Profits Labor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC) $800,000 $ 0 $800,000 $ 800,000 $800,000 $1,500,000 $800,000 $2,250,000 $800,000 $3,130,000 $800,000 $4,200,000 $800,000 $5,040,000 0 1 2 3 4 5 6 0 8000 30000 45000 56000 60000 63000 Price $80 $80 $80 $80 $80 $80 $80 a. Solve for marginal product (MP) in each row, except for where labor = 0. b. After which worker does the region of diminishing marginal returns begin? c. Specialization and division of labor are observed in which one of the three regions?

Firm Measures: Productivity, Costs, Revenues, and Profits Labor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC) $800,000 $ 0 $800,000 $ 800,000 $800,000 $1,500,000 $800,000 $2,250,000 $800,000 $3,130,000 $800,000 $4,200,000 $800,000 $5,040,000 0 1 2 3 4 5 6 0 8000 30000 45000 56000 60000 63000 Price $80 $80 $80 $80 $80 $80 $80 a. Solve for marginal product (MP) in each row, except for where labor = 0. b. After which worker does the region of diminishing marginal returns begin? c. Specialization and division of labor are observed in which one of the three regions?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.2IP

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