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- Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?What is die difference between accounting and economic profit?How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?
- How does fixed cost affect marginal cost? Why is this relationship important?What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?a) Assume that the output of a company is given by y (K, L) = K^0.5 * L^0.5, where the amount of capital on shortterm is given by K = 1 and wage costs are given by w = 1. Calculate and illustrate themaverage variable costs and marginal costs (marginal costs).b) In addition, assume that the price of capital is given by r = 1. Calculate the average totalsthe costs and illustrate using a figure where you also include the marginal cost asyou found in a). Comment on what you find.
- Why Marginal Cost (MC) is 1?? I did my calcutation and is 2. I replace on fucntion Q = L + (5)2 = L + 25, so L = Q - 25 and put on TC = 2(Q - 25) + 20(5) So TC = 2Q - 50 + 100 = 2Q + 50, then MC = dTC / dQ = 2 You may be replaced TC = wL + rK, but this function no contains Q variable Please confirm that. ThanksAn SMSE has a production process with fixed lot size A. The table belowshows the total output and the number of workers:No. of Workers (L) Total Output (Q) 0 0 1 10 2 30 3 50 4 56 5 59 6 60 7 60 8 58(a) Determine marginal productivity of labour and average productivity oflabour for each unit of labour. (b) Show the three stages of production (c) Suppose the market price of the output Rs. 150 and the wage rate isRs. 900, how many workers would this firm hire? What if the pricedecreases to Rs. 100?(d) Suppose the market price increases to Rs. 250, what is the highestwage rate the firm would be willing to pay to…(a) Derive the first order condition showing how much labor and capital a producer should use to minimize the total costs of producing a given level of output. (b) What is the second order condition for the producer to achieve (a). (c) Draw a figure showing your answer to part (a) and another figure showing the opposite (i.e., a producer maximizing output with given total costs). How does either situation compare with a producer who has neither a total output constraint or a total cost constraint?
- A tuition agency hires tutors to teach students. The following table displays how total outputincreases as tutors increase.No. of Tutors 1 2 3 4 5Total No. ofStudents4 10 18 24 3Tutors cost $50 each regardless of how many students each tutor has. The agency paid $500 in non-refundablemarketing fees to set up the business as a fix cost. In the short run, considering the shut-down condition, whatis the lowest price per student Tom’s tuition agency can charge? Explain your answer.Please no written by hand solution 3) Read the Chicago Tribune article titled “At Amazon’s Monee Warehouse, Robot Co-Workers are the New Normal”. Over the long run, it appears that Amazon is working towards min- imizing its operating costs by reallocating its factors of production away from labor and towards robots (i.e., capital). Using the cost minimization model discussed in class, explain how rising relative wages likely incentive Amazon to invest in robots. 4) All else equal, which is steeper, the demand curve for a normal good or the demand curve for an inferior good? Explain.4 5) Assume that the price elasticity of demand (PED) for a firm’s out is PED = −0.75 and that the price of its output is currently at p = $10. (a) How would this firm’s revenues change if it increased its quantity produced by a little bit? Explain. (b) Instead of increasing its quantity produced, how would this firm’s revenues change if it increased its price a bit? Explain.5:23 The amount that a firm pays for all of the inputs that go into producing goods and services is the: O average cost. O total revenue. O total price. O total cost.
