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- A carpenter hammers nails each day at work. In each of the first three hours 50 nails were hammered and the marginal product of the fourth and fifth hours of work is 40 and 20 nails, respectively. Diminishing returns will be experienced after the _____ hour. second third fourth firstTrue or False. Please explain The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 describes technology which exhibits constant returns to scale..According to Accountants cost of production consist of both explicit and implicit cost ----a) Yes.b) Not surec) Falsed) none of the mentioned
- a. What is true about output levels 350, 700, 1,050, 1,400, and 1,750?Choices below. (Economic capacity ,Maximum cost, Economies of Scale b. What is the right size of a plant to produce an output of 875? (Plant1,Plant 2, Palnt 3, Plant 4, Plant 5) c. Between what plant sizes does the firm experience economies of scale? (Between plant1 and 3 ,Between plant 3 and 4, Between plant 3 and 5)1. A motor vehicle assembly plant requires the use of both capital and labour. The Telsa manufacturing plant is considering increasing the number of workers to increase production. Does diminishing returns hold in this scenario. a) Does the Diminishing returns hold in this scenerio? YES/ NO b) Explainips Under decreasing returns to scale, average cost cost curve. as the quantity produced increases. Over this range of output, the marginal cost curve is Grade It Now the average Save & Continue
- Rising short-run average variable costs of production for a firm indicate that Question 4 options: A) average variable costs are below average fixed costs. B) marginal costs are above average variable costs. C) average total costs are at a maximum. D) average fixed costs are constant.A. Will you invest a project that requires a $ 200,000 today and returns $50,000 at the end of the first year, $70,000 at the end of the second year and $100,000 at the end of the third year? Assume a discount rate of 5%. . B. An economist estimated that the total cost function of a single - product firm is TC= 125+5Q+3.5Q^2. Determine the average variable cost (AVC) of producing the 5 units. C. An economist estimated that the total cost function of a single -production firm is TC=125+5Q+3.5Q^2. Determine the marginal cost (MC) of producing the 5th unit? No derivative is required for this questiona. Define explicit costs and implicit costs. b. Assume the following: * A firm buys a unit of capital for $200. * This capital generates $205 of total revenue for the firm. * This firm could have earned a 10% rate of return from the best alternative use of its $200. Determine the values of explicit cost, implicit cost, and profit. Give economic meaning to the value of profit.
- In the long-run Firm A incurs total costs of $1200 when output is 30 units and $1550 when output is 40 units. Firm A exibits A.constant returns to scale B.marginal returns to scale C.increasing returns to scale D.decreasing returns to scale.Gooey Bites sells snack packs for $3 per pack. Variable expenses involved in producing snack packs are estimated to be $1 per pack and fixed costs for operating the production line are estimated to be $14,000. After making changes to the production line, Gooey Bites made a profit of $36,000 by selling 20,000 snack packs. Variable costs were modified by the line changes but fixed costs were unaffected. What is the new variable cost per pack? a. $0.33 b. $0.50 c. $1.00 d. $1.50Fill in the missing parts in the following tables to illustrate the behavior of production and costs in the short-run; then determine the optimal level of production according to the number of inputs you are intending to use. Output Units Land Square Meters Capital Egyptian Pounds Labor Units 0 20 40000 0 1000 20 40000 5 1600 20 40000 8 2100 20 40000 11 2500 20 40000 14 2600 20 40000 17 Output FC VC TC MCL MPL AVC AFC ATC 0 1000 1600 2100 2500 2600 -Hint Consider land and capital as fixed factors, while labor units as variable factors. The cost of land is L.E20 per square meter. The interest rate on capital is 10%. The average wages per unit of labor is L.E1500.
