Please answer letter A tables. The following production table gives estimates of the maximumamounts of output possible with different combinations of twoinput factors, X and Y. (Assume that these are just illustrativepoints on a spectrum of continuous input combinations.)Units ofY Used543210188162130941Estimated Output per Day36042132437628232423427216218834Units of X used30527223418813024704213603052105 a) Assuming that output sells for P3 per unit, completethe followingtable:Units ofY Used1234Units ofX Used12345TotalProductof YTotalProductof XX Fixed at 2 UnitsMarginalProductof YAverageProductof YY Fixed at 3 UnitsMarginalProductof XAverageProductof XMarginalRevenueProductof YMarginalRevenueProductof X

The marginal product of Y measures the change in the total product due to the change in input Y,…

The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.)

The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.)

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

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 8MC

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Question

Please answer letter A tables.

The following production table gives estimates of the maximum
amounts of output possible with different combinations of two
input factors, X and Y. (Assume that these are just illustrative
points on a spectrum of continuous input combinations.)
Units of
Y Used
5
4
3
210
188
162
130
94
1
Estimated Output per Day
360
421
324
376
282
324
234
272
162
188
3
4
Units of X used
305
272
234
188
130
2
470
421
360
305
210
5

a) Assuming that output sells for P3 per unit, complete
the following
table:
Units of
Y Used
1
2
3
4
Units of
X Used
1
2
3
4
5
Total
Product
of Y
Total
Product
of X
X Fixed at 2 Units
Marginal
Product
of Y
Average
Product
of Y
Y Fixed at 3 Units
Marginal
Product
of X
Average
Product
of X
Marginal
Revenue
Product
of Y
Marginal
Revenue
Product
of X

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