Q: define economic of scale
A: Economies of scale can be achieved in two ways, that is, internally or externally. Internally…
Q: Explain the concept long run in production time frame
A: In an economy, market condition is analyzed in two periods that are short-run andd long-run.
Q: b. Describe the relationship between the marginal product and the total product of a firm
A: Marginal product of of a firm is the additional product when an extra unit of factor of production…
Q: The following schedule shows the diminishing marginal return in respect of labor 01 2 3 4 5678 9…
A: Marginal Product = Change in Total Product / Change in Quantity of Labor Average Product = Total…
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A: 1. In order to calculate the value of average product(AP), the formula is: Total product(TP)/Labor…
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A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
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A: The marginal product can be calculated as follows: Average product can be calculated as follows:…
Q: Total Total Average Variable Product Total Fixed Variable Average Average Total Costs Marginal Costs…
A: Total fixed cost (TFC) remains constant as it is independent of quantity whereas, total variable…
Q: 1. Fill in the table Number of Workers 1 23 4 5 6 7 8 9 10 Total, Average, and Marginal Product of a…
A: Average product is the per unit product of workers and marginal product is the additional output…
Q: # Units Produced Total Revenue Total Costs 1 100 50 180 110 3 250 180 4 290 270 310 380 2. 5.
A:
Q: Graphically Represent and analyze the interrelationship between the short run costs Units…
A: There are many different types of costs associated with the firm during the process of production…
Q: (6) If marginal product is greater than average product (a) total product must be increasing.…
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
Q: Fill in the blanks in the following table: Units of labor Total product Average product Marginal…
A: Total product refers to the output amount that can be produced by a given amount of variable factor,…
Q: Inpúts of Labor Marginal Product Average Product Total Product 15 2 34 3 51 4. 64 75 6. 84 91
A: Total Production - is the production done by producer by using all resources Marginal Production-…
Q: Ouput Total Cost $24 1 33 2 41 48 4 54 61 69 The TVC for Stelco Corporation of producing 6 units of…
A: Fixed cost is independent of output produced thus the required fixed cost at all units of production…
Q: Table 1 Fixed Variable Total Total fixed Total variable Total input input product cost cost cost 20…
A: at 0 level , TC = TVC TFC is fixed for all the inputs TVC for the 1st unit = 2400, then multiply…
Q: Table 1 Fixed Variable Total Total fixed Total variable Total input input product cost cost cost 20…
A: Total fixed cost is the cost of production that does not gets affected by the change in the quantity…
Q: Dan wants to expand his business and use the 5 acre property he owns and rents to a local cattle…
A: Implicit cost refers to the opportunity cost of resources, which are owned by the firm or an…
Q: Number of variable inputs Total output Marginal product Average product 3 - 18 30 4 - 20 - 5 130 - -…
A: There is relation between average product, total product and marginal product. All the three are…
Q: i) If total product is increasing, the marginal product must also be increasing
A: The given statement is incorrect.
Q: Input Product Product Product 14 7.0 15 24 32 39 7.5 8.0 12 3 4 8.0 10 5 7.8 45 7.5 50 7.1 Jaing the…
A: LABOR INPUT TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 1 7 7 7.0 2 15 8 7.5 3 24 9 8.0 4…
Q: Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 ? 6 120 30
A: Units of labor Total product The marginal product of labor The average product of labor 4 16*4 =…
Q: Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0…
A: A firm is an entity that plays the role of a supply-side participant in the market. A firm…
Q: Consider the input output table below Table (Inter) final Total (Agric) (Manuf) (Mining)demand…
A: Given information
Q: Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0…
A: In a market, producers have to face various constraints such as cost minimizing or…
Q: The of an input is the output per unit of the input
A: Inputs are any resources used in the production of goods and services. Labor (workers' time), fuel,…
Q: Output, Variable input and Costs (per day). Таcos Labor VC TC MC AVC АТС 50 1 120 420 0.00 105 165…
A: The calculations are done using: VC=120×labor unitsTCn=VCn+fixed costMCn=TCn-TCn-1AVC=TVCQATC=TCQ
Q: return in respect of labor 01 2 3 4 5678 9 888 8 888888 Labor Land Total Product Average Produet…
A: Answer a) To complete the table we use following formula Total Product = Sum of Marginal…
Q: A firm’s quantity of output is 10 units. The price of labor is $25 per unit and the price of capital…
A: "Firms/Businesses/Producers produce commodities and services to satisfy the demand of consumers.…
Q: Units of Total Marginal Product Average Product Labor Product of Labor of Labor 4 16 ? 120 30
A: Average product = Total product / number of labors
Q: If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table…
A: The labor cost per unit is obtained by multiplying the direct labor hourly rate by the time required…
Q: Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) (Dollars) 30 100 30 15…
A: The marginal product of labor (MPL) measures the change in total output due to a change in labor.…
Q: EXAMPLE 1.2 Consider the following data of a company for the year 1997: Sales = $ 1,20,000 Fixed…
A: In the question, it is given that sales value is $120000 and fixed cost is $25000 while the variable…
Q: Number of Workers Units Produced Marginal Product Average Product 0 0 —– —- 1 20 2 35 3 45 4 50 5 45
A:
Q: A company produces 7040 Units of its product and sold it for $1.10 per unit. To produce these…
A: Answer: Given, Total prouduction= 7040 units Selling price= $1.10 per unit Cost of labor= $1,000…
Q: Labor Input TPL APL MPL 1 7 2 18 30 4 44 5 62 78 7 88 94 9 94 10 92 1. Compute the MPL & APL…
A: (1) Labor input TPL APL MPL 0 0 ---- ---- 1 7 7 7 2 18 9 11 3 30 10 12 4 44 11 14 5…
Q: Average Product 13 Labor Total Product 1 13 31 15.5 51 17 4 67 16.75 79 15.8 6. 86 14.33 7 86 12.29…
A: Profit maximization is a process that companies go through to ensure that they have the highest…
Q: Total Labor Units (employees) Total Product Marginal Product of Price per (T-shirts per day) Labor…
A: Marginal revenue productivity of labor measures the additional revenue that the firm can earn by…
Q: Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5…
A: Marginal product of labor refers to change in the total production due to change in the one unit of…
Q: Quantity of Variable Input Marginal Product of Variable Input Average Product of Variable Input…
A: Formula to find total output: Total output = Average product of variable input * Quantity of…
Q: Determine the multifactor productivity for the combined input of the labor and the machine time…
A: Multifactor productivity is the ratio of output and combined costs of inputs and it determines the…
Q: What type of cost is included in economic costs, but not included in accounting costs? a. Explicit…
A: Accounting cost includes all the explicit cost. In other words, all the payment made by the business…
Q: In the short term, the company produces 800 units of production. The average variable costs (AVC) 93…
A: Total cost (TC)= Total variable cost (TVC)+Total fixed costs(TFC) Total Variable Cost=Average…
Q: What is the relationship between total product, average product and marginal product. draw the graph…
A: Relationship between TP, AP and MP Relationship between TP and MP:- 1) When Marginal product is…
Q: b. Explain the relationship between total product, marginal product, and average product.
A: Production Function The function that explains the relationship between physical factors of…
Q: I need 10 and 11 sub parts solved... its all part of one question. i numbered them so it was easier…
A: 10. When the average total cost equal to the marginal cost, then average cost begins to increase.…
Q: 39) Increasing returns to scale indicates that a) a decrease in the scale of production will cause…
A: Increasing returns to scale exists when the output increases in a greater proportion than the…
Q: In the table, the marginal product is greatest when the Total Product, Marginal Product, Average…
A: Answer to the question is as follows :
Q: in 1977. The base period, fine wood s unitI labor hours per chair. 4 labor hours per company's unit…
A: 1980 productivity index=labor output/input
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- Calculate the multifactor productivity in dollars per dollar for the following: 6660 units produced, sold for $1.05/unit Cost of labor: $900 Cost of materials: $190 Overhead: $1950Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980PLEASE ANSWER IT CORRECTLY. SUBJECT: ENTREPRENEURSHHIP answer it in 1hr.
- Could I please have help answering the original question and checking my isoquant pointsThe slope of an isoquant is A. ΔLTC / ΔQ B.-ΔK / ΔL. C.ΔTVC / ΔQ D. None of the AboveDistinguish carefully between labor-augmenting and labor-saving technological change. Explain your answer with an example of each (needs to be at least 100 words )
- What is the optimal productivity rate for a two-person carpentry crew that has a measured productivity of:y = -6.18x2 + 4.326x + 4.516 Answer is 14 hours but how do i get that.Coffee RoasteryFocused on keeping its entire supply chain green, the roastery carefully selects the suppliers from whom it sourcescoffee beans. It works directly with farms and farm cooperatives, who are accredited as treating their farmers andemployees fairly and ethically. Approximately 50% of the roastery’s output is used by BB’s academy and coffee bars,ensuring a continued green chain across its businesses. In 2020, the coffee roasting unit produced 4500 tonnes andcontributed 15% of BB’s total revenue. The sustainability positioning has differentiated BB from its peers, and helpedit earn collaborations with socially responsible corporates. Best of all, there is now capacity to expand production toaround 18,000 tonnes at the roastery and start exporting roasted coffee beans to other countries.At present, the roastery is roasting 100% Arabica beans. The average wholesale price BB is able to sell the Arabicabeans for in 2021 is US$3.10, down from US$4.42 in 2014. However, projections…Draw isoquant maps for the following technologies. i) f(L;K) = LKii) g(L; K) = L + 2Kiii) h(L; K) = min(2L; K)
- Jackie is an employee at a food processing plant. In each hour of her shift, she works hard and packages 15 cases of canned fruits per hour. If an average employee packages 100 cases in an eight-hour shift, the number 1.20 indicates a. Jackies productivity. b. Jackies efficiency. c. Jackies process time. d. Jackies cycle time.The book's answer is 4 units of labor but please explain solutionCalculate MC when the firm produces 25 units of outputPlease answer quickly
