EBK ECONOMICS
13th Edition
ISBN: 8220106799642
Author: PARKIN
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 4SPA
To determine
Marginal product curve.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 32
The following table shows the information about the production function for Dave's
ice-cream shop.
Quantity of Ice cream (per hour)
Quantity of Labor (workers)
7
1
20
2
38
50
4
60
a. The marginal product of labor of the second worker is
b. Diminishing returns to labor occurs when Dave hires the
c. What are the examples of the variable cost and fixed cost in Dave's shop?
units of ice cream.
worker.
Fill in for each letter in the given Table:
Jill Pizza restaurant labor is 650 per worker, cost of oven is 800. The workers needed increases as the number of pizzas made increases.
Using the information below:
1. Fill in the remaining columns given the calculations to calculate costs: variable (VC), Marginal (MC), Average Var.(AVC) Average Fixed (AFC)
2. Graph the MC, ATC, AVC, AFC curves (start from Quantity of 200 or your graphs look bad)
3. What is happening to your MC curve over time?
Total Costs (TC), ATC (Average Total Costs),AFC (Average Fixed Costs), AVC(Average Variable Costs), MC (Marginal Costs)
Workers Ovens
0
1
2
3
4
5
6
2
2
2
2
2
2
2
Q of pizzs
0
200
450
550
600
625
640
Fixed
Cost of
Ovens
800
800
800
800
800
800
800
Varriable
Cost of
Workers
0
650
Total
Costs
0
ATC
0
AFC
0
AVC
MC
0
0
Chapter 11 Solutions
EBK ECONOMICS
Ch. 11.1 - Prob. 1RQCh. 11.1 - Prob. 2RQCh. 11.2 - Prob. 1RQCh. 11.2 - Prob. 2RQCh. 11.2 - Prob. 3RQCh. 11.3 - Prob. 1RQCh. 11.3 - Prob. 2RQCh. 11.3 - Prob. 3RQCh. 11.3 - Prob. 4RQCh. 11.3 - Prob. 5RQ
Ch. 11.4 - Prob. 1RQCh. 11.4 - Prob. 2RQCh. 11.4 - Prob. 3RQCh. 11.4 - Prob. 4RQCh. 11.4 - Prob. 5RQCh. 11 - Prob. 1SPACh. 11 - Prob. 2SPACh. 11 - Prob. 3SPACh. 11 - Prob. 4SPACh. 11 - Prob. 5SPACh. 11 - Prob. 6SPACh. 11 - Prob. 7SPACh. 11 - Prob. 8SPACh. 11 - Prob. 9SPACh. 11 - Prob. 10SPACh. 11 - Prob. 11SPACh. 11 - Prob. 12SPACh. 11 - Prob. 13SPACh. 11 - Prob. 14SPACh. 11 - Prob. 15APACh. 11 - Prob. 16APACh. 11 - Prob. 17APACh. 11 - Prob. 18APACh. 11 - Prob. 19APACh. 11 - Prob. 20APACh. 11 - Prob. 21APACh. 11 - Prob. 22APACh. 11 - Prob. 23APACh. 11 - Prob. 24APACh. 11 - Prob. 25APACh. 11 - Prob. 26APACh. 11 - Prob. 27APACh. 11 - Prob. 28APACh. 11 - Prob. 29APACh. 11 - Prob. 30APACh. 11 - Prob. 31APACh. 11 - Prob. 32APA
Knowledge Booster
Similar questions
- Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.arrow_forwardAverage cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?arrow_forwardA firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?arrow_forward
- Fill in the space (d) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. Number of Amount of Trucks Labor 2 2 2 2 2 2 2 0 1 2 3456 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0arrow_forward1) In the following market, Marginal Product Total Cost Average Total Cost Marginal cost Workers Output 1 2 3 4 5 20 50 90 120 140 150 155 7 a) Fill the column for marginal product. Can you explain diminishing marginal product based on those numbers? b) A worker cost $45 a day, and the firm has fixed cost of $80. Use this information to fill in the column for total cost. c) Fill in the column for average total cost. d) Fill the column for the marginal cost. e) Compare the column for average total cost and the column for marginal cost. Explain the relationship.arrow_forwardnot use ai pleasearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning