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- 3 1 Y = 2X} X} WHICH OF THE FOLLOWING ASSUMPTIONS APPLY TO THIS RELATIONSHIP. INCREASING RETURN TO SCALE DECREASING INCOME TO THE SCALE FIXED RETURN TO THE SCALE1) A manufacturer of kitche. Appliances is preparing to set the price on a new blender. Demand is thought to depend on the proce qnd is represented by the following model. D= 2,800-4p The accounting department estimates that the total cost can be represented by the following model. C=4,700+5D Develop a mathematical model for the total profit of TP in terms of the price, P. A mathematical mod for the total profit in terms of the price P is TP= ______SuProse a liim hus revenue R=15t- 5q2 und (Ost (= 93-13.5e+ 50+ 40. Make a sketch of average Variable cOst, marginal (ost and maigina fevenue.
- 10. An isoprofit curve will have which of the following properties? (a) If an extra unit of capital is used, output will rise by AQ = MP₁AL (b) If an extra unit of capital is used, the value of the extra output produced would be PMPKAK (c) If profits are being maximised, then profits can only be increased by using a different combination of inputs (d) If an extra unit of capital is used, the cost of producing the extra output produced will be rAKMPK (e) Profit maximisation will occur where the marginal rate of substitution is greater than the ratio of prices.Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output No. of Workers) (No. of Units) 1 10 2 35 3 50 4 56 5 59 6. 60 7 60 8 58 Determine the following schedules: |(a) Marginal productivity of labor (b)Average productivity of labor (c) Elasticity of production with respect to labor (d) Draw and Show relationship MP, & APThe tapie pelow Cotains pricerdemand and total cOSt data Tor the production of treadmilis, where p is the wholesale price (in dollars) of a treadmill for an annual demand of x treadmills, and C is the total cost (in dollars) of producing x treadmills. p ($) C ($) 2,910 1,450 3,634,000 3,415 1,275 3,782,000 4,645 1,123 4,185,000 5,330 918 4,290,000 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p= ax + b, where a is rounded to 1 decimal place and 6 is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using x as the independent variable: C(x) = cx + d, where c is rounded to the nearest integer and d is.rounded to the nearest 10,000. To Do Notifications Dashboard Calendar
- Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output (No. of Workers) (No. of Units) 0 0 1 10 2 35 3 50 4 56 5 59 6 60 7 60 8 58 Determine the following schedules: (a) Marginal productivity of labor (b) Average productivity of labor (c) (d) Elasticity of production with respect to labor Draw and Show relationship MPL & APLThe ciange in revenueleamed by the business as it employees an additional nit of an input holding otier resource use constant is: (a) Fhe Marginal physical product fb) Fhe Total physical product.- (c) The Average physicał product OThe Marginal value productpols Add-ons Help Last edit was seconds ago xt I UA Calibri 11 + 三 2 | 3 II | I 4 II| II6 4. Thanks to years of consistent contracts and an outstanding administration, Crestwood High School has formed one of the best teaching staffs in the State of Michigan. This staff has learned how to work seamlessly with each other and students. They are now able to effectively teach more students in every class than before. *Name the determinant: Automakers have introduced new heating lamps to their paint shops that allow them to dry layers of paint faster than ever before. These newly invented heaters use less energy and have greatly increased output. 5. *Name the determinant: 27°C Rain II 近
- The level of output at which average total costs equal áverage revenue or market price is: (a) The shut down output LTH€ breakeveni output O The marginal physical product (d) The marginal value productThe change i revenueleamed by the business as it employees an additional mit of an input holding other resource use constant is: (a) Fhe Marginal'pbysical product fb) Fhe Totak physical product. - (c) The Average physicał product The Marginal value product :A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is Capital. Where Q is output, L is labor and K is Capital. (a) What sort of returns to scale characterize this production function? (b) Derive the marginal product of labor and capital. (c) What do we mean when we say the production function is linearly homogenous?