For the following output data, assume that the amounts of all nonlabour resources are fixed. Number of Workers Output 0 1 40 2 75 3 105 4 130 5 150 6 160 Diminishing marginal returns is first evident when the Sth 4th 3rd 2nd 6th worker is hired.
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- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?Workers per day Variable cost in S per day Pizza Fixed cost in S per day 400 6.00 400- 400. 400 400 Eper day 01 400 0- 200 (350 1750 450 600 31 ... .... 13 DIS 145 170 260- 850 400 800 28. Referring to the table above, when thesecond worker.is hired, the marginal cost per pizza is equal to: a. )$3 5. $75 'mC= poutput. 在三 EE=TC- TVC TS-TFC tTV - yo + 36 C. %3D d) $150Total Fixed Total Variable Labor Output cost (workers) (units per day) (dollars) 20 20 20 20 20 20 Cost (dollars) 13 16 18 25 50 75 100 125 4.
- Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?
- Total Fixed Total Variable Labor Output (workers) (units per day) (dollars) Cost Cost (dollars) 20 20 20 20 20 20 25 50 75 100 125 2 19 13 4. 16 1SWhat is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30Can we outsource an IT Function? Give at least (3) risks or disadvantages of outsourcing the IT function.
- 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?Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?
