S1 1. WHAT DO YOU OBSERVE IN TABLE A?A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITYUnits of YEmployedOutput Quantity (Q)83760117127742641101196375290975314782894243973793172964692(7)(17)(52)54521482027242117I2345678Units of X EmployedThis table shows a short-run production function. Here we see what happens tooutput when increasing amounts of input X are added to a fixed amount of inputY (Y=2).BRAKRISH12148428378645852411496907367605240DO&RGRON107101827567584822443361958573

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A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity (Q) 8 37 60 96 107 127 128 7 42 64 90 101 119 120 6 37 52 97 104 5 31 47 89 4 24 39 79 3 17 29 69 2 (7) (17) I 8 20 21 2 3 4 5 7 8 Units of X Employed This table shows a short-run production function. Here we see what happens to output when increasing amounts of input X are added to a fixed amount of input Y (Y=2). 83 78 64 58 52 41 29 14 248242 73 67 60 52 40 214887 75 67 58 117 110 90 82 73 64 (52 24 95 85 73 (52 17

A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity (Q) 8 37 60 96 107 127 128 7 42 64 90 101 119 120 6 37 52 97 104 5 31 47 89 4 24 39 79 3 17 29 69 2 (7) (17) I 8 20 21 2 3 4 5 7 8 Units of X Employed This table shows a short-run production function. Here we see what happens to output when increasing amounts of input X are added to a fixed amount of input Y (Y=2). 83 78 64 58 52 41 29 14 248242 73 67 60 52 40 214887 75 67 58 117 110 90 82 73 64 (52 24 95 85 73 (52 17

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 24RQ: What is a production technology?

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Complete 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 980
II. Find The Minimum Cost and graph : 1. C = x2 - 16x + 74 2. C = x2 - 40x + 405 Thank you.
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories 1 2 3 Q = 100 Q 200 440 280 380 480 620 800 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 240 320 240 Q = 500 480 380 280 Q = 600 800 620 440 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for…
Graphically Represent and analyze the interrelationship between the short run costs Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264.
Total Fixed Total Variable Output (workers) (units per day) (dollars) Labor cost cost dollars) 20 25 50 20 20 13 16 31 100 4. 5.
ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
5. In an FEA simulation, you did a mesh independence study. The results were compared with an experimental test and errors were plotted in Figure 7. a) Is the mesh with 8000 elements fine enough, and why? b) Is there another error source in the simulation and what type of errors could it be? Page 3 of 6 ENGG20071 Industrial Design & Product Case Studies Errors 60% 50% 40% 30% 20% 10% 0% 500 1000 2000 4000 8000 Figure 7 Errors plot against number of elements
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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?
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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?