QUESTION 18 An input that cannot vary in the short run is called, a. Fixed input b. variable input c. labor input d. Can not answer based on given information
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- A 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?Are fixed costs also sunk costs? Explain.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal product
- Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5 22) Diminishing returns to labor begins at labor unit of a) 2 b)3 c) 4 d) 5 23) The average product of the 3 units of labor is a) 9 b) 10 c) 9,75 d) 8,8 24) The total product of 4 unit of labor is a) 18 b) 30 c) 39 d) 44Question 9 When Marginal Product of Labor intersects the Average product of labor, minimum average product of labor obtains at the intersection. True FalseLabor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?
- Hi- please answer both A and B A construction company has two types of employees: skilled and unskilled. A skilled employee can build 1 yard of a brick wall in one hour. An unskilled employee needs twice as much time to build the same wall. The hourly wage of a skilled employee is $15. The hourly wage of an unskilled employee is $8. a) Write down a production function with labor. The inputs are the number of hours of skilled workers, LS, the number of hours worked by unskilled employees, LU, and the output is the number of yards of brick wall, Q. b) What is the cost-minimizing way to build 100 yards of a wall?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…40) If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is A) 60 units. B) 54 units. C) 48 units. D) 5 units.
- The marginal product of the variable input O is equal to the total product divided by the total amount of the variable input employed. O Change in Y/Change in X O is always positive. O typically falls then rises.Labor (workers per day) Total product (bicycles per day) 0 0 1 4 2 10 3 18 4 25 5 30 The above table shows the relationship between labor input and total product of producing bicycles. The marginal product of the 5th worker is equal to 5 bicycles. 6.25 bicycles. 30 bicycles. 6 bicycles.Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) (Dollars) 30 1 100 30 15 180 30 30 3 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total output curve is O increasing at a constant rate. O increasing at a decreasing rate. O decreasing at a decreasing rate. O increasing at an increasing rate.