e for making tacos. you can click the Reset to Initial Values button to return the elements in the calculator to their original positi ges to the calculator, it's just here to help you answer the following questions. sange the values in the boxes with the white background by clicking in the box and typing. The graph and any gly. 1 30 40 50 60 70 80 90 100 OF LABOR (Thousands of workers) Graph Input Tool LABOR MARKET CALCULATOR Wage rate Labor demanded (Thousands of workers) Price of a taco (Dollars) is $3, the equilibrium wage in the fast-food labor market is S 14 30 Labor supplied (Thousands of workers) per hour. ? 70 d for tacos increases enough so that the price of a taco rises to $6. Ordinarily, this would result in a new equilibrium age in the labor market for young people who work in fast-food restaurants. mim they can only afford to pay the initial equilibrium wage. In this labor market, if the price of tacos increases, but resta librium wage that prevailed before the increase in demand for tacos, there will be a labor of arkers.

4. The daily total product schedule for ACME Ltd. Is given below: Labor (workers) Total Product (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.

How would you calculate average product? How would you calculate marginal product?

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