In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output stru faces is depicted in the table below. Assume the product price is $4. Calculate the marginal revenue product and the marginal resource cost, and then complete the table.

Construct the cost schedule using the data. below for a firm operating in the short run.   Graph the average variable cost, average total cost, and marginal cost curves.

Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 ---       --- --- --- 1           $40.00   2     $72         3 $85.00             4   $30.00   $360.00       What is the total cost when producing zero units? total cost:      What is the marginal cost for the first unit?   marginal cost:      What is the average total cost when producing three units?   average total cost:      What is the average variable cost when producing four units?   average variable cost:

What is average fixed cost? the price of a fixed factor of production the total cost divided by the number of units produced over a given period the fixed cost divided by the number of units of a fixed input employed over a given period the total fixed cost divided by the number of units produced over a given period

Assume that the average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen. A)marginal product is rising b)marginal product is falling c)average product is rising d)average product is falling

Assume the following total cost function: Total Cost $75 1 105 128 What is the average fixed cost of producing 2 units? What is the marginal cost of producing 2 units?

Provide a diagram that illustrates, for the short-run analysis, the average cost function, the marginal cost function, the average variable cost function and the variable cost function. Provide clear explanations for why these functions have common points of intersection.

What is the term for the change in total cost resulting from a one-unit increase in production? average fixed cost opportunity cost average variable cost marginal cost

*Average Variable Cost The table shows the cost structure of a firm producing computer mainframes. Calculate the missing values A through H and enter these into the boxes provided. A: 20000 B: 20000 C: 277.78 D: E: F: G: Н:

The following is a production function. 50,000- 45,000- 40,000- Draw a graph of marginal product as a function of labor. 35,000- 30,000- 25,000- Total output (Q) 20,000- 15,000- 10,000 ng 5,000- 0+ 0 200 100 300 Units of labor (L) 400 L Q 1.) Using the line drawing tool, graph the marginal product curve from 0 to 100 units of labor. Label this line 'MP Segment 1" 2.) Using the line drawing tool, graph the marginal product curve from 100 to 300 units of labor. Label this line 'MPS Note: Carefully follow the instructions above and only draw the required objects. Does this graph exhibit diminishing returns? Explain your answer. ○ A. Yes, it does exhibit diminishing returns, because the marginal product of labor decreases. B. No, it does not exhibit diminishing returns, because the marginal product of labor is zero. ○ C. No, it does not exhibit diminishing returns, because the marginal product of labor is increasing. ○ D. Yes, it does exhibit diminishing returns, because the marginal…