Ch07. ppt (Compatibility Mode] - Microsoft PowerPointSIGNANIMATIONSSLIDE SHOWTRANSITIONSREVIEWVIEW-|24 - AA E-E-E . lh Text DirectionAlign Tert-Shape Fil-7 Shape Outline-Convert to SmAn- } Stvles - O Shape EffectsLayoutResetBIUS A- AaAArrange QuickSection-esFontParagraphDrawingOptimal Level of VariableInput Usage• Define the following• Total Revenue Product (TRP) = Q•P• Marginal Revenue Product (MRP) =ATRPA(Q P) P•AQ= P• MPAXAXAX• Total Labor Cost (TLC) =w•XATLC= W• Marginal Labor Cost (MLC) =AX2003 Prentice Hall Business PublishingManagerial Economics, 4/eKeal/YoungNOTESCOMMENTSMehwish Bhatti's screen Ch07.ppt [Compatibility Mode] - Microsoft PowerPointSIGNANIMATIONSSLIDE SHOWTRANSITIONSREVIEWVIEWLayout-A D00 -Shape Fil--24 - AA =-E.E t. li Text DirectionResetAlign Test-7 Shape Outline-BIUS - Aa A E=Convert to SmAn 4 - Sves - OArrange QuickStylesShape Effects-Section-esFontParagraphDrawingOptimal Level of VariableInput UsageTotal Marginal Total MarginalLabor Total Average Marginal Revenue Revenue Labor LaborUnit Product Product Product Product ProductCostCost TRP- MRP-(X) (Q or TP) (AP)(MP) (TRP) (MRP) (TLC) (MLC) TLC MLC10,000 10,000 10,000 20,000 20,000 10,000 10,000 10,000 10,00025,000 12,500 15,000 50,000 30,000 20,000 10,000 30,000 20,00045,000 15,000 20,000 90,000 40,000 30,000 10,000 60,000 30,00023460,000 15,000 15,000 120,000 30,000 40,000 10,000 80,000 20,0005 70,000 14,000 10,000 140,000 20,000 50,000 10,000 90,000 10,0006 75,000 12,500 5,000 150,000 10,000 60,000 10,000 90,000 078,000 11,143 3,000 156,000 6,000 70,000 10,000 86,000 -4,0008 80,000 10,000 2,000 160,000 4,000 80,000 10,000 80,000 -6,0002003 Prentice Hall Business PublishingManagerial Economics, 4/eKeatYoungI COMMENTSNOTES

NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Optimal Level of Variable Input Usage - Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = %3D ATRP A(Q P) P AQ = P• MP %3D AX AX AX • Total Labor Cost (TLC) = w•X %3D

Optimal Level of Variable Input Usage - Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = %3D ATRP A(Q P) P AQ = P• MP %3D AX AX AX • Total Labor Cost (TLC) = w•X %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Ch07. ppt (Compatibility Mode] - Microsoft PowerPoint
SIGN
ANIMATIONS
SLIDE SHOW
TRANSITIONS
REVIEW
VIEW
-|24 - AA E-E-E . lh Text Direction
Align Tert-
Shape Fil-
7 Shape Outline-
Convert to SmAn- } Stvles - O Shape Effects
Layout
Reset
BIUS A- Aa
A
Arrange Quick
Section-
es
Font
Paragraph
Drawing
Optimal Level of Variable
Input Usage
• Define the following
• Total Revenue Product (TRP) = Q•P
• Marginal Revenue Product (MRP) =
ATRP
A(Q P) P•AQ
= P• MP
AX
AX
AX
• Total Labor Cost (TLC) =w•X
ATLC
= W
• Marginal Labor Cost (MLC) =
AX
2003 Prentice Hall Business Publishing
Managerial Economics, 4/e
Keal/Young
NOTES
COMMENTS
Mehwish Bhatti's screen

Ch07.ppt [Compatibility Mode] - Microsoft PowerPoint
SIGN
ANIMATIONS
SLIDE SHOW
TRANSITIONS
REVIEW
VIEW
Layout
-
A D00 -
Shape Fil-
-24 - AA =-E.E t. li Text Direction
Reset
Align Test-
7 Shape Outline-
BIUS - Aa A E=
Convert to SmAn 4 - Sves - O
Arrange Quick
Styles
Shape Effects-
Section-
es
Font
Paragraph
Drawing
Optimal Level of Variable
Input Usage
Total Marginal Total Marginal
Labor Total Average Marginal Revenue Revenue Labor Labor
Unit Product Product Product Product Product
Cost
Cost TRP- MRP-
(X) (Q or TP) (AP)
(MP) (TRP) (MRP) (TLC) (MLC) TLC MLC
10,000 10,000 10,000 20,000 20,000 10,000 10,000 10,000 10,000
25,000 12,500 15,000 50,000 30,000 20,000 10,000 30,000 20,000
45,000 15,000 20,000 90,000 40,000 30,000 10,000 60,000 30,000
2
3
4
60,000 15,000 15,000 120,000 30,000 40,000 10,000 80,000 20,000
5 70,000 14,000 10,000 140,000 20,000 50,000 10,000 90,000 10,000
6 75,000 12,500 5,000 150,000 10,000 60,000 10,000 90,000 0
78,000 11,143 3,000 156,000 6,000 70,000 10,000 86,000 -4,000
8 80,000 10,000 2,000 160,000 4,000 80,000 10,000 80,000 -6,000
2003 Prentice Hall Business Publishing
Managerial Economics, 4/e
KeatYoung
I COMMENTS
NOTES

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