You run a firm using two rented machines, the cost of rent is 100 each. Wage per worker (L) is 200. The output table is as follows: (workers) 0 1 2 3 4 5 6 Q 0 4 Answer: 10 14 17 19 20 If the price is $67, how much is your profit?
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- Calculate the size of the workforce needed for the companyto meet average weekly demand.Consider a small business that makes pastries. The business has rented a building to be used as its factory and shop floor. The rent of the building is $2,000 per week. The rest of the firm's weekly costs are as follows: ●Income lost from alternative employment - $2,000 ●Explicit variable costs - $1,500 ●Implicit variable costs - $ 500 i. If the firm sells 1,000 pastries per week, at $6 per pastry, calculate the firm's weekly ●Accounting profit, and ●Economic profit ii. Based on your answer to part b. i. above, should the firm continue to operate? Why or why not? iii. Assume that the firm continues at the current output level of 1,000 pastries per week while the prices start to fall. The firm should consider 'shut-down' if the price falls below what dollar value? Explain using relevant calculations and conceptspart A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers at $8.50 per day. Number of pickers 1234567890 (e) Briefly explain your answer. (b) (c) Value of pumpkin output $30 48 62 72 80 84 87 A) The profit-maximizing pumpkin farmer should hire only (a) One pumpkin picker because his contribution to output is greatest. (b) Three pumpkin pickers because the fourth costs more than he earns. (c) Four pumpkin pickers because the fifth costs more than he earns. (d) Nine pumpkin pickers because the value of the marginal product of the tenth picker is zero. Ten pumpkin pickers because costs will equal revenue. 89 90 91 The Great Pumpkin, in an attempt to make the pumpkin pickers better off, legislates that pumpkin pickers must be paid a wage no less than $14.50 per day. If our profit-maximizing farmer complies, which of the following will be correct? (a) The quantity of pumpkin output will fall. The value of the average product of labor will…
- 2/4 class 2 revenue Microsoft PowerPoint View Text Direction Shape Fitl Shape Outline u6ite -Convert to SmartArt Arrange Quick Styles Drawing Shape Effects Paragraph The following table presents the price, cost and production of Samsung mobile company in 2020. In the short run, the price of the commodity is Rs.4.00 that is fixed by management. Answer the following questions by using the data given from the management. •By using these data table, calculate the company's other costs such as Average Fixed Cost (AFC), Total Cost (TC), Marginal Cost (MC), Average Cost (AC), Variable Cost (VC), Average Variable Cost (AVC), Total Revenue (TR), Marginal Revenue (MR), Average Revenue (AR) and profit (n). •Find out the breakeven point and indicate the equilibrium quantity and price for the company. •Draw diagrams for AFC, AVC, AC, MC, TC, TR, MR and AR of the Samsung mobile company. Quantity Total Cost Variable Cost 21 Rs.28 Rs.110 Rs.64 6. Rs.144 8. Rs.104 10 Rs.192 13. 2. Rs 264 Rs.162 1. 22…Table 1-1 red 2.00 Hours Total Revenue tion Орen (dollars) $35 2. 60 80 4. 92 100 105 Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many should extendI bakery's hours of operations Select one: O a. 3 hours O b. 2 hours Oc. 5 hours O d. 6 hours O e. 4 hoursSuppose you run a flower-delivery business andemploy college students to drive the vans and makedeliveries. You are considering hiring an additionalworker. What information would you need toknow to decide whether doing so would increaseor decrease your profit?
- D 3 om for the four Juanita's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Juanita's very tiny kitchen has barely enough ovens in which her workers bake the pizzas. Juanita signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Juanita's kitchen cannot fit more than four ovens, Juanita cannot change the number of ovens she uses in her production of pizzas in the short run. However, Juanita's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Juanita lets them know how many workers she needs for each day of the week. In the short run, these workers are variable inputs, and the ovens are fixed inputs. Esc Juanita's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor (Pizzas) (Pizzas) Labor (Number…What is the definition of Marginal Revenue Product? Give an exampleThe amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을
- Question 3 (a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above.A VWQ6 Q9 B Unanswered The table below shows the total product from different levels of labor. Suppose the hourly wage rate for labor is $30 per hour. What is the Total Variable Cost of producing 50 units? $30 $1,500 C $60 D $2 Units of Labor (hours) 0 1 2 3 4 Total Product X 0 20 50 80 100 pure water, perfect teworkers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
