Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 7, Problem 9SQ
To determine
The marginal product of the sixth unit.
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Students have asked these similar questions
7. A 200-pound steer can be sustained on a diet calling for various
of grass and grain. These combinations are shown in the table.
proportions
Pounds of Grass
50
56
60
68
80
88
Pounds of Grain
80
70
65
60
54
52
a. Plot the isoquant corresponding to the inputs necessary to sustain a
200-pound steer. Comment on its shape.
b. The rancher's cost of grass is $.10 per pound; the cost of grain is $.07
per pound. He prefers a feed mix of 68 pounds of grass and 60
pounds of grain. Is this a least-cost mix? If not, what is? Explain.
c. The rancher believes there are constant returns to scale in fattening
cattle. At current feed prices, what input quantities should he choose
if he wants to raise the steer's weight to 250 pounds?
Webby Inc. is a web development company. Webby's monthly production function for developing websites is given in the table below.
a. Fill in the marginal product column.
Instructions: Enter your answers as a whole number.
Progranners
Hebsites
Marginal Product
14
20
24
26
b. Marginal product diminishes after the (Click to select) programmer.
What is long and short run
Chapter 7 Solutions
Micro Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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- What stage of production is efficient region of production in short run?arrow_forwardwhat is the marginal product?arrow_forward3. After graduation, Mitul went back to his village and started a commercial fishery. The relationship between hours spent fishing and the quantity of fishing caught: Hours Quantity of Fish (in Kgs) 0 hours O Kg 10 1 2 18 24 4 28 a. What is the marginal product of each hour spent fishing? b. Mitul has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 per hour. Graph the fisherman's total-cost curve. [5 marks]arrow_forward
- calculate the profit at the production level.arrow_forwardWhat level of output does a firm produce?arrow_forwardThe fisherman caught 40 kilogram of fish by fishing for 3 hours while he caught 60 kilogram for fishing for 2 hours. What is the marginal productivity of increasing the fishing hours from 2 to 3 hours? A. 20 B. 30 C. 40 D. 60 E. no correct answerarrow_forward
- Tem runs a rose farm The table shows part of Terris total product schedule. OND Construct Tent's marginal product and average product schedules Complete the table >>>Answer with whole numbers Labour (workers) 1 2 3 4 Total product (roses per week) 750 2.250 0,750 7,500 Marginal product (roses per person) Average product (roses per person) DOarrow_forwardb. Manton Bakery is a company that bakes bread. Here is the relationship between the number of workers at the bakery and Manton's output in a given day: Workers 0 1 2 3 4 5 6 7 Output loaves 0 20 50 90 120 140 150 155 Marginal Total Average Product Cost Total Cost Marginal Cost (i) Fill in the column of marginal product. What pattern do you see? How might you explain it? (ii) A skilled baker costs £100 a day, and the firm has fixed costs of £200. Use this information to fill in the column for total cost. Fill in the columns for average total cost and marginal cost. What patterns do you see? (iii) Compare the column for average total cost and the column for marginal cost. Explain the relationship.arrow_forwardThe accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $50 per unit per day and the fixed cost of the capital is $2000 per day. ain N E Click the icon to view the table. ssign o Hor a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. ake a Units of Labour Total Output (per day) (per day) TFC TVC TC MC AFC AVC ATC 200 $4 10 500 $ 15 1100 20 1750 1) 25 2050 6) 30 2190 1/1) 1/1) 35 2270 1/1) 只只arrow_forward
- When the marginal product of labor equals the average product of labor, then a.the mar d. c. the average product is still increasing. d. the average product is maximized.arrow_forwardA commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours (Quantity of fish in pounds) 0 hours 0 lb. 1 10 2 18 3 24 4 28 5 30 a. What is the marginal product of each hour spent fishing? b. Use these data to graph the fisherman’s production function. Explain its shape. c. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 per hour. Graph the fisherman’s total-cost curve. Explain its shape.arrow_forward6. Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus's output in a given day Average Marginal Total Total Marginal Workers Product Cost Cost Cost Output 0 20 2 50 90 4 120 5 140 6 150 7 155 Fill in the column of marginal products. What pattern do you see? How might you a. explain it? b. A worker costs $100 per day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What pattern do c. you see? d. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) Wh 6/8 do you see? Compare the column for marginal product and the column for marginal cost. Explain e. the relationship. f. Compare the column for average total cost and the column for marginal cost. Explain the relationshiparrow_forward
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