Question 1 The following table shows the relationship between the number of workers and output on...
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Question 1 The following table shows the relationship between the number of workers and output on a given hour. Each worker costs $45 per hour, and the firm pays $200 for equipment. Table 1 Workers (L) 0 5 10 15 20 Output (q) 0 400 700 900 1000 Marginal Product of Labor www. Cost of workers Cost of equipment Total cost of inputs 1 pts a. Using the information in Table 1 above, fill in the column for Marginal Product of Labor. Question 2 b. Using the information in Table 1, fill in the column for Cost of Workers. Question 3 c. Using the information in Table 1, fill in the column for Cost of Equipment. 1 pts 1 pts D Question 4 d. Using the information in Table 1, fill in the column for Total Cost of Inputs. 1 pts The following table shows the total cost schedule. Table 2 q 0 10 20 30 40 50 *60 70 TC 50 70 120 180 280 390 540 700 FC VC AFC a. Using the information in Table 2, fill in the column for FC. AVC ATC E MC K D D Question 6 b. Using the information in Table 2, fill in the column for VC. Question 7 c. Using the information in Table 2, fill in the column for AFC. Round to two decimal places. 0.5 pts 1 pts d. Using the information in Table 2, fill in the column for AVC. Round to two decimal places. Question 9 e. Using the information in Table 2, fill in the column for ATC. Round to two decimal places. 1 pts 1 pts Question 10 f. Using the information in Table 2, fill in the column for MC. Round to two decimal places. Question 11 1 pts 1 pts g. Based on your answers in parts a through f, find the level of output where the efficient scale is realized. Question 1 The following table shows the relationship between the number of workers and output on a given hour. Each worker costs $45 per hour, and the firm pays $200 for equipment. Table 1 Workers (L) 0 5 10 15 20 Output (q) 0 400 700 900 1000 Marginal Product of Labor www. Cost of workers Cost of equipment Total cost of inputs 1 pts a. Using the information in Table 1 above, fill in the column for Marginal Product of Labor. Question 2 b. Using the information in Table 1, fill in the column for Cost of Workers. Question 3 c. Using the information in Table 1, fill in the column for Cost of Equipment. 1 pts 1 pts D Question 4 d. Using the information in Table 1, fill in the column for Total Cost of Inputs. 1 pts The following table shows the total cost schedule. Table 2 q 0 10 20 30 40 50 *60 70 TC 50 70 120 180 280 390 540 700 FC VC AFC a. Using the information in Table 2, fill in the column for FC. AVC ATC E MC K D D Question 6 b. Using the information in Table 2, fill in the column for VC. Question 7 c. Using the information in Table 2, fill in the column for AFC. Round to two decimal places. 0.5 pts 1 pts d. Using the information in Table 2, fill in the column for AVC. Round to two decimal places. Question 9 e. Using the information in Table 2, fill in the column for ATC. Round to two decimal places. 1 pts 1 pts Question 10 f. Using the information in Table 2, fill in the column for MC. Round to two decimal places. Question 11 1 pts 1 pts g. Based on your answers in parts a through f, find the level of output where the efficient scale is realized.
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Okay lets work through these questions stepbystep Question 1 To calculate the Marginal Product of Labor MPL we need to find the change in output q div... View the full answer
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