Rodriguez operates a variety store that provides an annual revenue of $500000. Each year, he pays $25000 in rent for the store! $10,000 in business taxes, and $400000 on products to sell. He estimates he could put the $100,000 he has invested in the store into his friends restaurant business instead and earn an annual 20% profit on his funds. He also estimates that he and his family could earn a total annual wage of $90000 if they worked somewhere other than the store. Include a minus Sign H in front or any negative values entered as a solution below a. The total explicit costs of running the store are $ The total implicit costs of running the store are $ b. The accounting protit of the variety store is $ The economic profit of the variety store is $ c. Rodriguez (C|lCl( to select)v consider closing down this business because he is making a v . (Click to select) Daily production for Pot-Works, a flowerpot maker, varies with the number of workers employed, as shown in the table below. a. Fill in the table. Include a minus sign (-) for any negative values entered below. (1) (2) (3 ) (4) Labour Total Product Marginal Product Average Product (workers per day) (pots per day) (pots per day) (pots per day) 1 90 2 250 W 465 4 500 UT 475 b. In which employment range is marginal product rising? falling and positive? negative? Marginal product is rising when (Click to select) and total product in this range is (Click to select) Marginal product is falling and positive when (Click to select) v , and total product in this range is (Click to select) Marginal product is negative when (Click to select) v , and total product in this range is (Click to select) c. Draw the total product curve on one set of axes and the average product and marginal product curves on the other set of axes below. In the left graph, use the tools provided to plot points for the total product curve at each employment level up to 5 workers, including the point (0, 0), for a total of 6 points. In the right graph plot 5 points each for the average and marginal product curves for a total of 10 points (exclude the origin point for both curves). Remember that marginal values such as marginal product are plotted halfway between the two relevant employment levels on the horizontal axis.Flowerpots Produced per Day 500 450 400 350 300 250 200 150 100 50 Total Product for PotWorks 1 2 3 4 Number of Workers Employed per Day Tools 0 Total Product Average and Marginal Product for PotWorks 240 Tools ('1 Marginal Prod Average PI'Odl Flowerpots Produced per Day _1 _1 _1 [*0 U3 0' \\D M U1 0:: ' D C) C) C) O O O 0 do D c: 1 2 3 4 5 Number of Workers Employed per Day The daily short-run costs of Pete's hamburger joint are shown in the table below. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (1) (2) (3) (4) (5) (8) (9) Labour Total Product Marginal Product Fixed Costs Variable (6) (7) (10) Average (workers per (burgers per Total Cost Average Fixed (burgers per Costs Marginal Cost Cost Variable Cost Average Cost day) day) day) ($ ) ($ ) ($) ($) ($ ) ($ ) ($ ) 0 100 1 90 220 2 404 440 W 570 660 4 667 880 5 696 1, 100 b. Draw a graph showing the marginal cost, average fixed cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average fixed cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 20 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis.Short Run Costs Pete's Burger Joint 10 Tools Marginal Cost Average Varia n Average Cost Average Fixed $ per Burger 4 3 2 AFC O O 100 200 300 400 500 600 700 800 Quantity of Burgers per Dayc. Describe the shape of the average fixed cost curve. How does its shape differ from that of the average variable cost and average cost curves? The average fixed cost curve is a (Click to select) that becomes flatter at higher quantity levels. This differs from the shape of the (Click to select) and (Click to select) |curves, both of which are (Click to select) v d. At what quantity, referring to the quantities in column (2) in the table above, do average variable cost and marginal cost have the same value? At what quantity, referring to the quantities in column (2) in the table above, do average cost and marginal cost have the same value? Marginal cost and average variable cost pass through the same set of values at a quantity of (choose from the quantities listed in the total product column above). Marginal cost and average cost pass through the same set of values at a quantity of (choose from the quantities listed in the total product column above)