Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

The average product of the 4th worker

16/12/2020 Client: saad24vbs Deadline: 10 Days

ECON 102_Quiz 5_ Study Guide with Answers


5


A firm’s product price multiplied by the total number of items sold is called


total revenue


A firm’s total revenue is equal to price multiplied by quantity.


Economic profit


is never larger than accounting profit


Economic profit is total revenue less total opportunity costs. Total opportunity costs include both explicit and implicit costs.


The extra output that the last worker hired adds to total production is called the


marginal product of labor


The marginal product of labor is the additional output produced by the last worker hired.


The short run is a situation such that


at least one input to production is fixed in quantity.


In the short run at least one input is fixed. In the long run all inputs may vary.


Labor


 Output


 1


 0


 2


 8


 3


 14


 4


 18


 5


 20


Consider the table above. What is the average product when 4 workers are hired?


4.5


The average product of labor is calculated as Q/L.




Consider the graph above. The slope of the production function reflects


increasing marginal cost


The slope of the production function is marginal product. When marginal product falls, marginal cost rises.




Consider the figure above. Which graph represents a production function?


A


Graph (a) shows a production function. If output is on the vertical axis and labor is on the horizontal axis, then output expands as additional labor is hired – but at a diminishing rate. This is according to the law of diminishing marginal productivity.


At low levels of output, average total cost is high due to high levels of


average fixed cost


Recall that ATC = AFC + AVC. ATC is highest at low levels of output since AFC is highest at low levels of output. AFC continually decreases as output expands.


 Labor


Output


 Variable Cost


 Fixed Cost


 Total Cost


 0


 0






 12


 1


 10


 5






 2


 18






 22


 3


 24


 15






 4


 28


 20




 32


Consider the table above. What is the average fixed cost at 24 units of output?


.50$


AFC = FC/Q = 12/24


Economies of scale can result from


increased specialization


Firms can capitalize on economies of scale by allowing workers to specialize in specific tasks. This tends to increase productivity and reduce costs.


Bob used to earn $40,000 per year in his job as a nurse, but he quit in order to open his own pizza shop. Bob used $10,000 from his own savings account and borrowed $200,000 more from his bank. The interest rate is 4%. In Bob’s first year of business he earned $80,000 in revenue and the cost of ingredients (flour, tomato sauce, cheese, etc.) was $67,000. For his first year of business, Bob’s accounting profit was _______, and his economic profit was ______.


$5,000; - $35,400


Remember the difference between accounting profit and economic profit is in the way costs are calculated. Accounting profit takes into account explicit costs only, whereas economic profit considers both explicit and implicit costs.


A firm’s product price multiplied by the total number of items sold is called


total revenue


A firm’s total revenue is equal to price multiplied by quantity.




Labor


 Output


 0


 0


 1


 8


 2


 14


 3


 18


 4


 20


Consider the table above. What is the Marginal product of the 3rd worker?


4


The marginal product of labor is calculated as the change in Q divided by the change in L.


 Labor


 Output


 Variable Cost


 Fixed Cost


 Total Cost


 0


 0






 12


 1


 10


 5






 2


 18






 22


 3


 24


 15






 4


 28


 20




 32


Consider the table above. What is the marginal product of the second worker?


8


Marginal product is calculated as the change in output divided by the change in labor.


The production function shows the relationship between


the inputs to production and the quantity of output produced.


The production function shows the relationship between the quantity of inputs used in production (for example labor) and the quantity of output produced.


If a firm wants to take advantage of economies of scale, they might


convert the production process into an “assembly line”.


Specialization and an assembly line production process will enable a firm to capitalize on economies of scale.




Which of the graphs above show marginal productivity first rising and then declining?


(b) & (d)


In the short run, as more of the variable input is hired, marginal product may at first increase, but it will eventually decline.




Which of the costs below do not vary when a firm changes its level of production?


fixed cost


Fixed costs are costs that do not vary as output varies.




Consider the figure above. Which curve is AFC?


D


AFC is downward sloping.


Applied Sciences

Architecture and Design

Biology

Business & Finance

Chemistry

Computer Science

Geography

Geology

Education

Engineering

English

Environmental science

Spanish

Government

History

Human Resource Management

Information Systems

Law

Literature

Mathematics

Nursing

Physics

Political Science

Psychology

Reading

Science

Social Science

Home

Blog

Archive

Contact

google+twitterfacebook

Copyright © 2019 HomeworkMarket.com

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
University Coursework Help
Helping Hand
Calculation Guru
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$50 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$47 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$45 Chat With Writer
Calculation Guru

ONLINE

Calculation Guru

I see that your standard of work is to get content for articles. Well, you are in the right place because I am a professional content writer holding a PhD. in English, as well as having immense experience in writing articles for a vast variety of niches and category such as newest trends, health issues, entertainment, technology, etc and I will make sure your article has all the key pointers and relevant information, Pros, Cons and basically all the information that a perfect article needs with good research. Your article is guaranteed to be appealing, attractive, engaging, original and passed through Copyscape for the audience so once they start reading they keep asking for more and stay interested.

$40 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

What was offred's job before gilead - Distribution of sample variance - Jb hi fi refunds - Adele and bruno mars duet - Scotty doesn't know guitar tab - Performance compensation and rewards presentation - Alfrend swantex sales ltd - Analyze the successes and failures of the Arab Spring uprisings of 2010-2011. - Summary of don t blame the eater - Epq literature review example - Tesla case analysis - Duncan guthrie institute of medical genetics - April showers edith wharton analysis - My mistress eyes are nothing like the sun poem - Six types of nutrients - Eva harr castle location - Escience labs chemistry answers - Success factors performance review - Cell poem that rhymes - Health indicators graphical representation - What is the role of anhydrous sodium sulfate in extraction - Gary chapman love language test - Eric foner give me liberty volume 1 5th edition pdf - What color does potassium iodide burn - The danger of a single story questions and answers - Tax paper - Alfa trading pty ltd kogarah - Thesis statement ashford university - HELP - UNIT 2.1 AND 2.2 DUE IN 36 HOURS - Hacking - The pomegranate by kawabata yasunari analysis - Window on humanity 7th edition pdf - Student with coding homework for short nyt crossword - Activity Project Part 1 - Plan - Informative speech about stress outline - Annotated prologue romeo and juliet - Potential divider ib physics - Effects of aging on cognitive development - Http www strategicbusinessinsights com vals presurvey shtml - Why are information systems vulnerable to destruction error and abuse - Private Security Industry - An increase in sensible heat causes - Derivative of arctan x - Lab building proteins from rna lab report - Somewhere in outer space god has prepared a place - The longest memory context - HRM 533 - What is the paced decision making process - Inspector goole final speech analysis - In most spanish speaking countries married women legally - Management Hmwk - Infor xtreme support portal - Spying on miss muller - Backwards and forwards david ball sparknotes - 737 800 fuel burn per hour - Coefficient of performance heat pump calculator - Antivirus - Hastelloy c276 welding procedure - Cycle king rayners lane - Www bondsonline com todays market corporate bond spreads php - Gospel of barnabas muhammad - Personal Nursing Philosophy Paper - Terry crews plays drums with muscles - Managerial Economics Assignment - Assignment help - Analyzing Graph And Summarizing - Depth of field biology - Wide eye alcohol - Conscious capitalism - Bunsen burner parts labeled - Blackboard sanjac edu - 2page Of Essay - A senior accounting major at midsouth state university - Sailing to byzantium context - Easa part 145 regulations - Chris quigley online curriculum planner - Abiotic factors in the rainforest - The black dancing body pdf - The tiny seed sequencing activity - Why we work andrew curry - HR - Double top pub chilwell - Johnny o keefe mockingbird - Paul moss driving instructor - Comparison and contrast essay between two countries - Short Essay #1: EJ Autobiography - Org Behavior - Reflection, Discussion and Assignment - Negotiation preparation worksheet - Children need to play not compete - What is the variable expense ratio - Discussion - Nsw health referee report - What is audit file - D10 particle size means - The book thief images - Lds quotes on education - HURM Writer - Netflix lifetime value - Is troy a real place