Reference no: EM132388401
Assignment: ECON 1030 Micro And Macroeconomics II, University of Denver
1. The production function of Taco's Barbershop is shown in the first two columns in the following table (read from the left):
|
# of barbers
|
Total haircuts per day (TP)
|
MP
|
AP
|
|
0
|
0
|
|
|
|
1
|
10
|
|
|
|
2
|
36
|
|
|
|
3
|
60
|
|
|
|
4
|
72
|
|
|
|
5
|
78
|
|
|
|
6
|
81
|
|
|
a. Calculate and fill in the MP-column.
b. Over what range (# of barbers hired) is the MP of barbers increasing? constant? diminishing?
c. Graph the TP-column and MP-column in two separate diagrams, where in both cases the # of barbers is on the horizontal-axis.
d. Calculate and fill in the AP-column.
2. a. Fill in the blank columns in the following table:
b. Plot the TFC-, TVC-, and TC-curves in one graph.
c. Plot the AFC-, AVC-, and ATC-curves in one graph.
d. Plot the MC- and ATC-curves in one graph.
|
Total output
|
TFC
|
TVC
|
TC
|
MC
|
AFC
|
AVC
|
ATC
|
|
0
|
$1,000
|
$0
|
|
|
|
|
|
|
1
|
$1,000
|
$360
|
|
|
|
|
|
|
2
|
$1,000
|
$840
|
|
|
|
|
|
|
3
|
$1,000
|
$1,440
|
|
|
|
|
|
|
4
|
$1,000
|
$2,160
|
|
|
|
|
|
|
5
|
$1,000
|
$3,000
|
|
|
|
|
|
|
6
|
$1,000
|
$3,960
|
|
|
|
|
|
|
7
|
$1,000
|
$5,040
|
|
|
|
|
|
|
8
|
$1,000
|
$6,240
|
|
|
|
|
|
|
9
|
$1,000
|
$7,560
|
|
|
|
|
|
|
10
|
$1,000
|
$9,000
|
|
|
|
|
|
3. The production function of Brutus's Barbershop is shown in the first two columns in the following table (read from the left):
|
# of barbers
|
Total haircuts per day
|
MP
|
TVC
|
MC per barber
|
MR per barber
|
MC
per haircut
|
MR
per haircut
|
|
0
|
0
|
|
|
|
|
|
|
|
1
|
12
|
|
|
|
|
|
|
|
2
|
36
|
|
|
|
|
|
|
|
3
|
60
|
|
|
|
|
|
|
|
4
|
82
|
|
|
|
|
|
|
|
5
|
101
|
|
|
|
|
|
|
|
6
|
116
|
|
|
|
|
|
|
|
7
|
126
|
|
|
|
|
|
|
|
8
|
130
|
|
|
|
|
|
|
a. Fill in the blanks in the MP-column.
b. If it costs $200 to hire each barber, compute the TVC- and MC-columns.
c. If you are given the information that TFC = $500 and that the market price in the competitive haircut industry is $20 per haircut, what is the profit-maximizing number of barbers to hire?
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