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Joe runs a farm. He rents the land for $100 a day, and he can hire workers for $20 per day for each worker. His short run production function is given in the first two columns of the following table.workers output mp tvc tfc tc afc avc atc mc0 0 ---- 0 ---------------------1 102 253 454 605 706 74
a) ) Complete the table above.
b) Carefully graph AVC, ATC, and MC. Your graph should have cost (measured in dollars) on the vertical axis, and output on the horizontal axis.
c) With which worker does diminishing marginal returns set in?
One year ago your bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calculate the real return.
Recent trends in teen smoking are considered tobe positive by those who advocate for a reduction in teen smoking. The decline is attributed to government policy that restricts advertising that targeted children, for example the Jo Camel ads and bi..
You have just purchased a new Ford Taurus for $20,000, but the most you could get for it if you sold it privately is $15,000. Now you learn that Toyota is offering its Camry, which normally sells for $25,000, at a special sale price of $20,000.
Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently sells 30,000 gallons of polyol per year at an average price of $15 per gallon. Fixed costs of manufacturing polyol are $90,000 per year and total va..
A company has an annual requirement for 150,000 parts, which cost $125 each. The parts require processing having a $4,000 setup cost. Each part occupies 0.5 sqft of floor space in the factory. Floor space has a total cost of $12.50 per square foot..
The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $150,000 to develop and only $0.5 per unit to deliver to each cell phone customer. What will be the per-unit cost of th..
(a) Consider a firm with the following production function. Q = 2*L*L + K*K. The price of capital (K) is $100 and the price of labor (L) is $50. The marginal product of labor is 4L and marginal product of capital is 2K.
The following data is available for an economy. Compute the inflation rate (measured from year 1 to year 2) using the GDP deflator and taking as base first year 1 and then year 2 Price of Peanuts in Year 1 $1.60 Quantity of Peanuts in Year 1 275 Pr..
a. Calculate the average product of labor, APL and the marginal product of labor, MPL. b. If workers at the firm are paid a competitive wage of $100 and the product is sold for $200 each, what is optimal level of labor usage and what is the maximu..
Assume that the economy can experience high growth, normal growth, or recession. You expect the following stock market returns for the coming year under these conditions. State Probability Return High Growth 0.2 +30%
A student conducted a study and reported that the 95 percent confidence interval for the mean ranged from 46 to 54. He was sure that the mean of the sample was 50, that the standard deviation of the sample was 16, and that the sample was at least ..
Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally con¬tracts to buy Smith's house for $100,000, with the closing (transfer of the deed) to take place on J..
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