A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:
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- The marginal cost of producing the xth box of light bulbs is 4 + x2 dollars per box. Determine how much is added to the total cost by a change in production from x = 20 to x = 80 boxes. 1,000Oceanic Pacific decided to conduct a series of experiments to determine the amount of tuna that could be caught with different crew sizes. The results of these experiments follow. Number of Daily Tuna Fishermen Catch (Ib.) 50 110 2 300 450 590 665 4 6. 700 725 710 a. Determine the point at which diminishing returns occurs. b. Stage 2 starts at the point where labor is c. The most technically efficient level of output is somewhere between d. Stage 2 ends at the point where labor isQuestion 17 The average product of labour is the output per employee often in table 17.1 to answer the question below. Table 17.1 Output units 1000 2 500 6 000 7 000 8 000 C) d) Number of employees 10 20 30 50 As the number of employees increases from 10 to 50 the a) Is constant b) Falls then rises Rises Falls
- A bottling company uses two inputs to produce bottles soft drink sludge: bottling machines (K) and workers(L). The machine costs $1000 per day (r) to run and the workers are paid $200 per day (w). At the current level of production, the marginal product of the machine is an additional 200 bottles per day (MPK), and the marginal product of labor is 50 bottles per day (MPL) State the rule for determining the cost- efficient combinations of inputs (K & L) for the production of soft drinks. Given r=$1000 per day, w=$200 per day, (MPK)= 200 bottles, and (MPL)= 50 bottles, is the company operating cost efficiently based on the above rule? If yes, why, if not why? What must the company do to move toward cost efficient operation? Hint: use more labor or more machines and why?Kendra bought 208 donuts for $80. Her profit was $45 once she had sold 100 donuts. Which equation below represents Kendra's profit P(n). as a function of the number sold, n?Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Qequals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 440 1 2 3 580 720 Q = 200 320 400 480 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 320 240 240 Q = 500 480 400 320 Q = 600 720 580 440 Suppose Ike's Bikes is currently producing 600 bikes per month in its only factory. Its short-run average total cost is per bike. Suppose Ike's Bikes is expecting to produce 600 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using
- We R' Write is really worried about their production line for pens. The company is concerned that they are employing more workers on the production line than necessary. We R' Write has provided you with the production information for pens in the table below that corresponds to different numbers of workers on the production line. Describe where the law of diminishing marginal productivity begins for We R' Write. We R' Write currently uses 75 workers on the production line per day. Given the calculations in the table, is this number optimal? Why, or why not? If you could make a suggestion regarding the optimal number of workers We R' Write should use on the production line, what would it be? Why? Number of Workers per Day Pens Produced per Day Average Product Marginal Product Price per Pen Total Value Product Average Value Product Marginal Value Product Price of Worker per Day 0 0 --- --- $3.50 $0.00 --- --- $560 15 1,000 66.67…Suppose Mr. Saad is a producer of Lola Loo chocolate, following is the information available of his production plant. Quantity of Labour (L) Quantity of 1 2 3 4 5 Capital (K) 10 15 25 100 50 20 30 40 50 75 50 75 100 125 150200250 300 75 90 105 120 2 30 50 62 15 If K and Lare imperfect substitutes and complements from the information above draw at least three isoquant (map) and identify the level of production. H73 4E. A firm has the production function f(T1, 12) = 1750 , 50 What is the marginal rate of technical substitution (M RTS)? (a) MRTS =-1 2.5x, (b) MRTS = -x2/x1 (c) MRTS = -5x2/01 (d) MRTS =-0.5x2/21 (e) MRTS = -0.2x2/21 %3D %3D
- Determine the marginal rate of substitution of X for Y (MRSXY)(A bagel shop sells 400 bagels a day at a price of $2 per bagel. Market research shows that a decrease of price of $0.1 would increase sales by 10 bagels per day. Furthermore, a price increase would not be acceptable to the customers. Find the price at which the company should sell bagels in order to maximize its profit. Show all steps of the optimization task.As a firm hires more workers, holding capital and other factors constant, the marginal physical product of labor(MPPL) declines because a) the amount of other inputs each worker has to work with declines as the number of workers increases. b) less efficient workers are hired as the number of workers increase. c) there are diseconomies of scale. d) workers don't perform well in teams.