An appliance manufacturing business requires both machines and labor to produce finished products. The following graph shows the isoquant map for this business. Assume the business currently produces 300 appliances per time period using 27 workers and 27 machines.
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- Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…I have graphed the isoquant line but I can’t figure out how to graph the isocost line? Could you verify my math and show the isoquant and isocost line graphed please?Aplia Homework: Production and Cost in the Firm Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (?) 20 18 16 MP LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, Underground Sandwiches does not have any output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 72 Production Function 64 56 48 32 24 16 MARGINAL PRODUCT (Sandwiches per worker)
- Why do we have diseconomies of scale? In a diagram, show MES.What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 85 270 90 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15what are the 5 internal economics of scale ?
- The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 12 16 20 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 $ 1500 $ 5600 TFC TVC $6300 $ 7100 TC MC $ 2.67 $ 1.14 $ 1.07 $ 2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $ 11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $ 2.23 $0.6 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day $ 2.83What is technical rate of substitution? Show it graphically.Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
- "Isoquants and isocosts are tools of optimization." Analyse the statement.The table shows total production of a firm. If units of labour (L) increase, find below. Units of Labour Total Product (TP) Marginal Product (MP) Average Product (AP) 0 0 1 80 2 200 3 330 4 400 5 450 6 480 7 490 8 480 Compute the marginal product of labour (MP) and the average product (AP) of the various quantities of labour and enter them into table. There are increasing return to labour from the first through the ---------------- units of labor and decreasing return from the --------------through eighth units. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------In looking at this diagram...please solve