76. Given the curve shown below, the marginal product of labor will be maximized at: A) 0 units of output. B) 1 unit of output. C) 2 units of output. D) 3 units of output. E) not enough information to tell.
Please see attachment
Please show work: Payne and McGough Corporation produces 5,000 units of part WOW internally for use in the assembly of its finished products. The unit cost of part WOW is based on a production level of 5,000 units per week as follows: Variable Cost $20.00 Fixed Cost 10.00 Total Cost/unit $30.00 Part WOW
One long distance company controls 60% of the market. Two others divide up most of the rest, with company B having about 20%. A growing slice of the market is taken up by small no name firms offering rock bottom pricing. There are other new threats. Give a choice should Company A compete with Company B on price or other di
Marginal revenue product measures the: a. amount by which the extra production of one more worker increases a firm's total revenue. b. decline in product price that a firm must accept to sell the extra output of one more worker. c. increase in total resource cost resulting from the hire of one extra unit of a
2. A firm finds that at its MR = MC output, its TC = $1000, TVC = $800, TFC = $200, and total revenue is $900. This firm should: (1 point) a. shut down in the short run. b. produce because the resulting loss is less than its TFC. c. produce because it will realize an economic profit. d. liquidate its a
Please see the attached file for full problem description. --- Epren manufactures engine parts for an automobile manufacturer. It operates 2 plants, which have the following production functions: Plant A: Qa = 30Sa - 0.25 Sa2 Plant B: Qb = 40Sb - 0.50Sb2 where Qa is the unit output from plant A, Qb is the unit ou
Please see the attached file for full problem description. --- 4 The production of barstools (q) is characterized by a production function of the form a. Derive general expressions for average productivity of labor and capital for barstool production as functions of K and L. (Hint: By definition, = q/L and = q/K)
Company A and Company B are soft drink companies operating in the same country for two decades. The market demand curve for their soft drinks is given by Q = 119 - 0.5P. Company A's short-run and marginal costs are given by STC = 3q2 + 48q + 572 and SMC = 6q + 48. Company B's short run total and marginal costs are given by STC
Please provide the solution to the following problem so that i can solve similar other. Please explain in detail as i need to understand. Cornell Pharamaceutical, INc., and Penn Medical , Ltd. supply generic durgs to treat a variety of illnesses. A major product for each company is a generic equivalent of an antibiotic used
Using the table attached, what quantity of output should the firm produce? Explain your answer.
Do you anticipate an earning or loss. I wanted all the calculations with the approach that you used.
Find economics marginal cost and total cost
Assume that firm A produces good G using only labor. Therefore, the firm's output is a function of the quantity of labor hired (i.e. output = q(L)). Assume further that this firm receives a price (p) for good G and pays laborers a wage (w) that are both constant, and that the firm pays a constant health care cost (h) for eac
4. What effect would each of the following have on a firm's short-run marginal cost curve and its total fixed cost curve? a. An increase in the wage rate b. A decrease in the property tax c. A rise in the purchase price of new capitol. d. A rise in energy prices. 5. Suppose that a firm's cost per unit of labor is $1