managerial economics 36
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Please make sure to cite with scholarly sources(3). Please remember apa format and I will be adding more information after tutor is chosen.
Introduction video:
https://www.youtube.com/watch?v=6aWCuWZOqEA
Livescribe:
https://drive.google.com/open?id=0BxhZuHIbWKtBd1l0TnVKY1dhSlE&authuser=0
Class,
For Unit 4 Complete, I always get questions like “Is there enough information to fill in the spreadsheet.” The answer is, “yes.” You will need to use the formulas for each cost measure to calculate the missing pieces. This will help you to understand the relationships between the measures.
Make sure to show all of your calculations in the text boxes. This will allow me to give partial credit if you make a mistake.
Complete the following table in Excel and submit it to the DropBox. (The template can be found under Course Materials for this unit.)
|
Q |
Total Cost |
Total Fixed Cost |
Total Variable Cost |
Average Fixed Cost |
Average Variable Cost |
Average Total Cost |
Marginal Cost |
|
0 |
50 |
||||||
|
1 |
30 |
||||||
|
2 |
25 |
||||||
|
3 |
48 |
||||||
|
4 |
150 |
2.
Complete the following production function table in Excel by filling in the columns for average product (AP) and marginal product (MP). Submit your spreadsheet to the DropBox(The template can be found under Course Materials for this unit.)
|
Labor |
Q |
AP |
MP |
|
0 |
0 |
||
|
5 |
1 |
||
|
7 |
2 |
||
|
10 |
3 |
||
|
15 |
4 |
||
|
22 |
3 |
2.
Complete the following production function table in Excel by filling in the columns for average product (AP) and marginal product (MP). Submit your spreadsheet to the DropBox(The template can be found under Course Materials for this unit.)
|
Labor |
Q |
AP |
MP |
|
0 |
0 |
||
|
5 |
1 |
||
|
7 |
2 |
||
|
10 |
3 |
||
|
15 |
4 |
||
|
22 |
3 |
3.
Assuming the above charts are for the short-run, how many workers will this firm wish to hire? Why would they not want to hire fewer workers than you have answered? Why would they not want to hire more workers?
4.
Suppose a firm is using 25 workers and 10 units of capital. Workers are paid $15 and capital costs $120. The last worker adds 15 units to output. The last unit of capital adds 75 units to output. Should the manager make any changes to the inputs? Show your math and explain why or why not.
Use the chart below to answer questions 5-9.
|
Q |
L* |
K* |
|
70 |
5 |
20 |
|
120 |
7 |
7 |
|
200 |
12 |
24 |
5.
What is the MRTS, long-run total cost, and long-run average cost when the firm produces 70? Show your work..
6.
What is the MRTS, long-run total cost, and long-run average cost when the firm produces 120? Show your work.
7.
What is the MRTS, long-run total cost, and long-run average cost when the firm produces 200? Show your work.
8.
Over what range of output does the firm experience diseconomies of scale? Explain.
9.
Over what range of output does the firm experience economies of scale? Explain.
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