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- What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?What is a production technology?The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor: Number of pickers (per hour) 1 2 3 4 5 6 7 8Output of grapes (in flats) 10 28 43 54 61 64 65 61Calculate marginal physical product (MPP) and then graph the total product (output) and MPP curves.
- 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)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…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 $ 2.83
- Explain the relationship between total product, marginal product, and averageproductLabor 2 3 4 5 6 7 8 9 10 11 TP of labor 10 20 38 40 38 34 AP of labor 7 6.8 5 3.4 MP of labor 8 6 2 -6 Fill in the missing values in the table. Based on your answers to (a), draw the total product, average product and marginal product of labor curves. (Please do not use graphing paper) What will happen to the firm’s total product of labor curve if it decides to use more capital. Explain your answer.Dream Line manufacturing has a fixed scale of plant with the levels of total product given in the table below for different levels of labor. Complete the table by calculating the average product and marginal product. (0.5x8=4 Marks) Quantity of labor (workers) Total product Average product Marginal product 0 0 1 29 2 54 3 77 4 95