(A) With P = 20, W = 25 and TFC = 500:Labor Output(Q)(L)51025355060102560708090MarginalPhysicalProduct ofAVC=VC/QATC=TC/QLabour(MPPL)234221AveragePhysical CostProduct of (TC) (VC)Labour(APPL)22.52.421.61.5MPPL = Change in Q / Change in LAPPL=Q/LTC = TFC + VCVC=W* LMC = Change in TC / Change in QTotal Variable Marginal AverageCostVariable625750112518351750200012525062587512501500Cost(MC)15106101530AverageTotalCostCost(AVC) (ATC)12.5010.0010.4212.5015.6316.6262.530.0018.7526.2121.8822.22Based on this table, answer this:1. How much output will this firm produce? If the price of output increases to $30, how does your answer change?2. If the productivity of labor increases by 10% (all else equal), how much more labor will the firm hire?3. Below what price will this firm decide to produce zero units of output? (i.e. shut down)

Industrial economics is the study and appraisal of business financial issues utilising abstract…

(A) With P=20, W=25 and TFC = 500: Average Total Variable Physical Cost Cost Product of (TC) (VC) Labour (APPL) Labor Output Marginal (Q) Physical (L) Product of Labour (MPPL) 5 10 25 35 50 60 10 25 60 70 80 90 2 AVC=VC/Q ATC=TC/Q 3 4 2 2 1 2 2.5 2.4 2 1.6 1.5 MPPL = Change in Q / Change in L APPL=Q/L TC = TFC + VC VC=W* L MC = Change in TC / Change in Q 625 750 1125 1750 125 2000 250 1835 875 625 1250 1500 Marginal Cost (MC) 15 10 6 10 15 30 Average Average Variable Total Cost (ATC) Cost (AVC) 12.50 10.00 10.42 12.50 15.63 16.62 62.5 30.00 18.75 26.21 21.88 22.22 Based on this table, answer this: 1. How much output will this firm produce? If the price of output increases to $30, how does your answer change? 2. If the productivity of labor increases by 10% (all else equal), how much more labor will the firm hire? 3. Below what price will this firm decide to produce zero units of output? (i.e. shut down)

(A) With P=20, W=25 and TFC = 500: Average Total Variable Physical Cost Cost Product of (TC) (VC) Labour (APPL) Labor Output Marginal (Q) Physical (L) Product of Labour (MPPL) 5 10 25 35 50 60 10 25 60 70 80 90 2 AVC=VC/Q ATC=TC/Q 3 4 2 2 1 2 2.5 2.4 2 1.6 1.5 MPPL = Change in Q / Change in L APPL=Q/L TC = TFC + VC VC=W* L MC = Change in TC / Change in Q 625 750 1125 1750 125 2000 250 1835 875 625 1250 1500 Marginal Cost (MC) 15 10 6 10 15 30 Average Average Variable Total Cost (ATC) Cost (AVC) 12.50 10.00 10.42 12.50 15.63 16.62 62.5 30.00 18.75 26.21 21.88 22.22 Based on this table, answer this: 1. How much output will this firm produce? If the price of output increases to $30, how does your answer change? 2. If the productivity of labor increases by 10% (all else equal), how much more labor will the firm hire? 3. Below what price will this firm decide to produce zero units of output? (i.e. shut down)

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 20SQ

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