Assuming a firrh has this short-run production data below, do the following:a. fill-in the rest of the tableb. calculate the profit at price = 68.50 pesos and at price = 47.10 pesosc. draw two conclusions (when the price is 68.50 pesos and when the price is 47.10 pesos)d. answer the question at the very bottom.Php2,000Php700Fized Input (Kariable Input (TP (Q] MP, AP₁11111101234567890173971106134147156156154Conclusion 1: If the price isunits of labor producing,17223235281390-2Physical unitsMonetary amountsLaw of diminishing marginal productivity as more units of labor is added to a fixedunit of capital, its marginal productivity decreases.Short run Production RelationshipsObjective of the Firm: maximize profit.Maximizing profit condition/Minimizing Loss Condition: MR Price = MCConclusion 2: On the other hand, if the price isunits of labor producing.TFC ТУСTCMCpesos in the market, the firm should be employing units of Capital andunits of output, yielding aofAFC AVCpesos.ATCpesos in the market, the firm should be employing units of Capital andunits of output, yielding aofpesos.Question:Is profit/loss really maximized/minimzed at MR = P = MC? (Answer with a "yes" or "no" based on what you have calculated)TR=Q*PTC= Q ATCProfit= TR-TC|rice per unit = 68.50 pe @Price per unit = 47.10 pesosTR TC ProfitTRTCProfit

We have given the value of the total and marginal products at the various combinations of the fixed…

Assuming a firrh has this short-run production data below, do the following: a. fill-in the rest of the table b. calculate the profit at price = 68.50 pesos and at price = 47.10 pesos c. draw two conclusions (when the price is 68.50 pesos and when the price is 47.10 pesos) d. answer the question at the very bottom. Php2,000 Php700 Fized Input (Kariable Input ([TP [Q] MP 1 0 1 17 1 39 1 71 106 134 147 1 1 1 1 1 0 1 2 3 4 5 6 7 8 9 156 156 154 . 17 22 32 35 28 13 9 0 -2 AP₁ Short run Production Relationships TFC TVC Physical units Monetary amounts Law of diminishing marginal productivity as more units of labor is added to a fixed nin alman dustiits TC MC AFC AVC ATC TR=Q*P TC= Q ATC Profit= TR-TC |rice per unit = 68.50 pe @Price per unit = 47.10 pesos TC Profit TR Profit TR TC

Assuming a firrh has this short-run production data below, do the following: a. fill-in the rest of the table b. calculate the profit at price = 68.50 pesos and at price = 47.10 pesos c. draw two conclusions (when the price is 68.50 pesos and when the price is 47.10 pesos) d. answer the question at the very bottom. Php2,000 Php700 Fized Input (Kariable Input ([TP [Q] MP 1 0 1 17 1 39 1 71 106 134 147 1 1 1 1 1 0 1 2 3 4 5 6 7 8 9 156 156 154 . 17 22 32 35 28 13 9 0 -2 AP₁ Short run Production Relationships TFC TVC Physical units Monetary amounts Law of diminishing marginal productivity as more units of labor is added to a fixed nin alman dustiits TC MC AFC AVC ATC TR=Q*P TC= Q ATC Profit= TR-TC |rice per unit = 68.50 pe @Price per unit = 47.10 pesos TC Profit TR Profit TR TC

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

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