a. Graph the three functions (put total product on one graph and

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1. The following table shows data for a simple production function.

See below:

 Capital (K) Labor (L) Total product (TP) Average Product (AP) Marginal Product (MP) 10 - - 10 1 5 5 5 10 2 15 7.5 10 10 3 30 10 15 10 4 50 12.5 20 10 5 75 15 25 10 6 85 14.2 10 10 7 90 12.9 5 10 8 92 11.5 2 10 9 92 10.2 10 10 90 9 -2
1. Graph the three functions (put total product on one graph and marginal and average products on another.)

2. Relationships

Class discussion on the relationships among total, average, and marginal costs. Using the same data from the previous exercise and a wage rate specified by the instructor, compute the marginal cost curve based on the marginal products.

The following table shows data for the simple production function used in Question 1. Capital costs this firm $20 per unit, and labor costs$10 per worker. Ive attached the data. Please see attachment Week3DiscussionQuestion2.

1. Graph your results, putting TFC, TVC, and TC on one graph and AFC, AVC, ATC, and MC on another.

1. Economies of Scale

Class discussion on long-run production, returns to scale, and the corresponding long-run average cost concept of economies of scale.

Please provide responses to the following questions:

A firm experiences increasing returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the firm's short-run costs?

Carefully explain the difference between diseconomies of scale and diminishing returns.

1. Complete the table (Table 1) below, then draw the following curves:
• Short-run average product (AP) curve;
• Short-run marginal product (MP) curve.

Table showing the Average and Marginal product of labour for a hypothetical firm

 Amount of labour( units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(?Q/?L) 5 - - 1 5 49 49 49 2 5 132 66 83 3 5 243 81 4 5 376 94 133 5 5 525 149 6 5 684 114 159 6.6 5 792.59 120.09 7 5 847 163 8 5 1008 126 161 9 5 1161 10 5 1300 130 139 11 5 1419 119 12 5 1512 126 93 13 5 1573 121 14 5 1596 23 14 5 1575 105

Use the information from the completed table and the graphs to identify the three stages of production and explain why the firms short run production has only one rational stage of production.

a. Graph
lancer

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Excerpt from file: Economics Tutorial 1. The following table shows data for a simple production function. See below: Capital (K) 10 10 10 10 10 10 10 10 10 10 10 Labor (L) 0 1 2 3 4 5 6 7 8 9 10 Total product (TP) 0 5 15 30 50 75 85 90 92 92 90 Average Product (AP) 5 7.5 10 12.5 15 14.2 12.9 11.5 10.2 9 Marginal

Filename: E2105.pdf

Filesize: 475.4K

Print Length: 5 Pages/Slides

Words: 1047

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Excerpt from file: Week3DiscussionQuestion#2 a.Whatarethefourclosingjournalentries?Whyaretheynecessary b.Whatarereversingentries?Whyaretheyused? Whatarethefourclosingjournalentries?Whyaretheynecessary Thefourclosingjournalentriesare: CloserevenueaccountstoIncomesummary ClosetheexpensesaccountstoIncomesummary

Filename: ACC 290 Week 3.zip

Filesize: < 2 MB

Print Length: 1 Pages/Slides

Words: NA

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