Ask Question, Ask an Expert


Ask Microeconomics Expert

problem 1: The table below shows the total production a firm will be able to obtain if it employs varying amounts of resource X while the amounts of the other resources the firm employs remain constant. find out the marginal product of each of the seven units of resource X and enter such figures in the table. Suppose the product the firm produces sells in the market for $3.00 per unit.  find out the total revenue of the firm at each of the eight levels of output and the marginal revenue product of each of seven units of resource X.  Enter such figures in the table below.

639_production of firm.jpg

On the basis of your calculations complete the firm’s demand schedule for resource X by pointing out in the table below how many units of resource X the firm would employ at the given prices.

Price of X    Quantity of X demanded

problem 2: Use the given total-product schedule for a resource to answer the next three problems. Suppose that the quantities of other resources the firm employs remain constant.

Units of resource    Total product
1                         12
2                         21
3                         27
4                         32
5                         36

i) If the firm’s product sells for a constant $2 per unit, determine the marginal revenue product of the third unit of the resource?

ii) If the firm’s product sells for a constant $2 per unit and the price of this resource is $8, determine how many units of the resource will the firm employ?

iii) If the firm can sell 12 units of output at a price of $1.00 per unit and 21 units of output at a price of $0.80 per unit, find out the marginal revenue product of the second unit of resource?

problem 3: The below table summarizes the marginal product data for labor in producing personal computers. Suppose that the other quantities employed by the firm remain constant.  find out the MPL, TR, and MRP and answer the given problems.

L    TPL    MPL    Price    TR    MRP
0    0     $1000    _____   
1    10    _____    1000    _____    _____
2    18    _____    900    _____    _____
3    24    _____    800    _____    _____
4    28    _____    700    _____    _____
5    30    _____    600    _____    _____

i) What kind of market is the one for personal computers?

Now look at the below table showing a different market condition for the demand for personal computers. Fill in the table and answer the given problems.

L    TPL    MPL    Price    TR    MRP
0    0        $1000    _____   
1    10    _____    1000    _____    _____
2    18    _____    1000    _____    _____
3    24    _____    1000    _____    _____
4    28    _____    1000    _____    _____
5    30    _____    1000    _____    _____

ii) What kind of market does the firm face for personal computers?

problem 4: Complete the given table, where L is the units of labor, TPL is the total product of labor, MPL is the marginal product of labor, P is product price, TR is total revenue and MRPL is the marginal revenue product of labor.

L    TPL    MPL    P    TR    MRPL
0    0        $2.00    $_____   
1    10    _____    2.00    _____    $_____
2    19    _____    2.00    _____    _____
3    27    _____    2.00    _____    _____
4    34    _____    2.00    _____    _____
5    40    _____    2.00    _____    _____
6    45    _____    2.00    _____    _____
7    49    _____    2.00    _____    _____
8    52    _____    2.00    _____    _____
9    54    _____    2.00    _____    _____
10    55    _____    2.00    _____    _____

i) In what kind of market is the firm selling its product? How do you know?

ii) Why does the MRP schedule reduce as labor rises?

iii) Complete the given table.

Wage rate  Quantity of workers employed
$16           _____
14            _____
12            _____
10            _____
8             _____
6              _____

problem 5: What factors describe the high level of level of productivity in United States?

problem 6: Use the given data to answer the problem.

        Demand and Supply of Labor Data

Employment    Total output    Product price    Wage rate
50                 708               $1.27               $6
51                 760               1.26                 7
52                 810               1.25                 8
53                 858               1.24                 9

Determine the numbers of units of labor will this firm hire in maximizing its profits?

problem 7: What are the three different union strategies pursued to raise wages?

problem 8: Use the extreme points from a production possibilities schedule beneath to draw two straight line production possibilities curves for two nations, A and B by using the graphs below. Assume constant costs.

Nation      Food    Clothing
A            4          4
B            2          8
i) Determine the cost ratio for the two products?

ii) If each nation specializes according to the comparative advantage, who must produce and trade each product? Why?

iii) What will be the range for terms of trade?  If the terms are set at 1 food = 2 clothing, illustrate how the trading possibilities lines will change in the graph. Describe.

problem 9: Describe how the “Buy American” theme hurts Americans.

problem 10: What is the main aim of the World Trade Organization and its present activity?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9525

Have any Question? 

Related Questions in Microeconomics

Assignment questionsque1 why validation of the software

Assignment Questions: Que.1 Why validation of the software requirement is necessary? List some conditions that should be checked in the validation phase of software requirement. Que.2 Six Sigma is used to reduce the defe ...

Assignmentoverviewthe incidence of fraud in the news has

Assignment Overview The incidence of fraud in the news has become more common in recent years. As the accounting profession becomes more aware of fraud schemes, it seems that the criminals who perpetrate them have become ...

Microeconomics assignmentdiscussion forumnote the video has

Microeconomics Assignment DISCUSSION Forum Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu. This week's discu ...

Assignmentthere is the widespread notion that economists

Assignment There is the widespread notion that economists rarely agree with each other. This seems perplexing when we note also that economics is often called the "Queen of the Social Sciences" (meaning that it is the mo ...

Exam set 1 amp 2set-11 which of the following statements is

Exam SET 1 & 2 SET-1 1. Which of the following statements is true about a downward-sloping demand curve that is a straight line? The slope and the elasticity are the same at all points. The slope remains the same, but el ...

Topic minimum wage workers who actually are minimum wage

Topic: Minimum wage workers _ Who actually are minimum wage workers? _ What are the profites of raising minimum wage? _ What are the con's of raising minimum wage? _ What in your opinion should we do about minimum wage?

Assignmentxyz company enters into a contract with mary to

Assignment XYZ Company enters into a contract with Mary to landscape Ben's yard, using None Nursery to supply trees and buses. Kate owns the lot next to Ben's property. The landscaping is a gift from Mary to Ben, who is ...

Mcdonalds and the hindu culturein many ways mcdonalds

McDonald's and the Hindu Culture In many ways, McDonald's Corporation has written the book on global expansion. Every day, on average, somewhere around the world 4.2 new McDonald's restaurants are opened. By 2003, the co ...

Desserts by jb case studyjay brown jb to his friends is a

Desserts by J.B Case Study Jay Brown (J.B. to his friends) is a student at the North-west Culinary Institute and specializes in preparing elab-orate desserts. After graduation. J.B. wants to open up a bakery. The bakery. ...

Micro economics paperyou have been given the responsibility

Micro Economics Paper You have been given the responsibility of working with your organization's CEO to do a competitive market analysis of the potential success of one of their existing products. Select your organizatio ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro