Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

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
$84            
72            
60           
48            
36               
24               
12               
6

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

Assignmentwrite a 5-6 page paper on one of the following

Assignment Write a 5-6 page paper on ONE of the following topics. Advice: Read the question you choose very carefully, and make sure you are answering it. What you write must be clearly relevant to answering the question ...

New jersey human servicesassignment evaluation of the

NEW JERSEY HUMAN SERVICES Assignment: Evaluation of the Agency's Budgeting and Cumulative Report As a consultant, you need to develop an in-depth analysis and evaluation of the selected agency's budgeting and then provid ...

Assignmentdraw the graph carefully please use one graph

Assignment Draw the graph carefully. Please use one graph per country and show both the autarkyand the free trade equilibrium on each graph. Consider the following data on the factor endowments of two countries A and B: ...

Discussion questionconsider a group of documents that has

Discussion Question Consider a group of documents that has been selected from a much larger set of diverse documents so that the selected documents are as dissimilar from one another as possible. If we consider documents ...

Suppose the economy was at equilibrium before the start of

Suppose the economy was at equilibrium before the start of the recession. Show this using the IS-LM, Keynesian cross, AD-SRAS-LRAS and money market spaces. Following the start of the recession, what happened to aggregate ...

Assignmentanalyze the significant rules concerning the

Assignment Analyze the significant rules concerning the manner in which corporations treat the dividends that they are paying. Based on your analysis, recommend at least two changes that you would make to the rules that ...

Assignmentin this assignment you must break a norm this

Assignment In this assignment, you must break a norm. This breach must be done in a public forum. You will be writing an essay about your experiment, in which you must be sure to answer all of the questions listed in thi ...

Assignment production cost analysis and estimation applied

Assignment: Production Cost Analysis and Estimation Applied Problems Please complete the following two applied problems: Problem 1: William is the owner of a small pizza shop and is thinking of increasing products and lo ...

Meqa assignment 2its been three weeks since you started

MEQA Assignment 2 It's been three weeks since you started working for BioMed and there's still no trace of Selwyn. That means you're still BioMed's resident economic expert. Harry the CEO was pleased with your earlier wo ...

Assignmentresearch a company of your choosing that has

Assignment Research a company of your choosing that has global presence. The World's Most Reputable Companies website has a list of 100 multinational businesses with global presence. Feel free to pick a company from this ...

  • 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