ps5x101_s03 - Find the following: 1. The average product of...

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Jonathan's Apple Farm Production Function 0 100 0 1,100 x x 50 100 2,500 1,100 100 100 3,700 1,100 150 100 5,000 1,100 200 100 6,800 1,100 250 100 10,000 1,100 300 100 15,000 1,100 350 100 27,000 1,100 Prices Labors' wage $8.00 per hour Owner's wage $12.00 per hour Rent $124.00 per acre Jonathan's Apple Farm Cost Functions fixed costs 0 x x 50 100 150 200 250 300 350 Apples (tons/year) Land (acres) Labor (hired) Proprietor's time (hours) average product of labor marginal product of labor Apples (tons/year) variable costs sr total costs average fixed costs average variable costs sr average total costs sr marginal costs Econ 101 - Spring 2003 PS#5-XtraQ DUE: Tuesday April 1st Listed below are essentail pieces of production information for Jonathan's Apple Farm.
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Unformatted text preview: Find the following: 1. The average product of labor in the produciton of apples. 2. The marginal product of labor in the production of apples. Now use the cost information below, along with the product information above to get the following short run costs: 3. fixed costs of apple production 4. variable costs of apples production 5. short run total costs of apple production 6. average fixed costs of apple production 7. average variable costs of apple production 8. short run average total costs of apple production 9. short run marginal costs of apple production...
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