ps5x101_s03_answer - variable costs sr average total costs...

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Jonathan's Apple Farm Production Function 0 100 0 1,100 x x 50 100 2,500 1,100 0.020 0.020 100 100 3,700 1,100 0.027 0.042 150 100 5,000 1,100 0.030 0.038 200 100 6,800 1,100 0.029 0.028 250 100 10,000 1,100 0.025 0.016 300 100 15,000 1,100 0.020 0.010 350 100 27,000 1,100 0.013 0.004 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 25,600 0 25,600 infinity x infinity x 50 25,600 20,000 45,600 512.00 400.00 912.00 400.00 100 25,600 29,600 55,200 256.00 296.00 552.00 192.00 150 25,600 40,000 65,600 170.67 266.67 437.33 208.00 200 25,600 54,400 80,000 128.00 272.00 400.00 288.00 250 25,600 80,000 105,600 102.40 320.00 422.40 512.00 300 25,600 120,000 145,600 85.33 400.00 485.33 800.00 350 25,600 216,000 241,600 73.14 617.14 690.29 1920.00 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
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Unformatted text preview: variable costs sr average total costs sr marginal costs Econ 101-Spring 2003-Wissink PS#5-XtraQ ANSWERS Listed below are essentail pieces of production information for Jonathan's Apple Farm. 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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This note was uploaded on 03/27/2009 for the course ECON 1110 taught by Professor Wissink during the Fall '06 term at Cornell University (Engineering School).

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