Unit 5 a1 cf_costs_and_output_assignment.doc - Saundra...

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Saundra LouisCosts and OutputNovember 11, 2018Costs and Output Assignment WorksheetDirectionsThis assignment deals with the calculation and graphing of the short-run relationship betweenthe quantity of labor employed, the output produced, and the cost of this output.To create the graph, or graphs, for this assignment, use Microsoft Excel or the drawing tool inMicrosoft Word. Copy and paste the graph you create into this worksheet.To complete this assignment, you must complete all of the following questions and activities.Microeconomic Problem1.Suppose a business finds that output varies according to the following schedule as itadds more workers:WorkersTotal ProductMarginal ProductAverage Product00011020201020/1 =20 units/wkr225503012.550/2 =25 units/wkr3428484-50=34 units84/3 =28 units/wkr458116116-84=32 units116/4 =29 units/wkr570140140-116=24 units140/5 =28 units/wkrFill in the marginal product and average product columns. Diminishing marginal returns isencountered with the addition of which worker?

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Term
Spring
Professor
Dr Beaver
Tags
Microeconomics, Marginal product

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