home3 - EC 1, Section 1 UCLA Winter, 2003 A. Bresnock...

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EC 1, Section 1 Student Name: UCLA TA Name/Section: Winter, 2003 A. Bresnock Homework Assignment 3 (20 points) SuzeQ’s BogieBoards’ employs the workers shown below to craft its custom surfboards. The total amount of bogieboards produced by these workers is given as the total output (TP). Labor (workers per week) Total Output (TP L ) (per week) Marginal Output (MP L ) Average Output (AP L ) Total Value Product (TVP L) Marginal Value Product (MVP L) Total Cost of Inputs (TC) Marginal Cost of Inputs (MC) Total Profit or Loss 0 0 1 40 2 100 3 140 4 170 5 190 6 200 (a) First fill in the TP L , MP L and AP L in the table above. Then draw one carefully specified graph that shows these relationships below.
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2 (b) What is the relationship between the average product and the marginal product when SuzeQ’s produces less than 100 bogieboards? (c) What is the relationship between the average product and the marginal product when SuzeQ’s produces more than 100 bogieboards? Now, suppose that SuzeQ’s Bogieboards has a fixed, overhead capital cost of $200 per week no
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home3 - EC 1, Section 1 UCLA Winter, 2003 A. Bresnock...

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