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Introduction to Microeconomics(assignment#5)

# Introduction to Microeconomics(assignment#5) - 1...

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Unformatted text preview: 1 Assignment #5 Introduction to Microeconomics Student Name: Student #: Chapter8 (p.215-216) Q1. Marty’s frozen Yogurt is a small shop that sells cups of frozen yogurt in a university town. Marty owns three frozen yogurt machines. His other inputs are refrigerators, frozen yogurt mix, cups, sprinkle toppings, and, of course, workers. He estimates that his daily production function when he varies the number of workers he employs (and at the same time, of course, yogurt mix, cups, and so on) is as shown in the accompanying table). Quantity of labor (workers) Quantity of frozen yogurt (cups) 0 0 1 110 2 200 3 270 4 300 5 320 6 330 a. What are the fixed inputs and variable inputs in the production of cups of frozen yogurt? Answer: The fixed inputs are his small shop, three frozen yogurt machines, and refrigerators, and the variable inputs are, frozen yogurt mix, sprinkle toppings, cups, and workers. b. Draw the total product curve. Put the quantity of labor on the horizontal axis and the quantity of frozen yogurt on the vertical axis. Answer: Total product, TP 50 100 150 200 250 300 350 1 2 3 4 5 6 Quantity of frozen yogurt(cups) Quantity of labor (workers) 2 A fixed input is an input whose quantity is fixed and cannot be varied. A variable input is an input whose quantity the firm can vary. The total product curve shows how the quantity of output depends on the quantity of the variable input, for a given quantity of the fixed input. c. What is the marginal product of the first worker? The second worker? The third worker? Answer: The marginal product of an input is the additional quantity of output that is produced by using one more unit of that input. ?????¡?¢ ??£??¤¥ £? ¢?¦£?? , ?§¨ = ©?¡?ª ?¡ «??¡¥?¥¬ £? £?¥??¥ ©?¡?ª ?¡ «??¡¥?¥¬ £? ¢?¦£?? = ©¡??ª ?¡ «??¡¥?¥¬ £?...
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