ECO500 Assignment 1

# ECO500 Assignment 1 - Week 3 Assignment#1 ANSWERS Course...

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Unformatted text preview: Week 3 Assignment #1 ANSWERS Course: Managerial Economics and Globalization (ECO 550), WINTER 2010. SECTION 003016 Assignment 1 Directions: Answer all questions. Complete the table below (please highlight your answers in RED), then draw the following curves (on a single graph): • Short-run average product (AP) curve; • Short-run marginal product (MP) curve. • (Please post the graph of the curves as a separate file labeled GRAPHS, and the table and answers to the 2 questions as a separate file, labeled ANSWERS. Thanks for your kind cooperation) Answer: Number Of Workers Output MP L AP L-- 1 50 50 50 2 110 60 55 3 300 190 100 4 450 150 112.5 5 590 140 118 6 665 75 110.83 7 700 35 100 7.5 640-120 85.33 9 598-28 66.44 10 580-18 58 I did This table in Excel Output = TP L (Total Product of Labor) Number of Workers = L (Labor) AP L = TP L / L = Output / Number of Workers, where L = 1, and 2 For example, TP L = 50, L = 1, AP L = 50/1 = 50 In Excel AP L = B3/A3, where L = 1 1 The Marginal product is the change in total product for every one unit change in the variable input. The Marginal product is the change in total product for every one unit change in the variable input....
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ECO500 Assignment 1 - Week 3 Assignment#1 ANSWERS Course...

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