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Name: Homework 3 - Costs of Production, Perfect Competition & Monopoly - 8 Pages Table 13-1 Number of Workers Total Output 0 0 1 2 3 4 5 Marginal...

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Name: Homework 3 - Costs of Production, Perfect Competition & Monopoly – 8 Pages Table 13-1 Number of Workers Total Output Marginal Product 0 0 -- 1 30 2 45 3 60 4 50 5 40 1. Refer to Table 13-1 . What is total output when 1 worker is hired? 2. Refer to Table 13-1 . What is total output when 4 workers are hired? Table 13-2 Number of Workers Total Output Marginal Product 0 0 -- 1 300 2 500 3 600 4 650 3. Refer to Table 13-2 . What is the marginal product of the first worker? 4. Refer to Table 13-2 . What is the marginal product of the third worker? 5. Refer to Table 13-2 . At which number of workers does diminishing marginal product begin?
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Homework 3 - Costs of Production, Perfect Competition & Monopoly – 8 Pages Table 13-3 Number of Workers Output Fixed Cost Variable Cost Total Cost 0 0 $50 $0 $50 1 90 $50 $20 $70 2 170 $50 $40 $90 3 230 $50 $60 $110 4 240 $50 $80 $130 6. Refer to Table 13-3 . The marginal product of the fourth worker is 7. Refer to Table 13-3. If the firm can sell its output for $1 per unit, what is the profit-maximizing level of output? Table 13-7 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R 8. Refer to Table 13-7. What is the value of A? 9. Refer to Table 13-7. What is the value of B? 10. Refer to Table 13-7. What is the value of G? 11. Refer to Table 13-7. What is the value of J? 12. Refer to Table 13-7. What is the value of L? 13. Refer to Table 13-7. What is the value of M? 14. Refer to Table 13-7. What is the value of O? 15. Refer to Table 13-7. What is the value of P? Page 2 of 8
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market models assighnment.docx

Name: Homework 3 - Costs of Production, Perfect Competition & Monopoly – 8 Pages Table 13-1
Number of Workers Total Output
0
0
1
30
2
75
3
135
4
185
5
225 Marginal Product
-30
45
60
50
40 1....

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