Marginal Revenue Products

  • Bids0
  • Budget $0.00
  • Average Bid $0.00

Posted on

Active
Bid

Project Desciption

Please see excel attachment for assignments 5 and 6. Both assignments are short, and instructions are included on in the excel spreadsheet.

Assignment 5 – Answer questions 1-3 instructions are listed.

Assignment 6 – Part 1, instructions are listed, Part 2 is listed instruction as well as well as formula.

CON 705, Assignment 5 Due September 19, 2020 ENTER YOUR FIRST AND LAST NAMES BEFORE PROCEEDING WITH ASSIGNMENT 5 If your name includes a hyphen, okina, period, or any other character that is not one of th First name, as it appears in the Gradebook Last name, as it appears in the Gradebook Carlile Breland <— Fill in <— Fill in You are given the following total costs (exclusive of the opportunity cost of the buildings, land, and equipm Costs are in thousands of dollars. Units produced are thousands of units per year. The value of buildings, la millions of dollars. (Yes, you must deal with the different units. Real life numbers are often messy, involvin Factory # 1 2 3 4 Total costs (exclusive of buildings, land, and equipment) ($ Number of units produced (‘000s 0 5 10 750 2250 3450 500 1500 2100 250 2450 2950 2000 3400 4600 Factory # Value of buildings, land, and equipment ($’000,000) 1 5 2 6 3 2 4 9 Factory # Opportunity cost of capital (annual %) 1 11% 2 9% 3 10% 4 11% For each factory: Ignoring the opportunity cost of the building, land, and equipment, calculate: (1) The minimum average variable cost. (2) Assuming that factories minimize their average variable costs, the gain or loss if prices were 5% higher Including the opportunity cost of the building, land, and equipment, calculate: (3) The price that would ensure that economic profits are not negative. You should assume that each facto You will have a total of 12 answers, 3 for each of the four factories. WITH ASSIGNMENT 5 haracter that is not one of the 26 letters of the alphabet, please omit those characters and any spaces. of the buildings, land, and equipment) for four factories. per year. The value of buildings, land and equipment is in umbers are often messy, involving different units.) uildings, land, and equipment) ($’000s) Number of units produced (‘000s) 15 20 25 5050 8250 13250 2600 3600 5100 4210 6250 9250 5600 8000 12000 and equipment ($’000,000) al (annual %) 30 20250 7100 14250 18000 ou should assume that each factory operates where average costs are minimized. This may be different from the production le t from the production level in (1). ECON 705, Assignment 6 Due September 19, 2020 This assignment is based on the reading from ‘Principles of Managerial Economics,’ sections 4.4 through 4. From this assignment, you should learn the concepts of marginal product, marginal revenue product, and Tip for those who can avoid hard-coding in Excel: The first scenario is a simplified verion of the second scen obtain scenario 1. You work for a company that produces plastic protective cases for smartphones. In this assignment, you w relatively small producer producing a relatively generic case. You can reasonably expect to increase produc second scenario, your product is unique on the market. To sell more, you will have to lower the price. First scenario: output price is given The table (below) gives the total output, per hour, for anywhere from 0 to 17 workers. You need to determine how many workers should be hired at five different wage rates, ranging from $13/ benefits. To get to this answer you will need to calculate the marginal product of labor and the marginal re obtain for the boldy outlined celles into the Moodle submission area. Cost of the other (non-labor) inputs that go into a case (and would need to be increased if more labor was hired and output increased) = Price received per case = Marginal product of labor is the change in total product when labor is increased by one. Marginal Revenue Product (net of the cost of the other required inputs), when the output price is fixed) eq Please note: A few of the table values are filled in. Use these to determine if your approach to the problem Number of workers Total product 0 0 Marginal product of labor 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 10 21 33 46 60 75 91 106 120 133 145 156 165 172 177 179 179 11 13 Using the information from above, fill in the following ‘derived de Hourly wage $13.00 $17.00 $21.00 $23.00 $25.00 Number of workers to maximize profits Economics,’ sections 4.4 through 4.6. uct, marginal revenue product, and derived demand. simplified verion of the second scenario. If you set up scenario 2, it is easy to modify that to rtphones. In this assignment, you will work through two scenarios. In the first scenario, you are a easonably expect to increase production without affecting the market price for the cases. In the ou will have to lower the price. 0 to 17 workers. rent wage rates, ranging from $13/hour up to $25/hour. The wage rate includes all relevant product of labor and the marginal revenue product of labor. You will be entering the values you $13.00 $15.00 ncreased by one. s), when the output price is fixed) equals marginal product times the ((fixed) output price -$13) mine if your approach to the problem is correct. Marginal Revenue Product (net of the cost of the other required inputs) $22.00 $26.00 bove, fill in the following ‘derived demand’ schedule: ECON 705, Assignment 6 Due September 19, 2020 Second scenario: output price must be reduced to sell a greater quantity of output. The table (below) gives the total output, per hour, for anywhere from 0 to 17 workers. You need to determine how many workers should be hired at five different wage rates, ranging from $13/ to this answer you will need to calculate the marginal product of labor and the marginal revenue product o celles into the Moodle submission area. Cost of the other (non-labor) inputs that go into a case (and would need to be increased if more labor was hired and output increased) = Price received per case = Marginal product of labor is the change in total product when labor is increased by one. Marginal Revenue Product (net of the cost of the other required inputs), when the output price changes, e another worker. Calculate (P – $13)xtotal output. MRP is then the change in this when another worker is ad Please note: A few of the table values are filled in. Use these to determine if your approach to the problem Number of workers 0 1 2 3 4 5 6 7 8 9 Total product 0 10 21 33 46 60 75 91 106 120 Marginal product of labor 11 10 11 12 13 14 15 16 17 133 145 156 165 172 177 179 179 13 Using the information from above, fill in the following ‘derived de Note: You hire a worker if their MRP is greater than or equal to th Hourly wage $13.00 $17.00 $21.00 $23.00 $25.00 Number of workers to maximize profits ater quantity of output. 0 to 17 workers. rent wage rates, ranging from $13/hour up to $25/hour. The wage rate includes all relevant benefits. To get and the marginal revenue product of labor. You will be entering the values you obtain for the boldy outlined $13.00 Given below in table ncreased by one. s), when the output price changes, equals the change in total revenue (net of other input costs) from adding ge in this when another worker is added. mine if your approach to the problem is correct. Price per case $17.00 $16.85 $16.75 $16.60 $16.45 $16.28 $16.10 $15.91 $15.73 $15.56 Marginal Revenue Product (net of the cost of the other required inputs) $40.25 $15.40 $15.26 $15.13 $15.02 $14.94 $14.88 $14.85 $14.85 $12.00 bove, fill in the following ‘derived demand’ schedule: eir MRP is greater than or equal to their wage rate. …
Purchase answer to see full attachment

Final Answer

Employer Information

2325 project(s) posted hire 2 freelancers
Member since: 2020-02-01
FREELANCER BIDDING (0)

There are no bids yet.

Open chat
1
Whatapp Us
Hey? You want your project done, Whatsapp us Now.
Click to Submit a Project