ENV100Y5 Lecture : Lec 4
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Table 14-12.
|
COSTS |
REVENUES |
|||||
|
Quantity |
Total |
Marginal |
Quantity |
|
Total |
Marginal |
|
0 |
$0 |
-- |
0 |
$80 |
Ā |
-- |
|
1 |
$50 |
Ā |
1 |
$80 |
Ā | Ā |
|
2 |
$102 |
Ā |
2 |
$80 |
Ā | Ā |
|
3 |
$157 |
Ā |
3 |
$80 |
Ā | Ā |
|
4 |
$217 |
Ā |
4 |
$80 |
Ā | Ā |
|
5 |
$285 |
Ā |
5 |
$80 |
Ā | Ā |
|
6 |
$365 |
Ā |
6 |
$80 |
Ā | Ā |
|
7 |
$462 |
Ā |
7 |
$80 |
Ā | Ā |
|
8 |
$582 |
Ā |
8 |
$80 |
Ā | Ā |
Ā
Refer to Table 14-12. At what quantity does Bill maximize profits?
a. 7
b. 8
c. 3
d. 6
Ā
Complete the marginal product schedule below.
|
Labor |
Total Output |
Marginal Product |
|
0 |
0 |
Ā |
|
1 |
8 |
Ā |
|
2 |
18 |
Ā |
|
3 |
30 |
Ā |
|
4 |
43 |
Ā |
|
5 |
55 |
Ā |
|
6 |
65 |
Ā |
|
7 |
73 |
Ā |
|
8 |
79 |
Ā |
|
9 |
82 |
Ā |
|
10 |
80 |
Ā |
Construct the marginal product schedule for the production function data in the following table:
|
Labor |
Total Output |
Ā |
|
0 |
0 |
Ā |
|
1 |
8 |
Ā |
|
2 |
18 |
Ā |
|
3 |
30 |
Ā |
|
4 |
43 |
Ā |
|
5 |
55 |
Ā |
|
6 |
65 |
Ā |
|
7 |
73 |
Ā |
|
8 |
79 |
Ā |
|
9 |
82 |
Ā |
|
10 |
80 |
Ā |
