Jiasheng

1. (a) (i) repel (L)| Output (Q)| ?Labour| ?Output| (Q/L) = come harvest-home| ?Output/?L = Marginal product| 1| 1| 0| 0| (1/1) = 1 | | 2| 2| 2-1= 1| 2-1= 1| (2/2) = 1 | (2-1)/(2-1)= 1| 3| 4| 3-2= 1| 4-2= 2| (4/3) = 1.33 | (4-2)/(3-2)= 2| 4| 7| 4-3= 1| 7-4= 3| (7/4) = 1.75| (7-4/(4-3)= 3| 5| 11| 5-4= 1| 11-7= 4| (11/5) = 2.20| (11-7)/(5-4)= 4| 6| 14| 6-5= 1| 14-11= 3| (14/6) = 2.33| (14-11)/(6-5)= 3| 7| 16| 7-6= 1| 16-14= 2| (16/7) = 2.29| (16-14)/(7-6)= 2| 8| 17| 8-7= 1| 17-16= 1| (17/8) = 2.13| (17-16)/(8-7)= 1| 9| 18| 9-8= 1| 18-17= 1| (18/9) = 2| (18-17)/(9-8)= 1| 10| 18| 10-9= 1| 18-18= 0| (18/10) = 1.8| (18-18)/(10-9)= 0| Q = Output, L = Total number of Labours Average product = Q/L Marginal product = salmagundi in Q / Change in one L unit= ?Output/?L (ii) The fringy product is slightly greater than average product when the return rate is at 14 boats per week. It is because when more and more of a variable factor is added on to a fixed variable, beyond certain point, the marginal product will slowly drop-off where it begins when the output is at 16. In this case, the variable factor is the tug and the price of toil is a fixed cost.

(b) When price of labour is $ cd per week and total fixed cost is $10,000 per wk (i) Labour (L)| Output (Q)| Total Variable cost (TVC) ($)| Total bushel cost (TFC) ($)| Total cost (TC) ($)| 1| 1| 1x400= 400| ten thousand| 400+myriad= 10400| 2| 2| 2x400= 800| ten thousand| 800+10000= 10800| 3| 4| 3x400= 1200| 10000| 1200+10000= 11200| 4| 7| 4x400= 1600| 10000| 1600+10000= 11600| 5| 11| 5x400= 2000| 10000| 2000+10000= 12000| 6| 14| 6x400= 2400| 10000| 2400+10000= 12400| 7| 16| 7x400= 2800| 10000| 2800+10000= 12800| 8| 17| 8x400= 3200| 10000| 3200+10000= 13200| 9| 18| 9x400= 3600| 10000| 3600+10000= 13600| 10| 18| 10x400= 4000| 10000| 4000+10000= 14000| TVC = L x... If you want to wreak a full essay, order it on our website: Orderessay

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