Week 11 Homework You must submit your assignments as a Microsoft Word document. Microsoft Word is included for free as a KCTCS student. Click on Office 365 settings in your KCTCS e-mail and install the software. Columbia and France each have 10,000 hours of labor per month. In France, • producing one pound coffee requires 2 hours producing one bottle wine requires 4 hours In Columbia, • producing one pound coffee requires 1 hour producing one bottle wine requires 5 hours 1. Define comparative advantage. Define absolute advantage. 2. Which country has an absolute advantage in the production of coffee? 3. Which country has a comparative advantage in the production of wine? Submitting Assignments in Blackboard Complete & save assignments in Word. Click on the assignment name. Scroll down to "Attach file". Click the Browse button to the right of the box. Find and select your assignment. Click the open button. Scroll down to the bottom of the screen. Click the Submit button. Click the OK button.

Week 11 Homework You must submit your assignments as a Microsoft Word document. Microsoft Word is included for free as a KCTCS student. Click on Office 365 settings in your KCTCS e-mail and install the software. Columbia and France each have 10,000 hours of labor per month. In France, • producing one pound coffee requires 2 hours producing one bottle wine requires 4 hours In Columbia, • producing one pound coffee requires 1 hour producing one bottle wine requires 5 hours 1. Define comparative advantage. Define absolute advantage. 2. Which country has an absolute advantage in the production of coffee? 3. Which country has a comparative advantage in the production of wine? Submitting Assignments in Blackboard Complete & save assignments in Word. Click on the assignment name. Scroll down to "Attach file". Click the Browse button to the right of the box. Find and select your assignment. Click the open button. Scroll down to the bottom of the screen. Click the Submit button. Click the OK button.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $50 per unit per day and the fixed cost of the capital is $2000 per day. ain N E Click the icon to view the table. ssign o Hor a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. ake a Units of Labour Total Output (per day) (per day) TFC TVC TC MC AFC AVC ATC 200 $4 10 500 $ 15 1100 20 1750 1) 25 2050 6) 30 2190 1/1) 1/1) 35 2270 1/1) 只只

The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 12 16 20 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 $ 1500 $ 5600 TFC TVC $6300 $ 7100 TC MC $ 2.67 $ 1.14 $ 1.07 $ 2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $ 11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $ 2.23 $0.6 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day $ 2.83
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