Production and Cost | Get the Essay

Clifford, J., & Hill. J. (2016). Revenues, profits, and price. CrashCourse. https://www.youtube.com/watch?v=UWImfFax8EwRead Chapter 7 of the following book (use the “Contents” tab to navigate though Sections 7.1, 7.2., and 7.3):Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents/[email protected]:[email protected]/Introduction-to-Cost-and-IndusPay special attention to the tables and numerical examples:Marburger, D. R., & Peterson, R. (2013). Chapter 4: What your cost accountant can’t measure: The economic theory of production and costs. Economic Decision Making Using Cost Data: A Manager’s Guide. New York, NY: Business Expert Press. [EBSCO eBook Collection. Note: to find the book enter only the title of the book in the library search engine]Part A: Conceptual questionsSuppose you own a television factory and at your current level of output you have an average total cost of $800 per television, average variable costs of $700 per television, and a marginal cost of $400.  If the price your buyers are willing to pay is $500, should you decrease or increase production?  Explain your reasoning, and make sure to cite at least one of the required readings in your answer.You are the owner of a restaurant, and currently, you have only one waiter.  While this keeps costs down, many of your customers go home because they are tired of waiting in line or waiting for their order.  You hire four more waiters and waitresses, and you are now able to serve a dramatically higher number of customers.  Seeing the huge productivity gains from hiring more staff, you then hire 20 more waiters and waitresses.  However, you are not able to serve any more customers than you were able to when your staff size was only four.  In fact, your restaurant has become overly crowded because there is not enough room in your restaurant for all of your staff.  You are confused as to why hiring four more staff members increased your productivity, but hiring 20 more did not.  What concept from the background readings best describes what happened in this case?  Explain your reasoning.Part B: Quantitative problemsThe following table gives the total weekly output of bicycles at Al’s Bicycle Town.Table 1Labor      Total Product (TP)  Average Product of labor (AP)  Marginal Product of labor (MP)0              0                                  na                                                    na1            100                              100                                                  1002            300                            —–                                                  ___3            450                            ___                                                    ___4            ___                            ___                                                    1105            630                            ___                                                    ___6            ___                            110                                                    ___Complete this table.Draw the graphs of the marginal product (MP) and the average product (AP).To learn how to plot the data in Excel, see  https://www.youtube.com/watch?v=B3U9tDcoNeIWhere do the AP and MP curve cross?The cost of 1 worker is $2000 per month. Total fixed cost is $4000 per month.Complete Table 2 using your answers from Table 1 and by computing total variable cost (TVC) and total cost(TC).Table 2Labor      Total Product (TP)  Total variable cost (TVC)  Total cost (TC)0              0                                  na                                                  40001            100                              2000                                                ___2            300                            —–                                                  ___3            450                            ___                                                    ___4            ___                            ___                                                    120005            630                            ___                                                    ___6            ___                            12000                                                ___Draw the graphs of the TC and TVC curves. What is the relationship between these two curves?Complete Table 3 by using your answers from the previous Tables and calculating the AVC, ATC, and MC.Table 3Total Product (TP) Average variable cost (AVC) Average total cost (ATC)  Marginal cost (MC)              0                                na                                na                                          na            100                              20                                ___                                          20            300                            —–                              ___                                        ___            450                            ___                              ___                                        ___            ___                            ___                              21.43                                      ___          630                            ___                                ___                                        ___            ___                            ___                                ___                                      66.67Draw the graphs of the ATC, AVC, and MC curves. What is the relationshipbetween the ATC and AVC curves? Between the MC and AVC curves?

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