Homework answers / question archive / On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes

On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes

Economics

Share With

---

On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes.  Using the information you learned from this unit’s textbook readings for this class as well as the information in the Unit IV lesson:

1.            Complete the two tables below; one is for production of concession stand item sales, while the other is for production of movie ticket sales.

2.            Answer all of the questions listed below each table; as mentioned, these answers will help you when formulating your thoughts for the essay part of your Unit IV Assignment.Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.

Using the information from the table you completed, answer the following questions:

1.            At what number of workers used per day does the law of diminishing marginal returns begin?  How did you determine this number?

 

 

 

2.            At what number of workers used per day does negative marginal returns begin?  How did you determine this number?

 

 

3.            What similarities do you see between the shape of the Average Product curve and the Average Value Product Curve?

 

 

 

4.            What similarities do you see between the Marginal Product curve and the Marginal Value Product curve?

 

 

5.            What is the optimal number of workers per day to use at the theater’s concession stand to produce concession stand item sales? How did you determine this optimal number?

 

 

 

Number of Workers Per Day       Movie Tickets Produced per Day                               Average Product                              Marginal Product                             Average Price of Movie Tickets                  Total Value Product                        Average Value Product                 Marginal Value Product                 Price of Worker Per day

0              0                                                                                              $10.00                                                                                                                  $120.00

1              227                                                                                         $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

2              615                                                                                         $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

3              935                                                                                         $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

4              1,185                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

5              1,427                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

6              1,631                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

7              1,788                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

8              1,800                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

9              1,800                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

10           1,789                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

11           1,757                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

12           1,679                                                                                     $10.00                                                                                                                   $120.00

                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                               

 

Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.

Using the information from the table you completed, answer the following questions:

1.            At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?

 

 

2.            At what number of workers used per day do negative marginal returns begin? How did you determine this number?

 

 

3.            What is the optimal number of workers per day to produce movie ticket sales?  How did you determine this optimal level