Use the table below to answer the following questions a) fill in the table above
ID: 2505902 • Letter: U
Question
Use the table below to answer the following questions
a) fill in the table above
b) at what point ( number of workers ) does the firm experience diminshing returns ? explain .
Use the table below to answer the following questions. Fill in table above. At what point (number of workers) does the firm experience diminishing returns? Explain. Jennifer's Carpet Cleaners has a total cost curve as given in the table below. Output is the number of carpets cleaned. Given this data, answer the questions below. Fill the table The current price for cleaning a carpet is $18. How many carpets must be cleaned to maximize profits? what will the profit be?Explanation / Answer
No of workers per day
Total product
Marginal product
Average product
0
0
-
0
1
4
4
4
2
10
6
5
3
18
8
6
4
22
4
5.5
5
24
2
4.8
6
22
-2
3.33
Clearly we can observe that when number of workers is 6 they show diminishing return.
Ans: 2
Output
TC
FC
VC
MC
AFC
AVC
ATC
0
100
100
0
-
-
-
-
1
200
100
100
100
100
100
200
2
320
100
220
120
50
110
160
3
460
100
360
140
33.33
120
153.33
4
620
100
520
160
24
130
154
5
800
100
700
180
20
140
160
6
1000
100
900
200
16.66
150
176.66
Total cost = fixed cost + variable cost
Since fixed cost is fix even if we produce anything or not hence FC=100
Then we can find the:
Average Fixed Cost (AFC)= fixed Cost
No of workers per day
Total product
Marginal product
Average product
0
0
-
0
1
4
4
4
2
10
6
5
3
18
8
6
4
22
4
5.5
5
24
2
4.8
6
22
-2
3.33
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