Microeconomics#4
I need all three parts completed in detail and answer all questions. You will need to complete attached worksheet first.
Part 1
Complete the tables calculating the average product, marginal product, total value product, average value product, and marginal value product.
Part 2
Answer the five questions after each table as a guide to use when writing your essay.
Part 3
Write an essay of at least 750 words in which you address the following:
- Describe your calculations in the table.
- Indicate the number of workers used per day where the law of diminishing marginal returns begins for producing buckets of popcorn.
- Indicate the number of workers used per day where the law of diminishing marginal returns begins for movie ticket sales production.
- Describe the shapes of both the average product and marginal product curves, and include how they compare to the average value product and marginal value product curves for both buckets of popcorn and movie tickets.
- Indicate the optimal number of workers per day to use and the corresponding total number of buckets of popcorn to produce. Make sure you indicate how you found this optimal number of workers and total number of buckets of popcorn.
- Indicate the optimal number of workers per day to use and the corresponding total number of movie tickets to sell (produce). Make sure you indicate how you determined this optimal number of workers and total number of movie tickets.
Include a copy of the completed tables and your question answers from the worksheet after your essay (e.g., on the page following your reference page, if you have one). The minimum word count will not include the information from the worksheet (tables and answers).
UnitIV Assignment Worksheet
This worksheet is intended to help you develop the information you will use to complete your Unit IV Essay. You are expected to include the completed tables in your Unit IV Essay. The additional questions after the tables are intended to help you formulate your ideas concerning what you will write in your essay.
NOTE: Just completing this worksheet does not constitute completing the Unit IV Assignment. The information from the worksheet must be incorporated into your essay submission. Follow the instructions below.
Instructions:
1. Complete all parts of this Unit IV Assignment Worksheet.
2
. Answer the questions listed after the tables; these will help you formulate your ideas for writing the essay part of this unit’s assignment. You are expected to expand on these questions in your writing.
3. Include the tables and your question responses from this worksheet as an appendix at the end of your essay.
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, include the following:
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.
|
Number of Workers per Day |
Concession Items Produced per Day |
Average Product |
Average Price of Concession Items |
Total Value Product |
Average Value Product |
Marginal Value Product |
Price of Worker per Day |
||||||||||||||||||||
|
0 |
$ 8 .00 |
$ 12 0.00 |
|||||||||||||||||||||||||
| 2 |
10 0 |
$8.00 |
|||||||||||||||||||||||||
|
4 |
400 |
||||||||||||||||||||||||||
|
6 |
750 |
||||||||||||||||||||||||||
| 8 |
900 |
||||||||||||||||||||||||||
| 10 |
1,025 |
||||||||||||||||||||||||||
| 12 |
1,125 |
||||||||||||||||||||||||||
|
14 |
1,200 |
||||||||||||||||||||||||||
|
16 |
1,250 |
||||||||||||||||||||||||||
|
18 |
1,280 |
||||||||||||||||||||||||||
| 20 |
1,290 |
||||||||||||||||||||||||||
|
22 |
|||||||||||||||||||||||||||
|
24 |
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?