Assigment

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Assignment #2 Production economics Exercise 1: Production function In the Deep Creek Mining Company example described in class suppose that capital is fixed at 500 brake horse power, while labor is a variable input. a) Complete the following table Labor input L (n. of workers) 1 2 3 4 5 6 7 8 9 10 b) Plot the (i) total product, (ii) marginal product and (iii) average product functions c) Determine the boundaries of the three stages of production Exercise 2. Optimal input level in short‐run The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: Crew size (number of workers) 2 3 4 5 6 7 8 9 10 11 12 a) Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing and (iv) negative returns? b) How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?
1

Total product Q

Marginal product MPL

Average product APL

Amount of fish caught per week (hundreds of lbs.) 3 6 11 19 24 28 31 33 34 34 33

c) How large a crew should be used if the trawler owner is maximizing the average amount of fish caught per worker? d) Suppose that the trawler owner can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $150 per week. Determine the optimal crew size if the trawler owner wants to maximize profits. Exercise 3. Optimal input levels in long‐run A firm uses two variable inputs, labor (L) and raw materials (M), in producing its output. At its current level of output: CL = $10/unit MPL = 25 CM = $2/unit MPM = 4 a) Determine whether the firm is operating efficiently, given that its…...

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