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The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.)

The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter8: Cost Analysis
Section: Chapter Questions
Problem 9E
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Please answer letter A tables.
The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.) Units of Y Used 5 4 3 210 188 162 130 94 1 Estimated Output per Day 360 421 324 376 282 324 234 272 162 188 3 4 Units of X used 305 272 234 188 130 2 470 421 360 305 210 5
Transcribed Image Text:The following production table gives estimates of the maximum amounts of output possible with different combinations of two input factors, X and Y. (Assume that these are just illustrative points on a spectrum of continuous input combinations.) Units of Y Used 5 4 3 210 188 162 130 94 1 Estimated Output per Day 360 421 324 376 282 324 234 272 162 188 3 4 Units of X used 305 272 234 188 130 2 470 421 360 305 210 5
a) Assuming that output sells for P3 per unit, complete the following table: Units of Y Used 1 2 3 4 Units of X Used 1 2 3 4 5 Total Product of Y Total Product of X X Fixed at 2 Units Marginal Product of Y Average Product of Y Y Fixed at 3 Units Marginal Product of X Average Product of X Marginal Revenue Product of Y Marginal Revenue Product of X
Transcribed Image Text:a) Assuming that output sells for P3 per unit, complete the following table: Units of Y Used 1 2 3 4 Units of X Used 1 2 3 4 5 Total Product of Y Total Product of X X Fixed at 2 Units Marginal Product of Y Average Product of Y Y Fixed at 3 Units Marginal Product of X Average Product of X Marginal Revenue Product of Y Marginal Revenue Product of X
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