ECO 2023 FSC What Is the Marginal Product of Fifth Worker Microeconomics Questions

Complete the entire 2.A.11 and 3.A.13.1 sections on the attached word document. Answer each question correctly with complete information and answer each sub-question that goes along with each question.

  

2.A.11

Read chapter   11

Before   beginning this assignment, please read chapter 11 and refer to it as you form   your answers.

1. Define   excludability.

2. Define   rivalry.

3. Give an   example of a good that is rival and excludable. Explain carefully and fully   using complete sentences. What do economists call a good like this (choose   from one of the following: public good, private good, common resource, or   club good).

4. Give an   example of a good that is rival but not excludable. Explain carefully and   fully using complete sentences. What do economists call a good like this   (choose from one of the following: public good, private good, common   resource, or club good).

Use this book to help you: https://drive.google.com/file/d/1FJqgRNdBe63oP8NQmv6w3bW6iWqTk-tH/view

  

3.A.13.1

Read chapter   13

Before   beginning this assignment, please read chapter 13 and refer to it as you form   your answers.

Suppose that   you own a sandwich shop. Your rent is $500 per week. Your labor costs are   $100 per worker per week. Your sandwich ingredients are $2 per sandwich. If   you have no workers, you produce 0 sandwiches. If you have no workers, you   produce 0 sandwiches. If you have 1 workers, you produce 100 sandwiches per   week. If you have 2 workers, you produce 250 sandwiches per week. If you have   3 workers, you produce 375 sandwiches per week. If you have 4 workers, you   produce 480 sandwiches per week. If you have 5 workers, you produce 520   sandwiches per week.

1. Which of the   costs described above are fixed costs?

2. Which of the   costs described above are variable costs?

3. What is the   marginal product of the first worker?

4. What is the   marginal product of the second worker?

5. What is the   marginal product of the third worker?

6. What is the   marginal product of the fourth worker?

7. What is the   marginal product of the fifth worker?

8. How many   workers will you need if you want to produce 480 sandwiches per week?

9. What is the   total fixed cost if you produce   480 sandwiches?

10. What is the   total variable cost if you produce   480 sandwiches?

11. What is the   total cost if you produce 480 sandwiches?

12. What is   your average fixed cost if you   produce 480 sandwiches?

13. What is the   average variable cost if you   produce 480 sandwiches?

14. What is the   average total cost if you produce 480 sandwiches?