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

### Hire our professional essay experts at Gradehunters.net who are available online 24/7 for an essay paper written to a high standard at an affordable cost.

Order a Similar Paper Order a Different Paper

###
Description

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?

### Everyone needs a little help with academic work from time to time. Hire the best essay writing professionals working for us today!

Get a 15% discount for your first order

Order a Similar Paper Order a Different Paper