25 Jun Economic Homework $10.00
John works 40 hours a week managing his own business, without drawing a salary. He could be earning $600 a week doing the same job for his former employer. He has invested $100,000 of his own money in his business and owes the bank $100,000. The interest on his bank debt is $200 a week. If John’s accounting profit is $1,000 per week, what is his economic profit?
- Consider the production schedule below. Where is the average product of labor maximized and at what point does diminishing marginal product of labor set in?
- Using regression analysis, where labor is the “X” variable, find the best production equation to estimate total output.
| output | labor |
| 0 | 0 |
| 6 | 1 |
| 16 | 2 |
| 29 | 3 |
| 44 | 4 |
| 55 | 5 |
| 60 | 6 |
| 62 | 7 |
| 62 | 8 |
| 61 | 9 |
| 59 | 10 |
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