03 Jun Question Chapter 9 #6. We frequently hear the following
Question
Chapter 9
#6. We frequently hear the following terms used by businesspersons. What does each mean in
economic terminology?
A. spreading the overhead.
B. A break-even level of production
C. The efficiency of mass production.
#2. Dimex Fabrications Co., a small manufacturer of sheet-metal body parts for a major U.S.
automaker, estimates its long-run production function to be
Q= -0.015625K3L3 + 10 K2 L2
where Q is the number of body parts produced daily, K is the number of sheet-, metal presses in
its manufacturing plant, and L is the number of labor-hours per day of sheet-metal workers
employed by Dimex. Dimex is currently operating with eight sheet-metal presses.
a. What is the total product function for Dimex? The average product function? The marginal
product function?
b. Managers at Dimex can expect the marginal product of additional workers to fall beyond what
level of labor employment?
c. Dimex plan to employ 50 workers. Calculate total product, average product, and marginal
product
#3. The chief economist for Argus Corporation, a large appliance manufacturer, estimated the
firms short-run cost function for vacuum cleaners using an average variable cost function of the
form
AVC = a + bQ + cQ2
where AVC dollars per vacuum cleaner and Q number of vacuum cleaners produced each month. Total
fixed cost each month is $180,000. The following results were obtained:
DEPENDENT VARIABLE: AVC R-SQUARE F-RATIO P-VALUE ON F
OBSERVATIONS: 190 0.7360
39.428
0.001
VARIABLE
INTERCEPT
Q
Q2
PARAMETER
Estimate
194.93
-0.0305
0.0000024
STANDARD T-RATIO P-VALUE
Error
54.65
0.00789
0.00000098
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