ECO 2023 Marginal Product of Fifth Worker Microeconomics

ECO 2023 Marginal Product of Fifth Worker Microeconomics

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ECO 2023 Marginal Product of Fifth Worker Microeconomics

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 worker, 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 variablecost if you produce   480 sandwiches?
11. What is the   total costif you produce 480 sandwiches?
12. What is   your average fixed costif you   produce 480 sandwiches?
13. What is the   average variablecost if you   produce 480 sandwiches?
14. What is the   average total costif you produce 480 sandwiches?

 

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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