Microeconomics Theory and Applications fifth edition by Dominick Salvatore There are 10 questions needs to be answered as directed in the attached file. Do not include any source, basically write all in your own words but if you need any help to look please look only in a book called Microeconomics Theory and Applications fifth edition by Dominick Salvatore. Please use excel for making graphs, answer those questions in word doc. atleast use 3-4 lines to answer or explain each part of the question even it doesn?t say in question.This assignment could take more than 2 pages. Also make tables in the those questions where required. please send me both files mean excel and word doc. thanks feel free to contact me if you have any question 1.A firm?s short-run production functionrs:Units of Labor/DaY 56 7 8 9Units of Total OutPut/DaY t2,0 140 155 165 168each day regardless The price of labor is $20 per day. Ten units of capital are used ? output Ievel. The price of capital is $50 per unit?ofinput. a. calculate the marginal product of each unit of labor b. Calculate total, aYerage, and marginal costs? c. Graph the average and marginal cost functions?and mSimizine level of output firm is.producingthe.proSrt Now assume that 2. Assume thataprice-taking this particular firm is positive #;ffi;rfn.Ii1*;;;tii;?ii??utio1is earning there is an iocrease operating. what graPhicallY?*u|d;ffi;i, ?votlJfibir-ilT#;;;effects f fut?;;iliwnvr fllustrate thesefr;;nt, tl **t1i.;hi;h3.Supposethatthemarketforrawcottonisperfectiycom?etitiveandtbatthe for cotton? reduces the demand developmer,?otgxptainthe sequence of events? a.Whathappenstothemarketpriceofcotton?Whatistheshort.runresponseofcotton producers rothe.#;#;tJpri. r*iiresponse in the market? b. What is the long-run and force 4.Constructagraphthatdepictsamonopolistearning-economicprofits?Nowassume ,source,iosts increase *..rrodJ or ,n*g. io costs and explain what that as a result ,rr*-i1ut?io?* r c.pui,y monopolist to ior*i-roll run? nuPPo over the iongthe*iU5.Thefollowingtableshowsthedemandcurvefacingamonopolistwhoproducesata cons,*, marginal cost of $10? Price Quantity270242l 18 152 4 6 812 910 126 J 0l4 16 18a.ld. ffil $:ff ,P;JiirT#fl.113 ;#il;; graphically? Show the above o*?tornttCalculate9? |rrrrlt**3i1-1,1?,:ltHrtits and price? What isprofit?a competitive industrv?^the table: 6. Draw the relationship between labor and capital given inLabor 10Capital 90 70 55Output 100 100 100 100 100 100 10020 30 40 50 60457036 29 25b. t&at is the MRTSIk w-hen labor goes from 30 to 40 workers? c. ,hat is the MRTSIk u&en labor goes from 60 to 70 workers? d. Lf the marginal product of the fiftieth laborer is 9, what is the marginal capitai ,,1?hen tne tnirty-sixth unit of capital is employed?a- Shat do we call this figure?product of7. Assuming tle income elasticity of demand for margarine is negative, for butter.describe the on the demand effect associated with an increasein the income of margarine consumersof substitution between two goods must equai the satisfaction? ratio Lf the pAce of the goods for the consume to achieve maximum 8. Explain q.h1, a person?s marginal rate9. a)you whether the the marginal cost of production is increasing, does this tell an example uurugvariable cost is incrlasing or decreasing? Explain and provide graphically and verbaiiY.Ifvariable cost, does this b) If the marginal cost of production is greater than the aYerage and provide an telt you whefler the average cost is incieasing or decreasing? Explain exampie graphically and verbally. variable cost c) If the firm?s average cost curves are u-shaped, why does its average curve? Explain cost total curve achieve its minimum at a lower of output than the average and provide an example graphically and verbally?that has $tOO to spend on qroducrlg j3ans?.Input cost $4 a unit? How does each iucludes labor and materials. Labot costs $8 and materials 10.nraw an isocost curve for a firrrgxaphicafiy. of the fo[owing affectthe isocost curve? showyour answel a- Production budget doubles.h. Cost.of materials rises to $10 a unir c, Costs of labor andnraterials eaph rise by 25 percent?. :
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