Unit IV Assignment Worksheet
This worksheet is intended to help you develop the information you will use to complete your Unit IV Essay. You are expected to include the completed tables in your Unit IV Essay. The additional questions after the tables are intended to help you formulate your ideas concerning what you will write in your essay.
NOTE: Just completing this worksheet does not constitute completing the Unit IV Assignment. The information from the worksheet must be incorporated into your essay submission. Follow the instructions below.
Instructions:
Complete all parts of this Unit IV Assignment Worksheet.
Answer the questions listed after the tables; these will help you formulate your ideas for writing the essay part of this unit’s assignment. You are expected to expand on these questions in your writing.
Include the tables and your question responses from this worksheet as an appendix at the end of your essay.
On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes. Using the information you learned from this unit’s textbook readings for this class as well as the information in the Unit IV Lesson, include the following:
Complete the two tables below; one is for production of concession stand item sales while the other is for production of movie ticket sales.
Answer all of the questions listed below each table; as mentioned, these answers will help you when formulating your thoughts for the essay part of your Unit IV Assignment.
Number of Workers per Day
Concession Items Produced per Day
Average Product
Marginal Product
Average Price of Concession Items
Total Value Product
Average Value Product
Marginal Value Product
Price of Worker per Day
0
0
0
$8.00
$120.00
2
100
50
100
$8.00
200
100
800
$120.00
4
400
200
300
$8.00
1200
300
2400
$120.00
6
750
125
350
$8.00
2100
350
2800
$120.00
8
900
112.5
150
$8.00
1200
150
1200
$120.00
10
1,025
102.5
125
$8.00
1250
125
1000
$120.00
12
1,125
93.75
100
$8.00
1200
100
800
$120.00
14
1,200
85.71
75
$8.00
4050
75
600
$120.00
16
1,250
78.12
50
$8.00
800
50
400
$120.00
18
1,280
71.11
30
$8.00
540
30
240
$120.00
20
1,290
64.5
10
$8.00
200
10
80
$120.00
22
1,290
58.63
0
$8.00
0
0
0
$120.00
24
1,280
53.33
10
$8.00
-240
-10
-80
$120.00
Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.
Using the information from the table you completed, answer the following questions:
At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?
At what number of workers used per day does negative marginal returns begin? How did you determine this number?
When you look at the table that is above you will see that if you are at a set number of 10 workers you will find that you are in the negative marginal returns this happens when the marginal product as well as the total value that is for all of the products that are in the negative.
What similarities do you see between the shape of the Average Product curve and the Average Value Product Curve?
The average product curve is a graph that shows what the relationship is with the average product as well as the quality of all of the variables inputs. In the mean time they keep the other inputs at a constant. As for the outputs the graph will show what they are per unit at every level that has to do with the value input. As for the Average Value Product curve the outputs are per unit of the overall total inputs that you would be given for a particular element that has to do with production. This graph is a reflection of the total amount. The average product curve for typical goods are shaped as an inverted U.
What similarities do you see between the Marginal Product curve and the Marginal Value Product curve?
What is the optimal number of workers per day to use at the theater’s concession stand to produce concession stand item sales? How did you determine this optimal number?
Overall the optimal number of workers that are able to be employed by the firm is 18 workers. The firm should employee workers as long as they are not at the marginal value product that comes with the last worker being larger then or also equal to the wage rate they have. In till the firm hit 18 workers then the marginal value of product will be larger than or equal to the wage rates. Which is 120. Also by keeping the employment at 18 the firm will make sure that they have maximum profit.
Number of Workers per Day
Movie Tickets Produced per Day
Average Product
Marginal Product
Average Price of Movie Tickets
Total Value Product
Average Value Product
Marginal Value Product
Price of Worker per Day
0
0
$10.00
$120.00
1
227
277
277
$10.00
277
277
2770
$120.00
2
615
307.5
388
$10.00
776
388
3880
$120.00
3
935
311.66
320
$10.00
960
320
3200
$120.00
4
1,185
279.5
250
$10.00
1000
250
2500
$120.00
5
1,427
285.4
242
$10.00
1210
242
2420
$120.00
6
1,631
271.83
204
$10.00
1224
204
2040
$120.00
7
1,788
255.42
157
$10.00
1099
157
1570
$120.00
8
1,800
225
12
$10.00
96
12
120
$120.00
9
1,800
200
0
$10.00
0
0
0
$120.00
10
1,789
178.9
-11
$10.00
-110
-11
-110
$120.00
11
1,757
159.72
-32
$10.00
-132
-32
-320
$120.00
12
1,679
139.91
-78
$10.00
-936
-78
-780
$120.00
Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.
Using the information from the table you completed, answer the following questions:
At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?
At what number of workers used per day do negative marginal returns begin? How did you determine this number?
With the graph that can be seen above you can come to the conclusion that with 24 workers that will leave the firm with a marginal product as well as an overall product are both negative.
What is the optimal number of workers per day to produce movie ticket sales? How did you determine this optimal level?
The optimal number of workers that you would need per day for you to be able to produce movie ticket sales would be 6. With the total value product as well as the marginal product you will see with just six workers that they will be at the maximum level. By taking on more workers you will raise the marginal products well as lower the overall product value.
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