# Economic Statistics

fchdmo

You are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make some technological changes. Complete the following:

• Explain what a technological change is and how you can use it to lower your costs.

• Develop a table that you believe shows the explicit fixed costs of the bread factory and the total amount of the costs.
• Because you are not an expert yet on analyzing costs and optimal production levels, you decide to do a very simple analysis of your short-run fixed and variable costs if you expand. You decide that your only fixed cost will be the ovens and the variable costs will be the workers.
 Quantity of Workers Quantity of Ovens Quantity of Loaves of Bread Produced Cost of Ovens Cost of Workers Per Week 0 2 0 500 0 1 2 50 450 2 2 125 3 2 210 4 2 300 5 2 410 6 2 550 7 2 625 8 2 660 9 2 700 10 2 730

Instructions

1. Calculate the  total cost and the average total cost, and add it to the table
2. Calculate the marginal product of labor, and add it to the table.
3. Calculate the average product of labor, and add it to the table.
4. Although there seems to be a great demand for your bread, why would productivity decline when you hire more labor in the short run?
5. What are your marginal costs?
6. At what point do your marginal costs and your total costs intersect?
8. What happens to your average variable costs as your output goes up? Why is that?
9. How would expanding the business affect the economies of scale? When would you have constant return to scale and diseconomies of scale? Provide examples.
10. Where is the optimal level of production and the optimal level of prices in the short run?

Click on Student Expectations to view the expectations for this ass

• Posted: 6 years ago
• Due:
• Budget: \$40
• Economic Statistics

Purchase the answer to view it

Purchase the answer to view it

Purchase the answer to view it

Purchase the answer to view it

Purchase the answer to view it

• Rated 2 times

### Kim

 Phase 3 Individual Project Deliverable Length: 800–1,000 words plus table

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a …

• Rated 2 times

 800–1,000 words plus table Details: Weekly tasks or assignments (Individual or Group Projects) will be duebyMonday and late submissions will be assigned a late penalty in accordance with …

• Rated 2 times

### need help completing this assignment

You are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make some technological …

• Not rated

### Deliverable Length:800â1,000 words plus tableDetails:Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions...

 Deliverable Length: 800–1,000 words plus table Details: Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in …

• Not rated

### Microeconomics for AlgebraExpert

 Deliverable Length: 800–1,000 words plus table Details: You are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first …

• Not rated

### Economic Statistics

You are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make some technological …

• Not rated

### You are the owner of a small bread factory

Weekly tasks or assignments (Individual or Group Projects) will be duebyMonday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the …

• Not rated

### MGM Phase 3 Individual Assignment - A+ original paper with citations from an A+ tutor!

 MGM Phase 3 Individual Assignment - A+ original paper with citations from an A+ tutor!If you purchase this: Thanks for purchasing my tutorial! Open the attached file to get the paper/solutions. If …

• Not rated

### Microeconomics

800 words

are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make …

• Not rated

### see description

You are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make some technological …