micro economics help

Assignmnet is located in the document…..Please enter answers on the word document and use the excel worksheet to help answer some of the questions.

Phase 3: IP –

Behavioral Economics

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Everything in blue should be deleted

Behavioral Economics

Write your introduction here. Write a brief paragraph that introduces the reader to your topic and it should explain what your paper will be discussing. Much of your introduction may be taken from the assignment itself (in your own words).

Write an 800-1000 words plus graphs.

Technological Change

Technological change is the way a company turns its inputs into outputs of its goods and services. A company uses its workers, ingredients, machines, natural resources and other normal activity of the firm to produce the outputs of its goods and services. A company’s technology depends the skills of its managers, the training of the company’s workers, and the speed and efficiency their equipment. It is also possible for a firm to experience negative technological change. If a firm hires less-skilled workers or if a hurricane damages its facilities, the quantity of output it can produce from a given quantity of inputs may decline.

Innovation

If I thought of something innovative to change my process it would definitely help me in the short run. If I thought about changing the size of my physical plant it would help me in the short run because I would have more room to ensure an even work flow. Also, if I decided to add another employee/worker it would make production of my product faster and more efficient. This also benefits the long run because it will vary all inputs and capabilities.

Explicit Fixed Costs

Develop a table that you believe shows the explicit fixed costs of the bread factory and the total amount of the costs. (Note: use the completed excel sheet to help you.)

Variable Costs

Describe your variable costs.

Total Cost and Average Total Cost

1. Graph the total cost and the average total cost. Per the Live Chat, provide a Graph for each here.

In your spreadsheet, save your total Cost to 0 decimal points, and the Average Total Cost to 2 decimal points. However, you are NOT to turn in an Excel document. Simply copy and paste your graph into this Document.

Marginal Product of Labor

2. Calculate the marginal product of labor, and add it to the table.

Calculate the marginal product of labor, and add it to the table in the “Phase 3 IP Student Worksheet”. Show your average product of labor to 2 decimal points. Copy and paste the marginal product of labor column into this Word document.

Average Product of Labor

3. Calculate the average product of labor, and add it to the table.

Show your average product of labor to 2 decimal points. Copy and paste the average product of labor column into your Word document.

Significance

4. What is the significance if one is greater than the other?

Listen to the Live Chat for details and provide a text response.

Productivity Decline

5. Although there seems to be a great demand for your bread, why would productivity decline when you hire more labor in the short run? Provide a text response here.

Production Graph

How would that reflect on your production graph?

You’ll have to graph it to find out. Then copy and paste your graph here.

Marginal Costs

6. What are your marginal costs?

Copy and paste your Marginal Costs column here.

Marginal Costs and Total Costs Intersect

7. At what point do your marginal costs and your total costs intersect?

Use Excel to create a graph and copy and paste it here.

What Happens to Total Costs

8. What happens to the total costs after this point?

No graph is required – provide a textual response.

Average Total, Average Fixed, and Average Variable Costs

9. Calculate your average total costs, your average fixed costs, and your average variable costs.

Copy both the Average Fixed and Average Variable cost columns from your spreadsheet into this section (Do this for each to 2 decimal points)

Marginal vs. Average Variable and Average Total Costs

10. Is your marginal cost greater than or less than your average variable cost or your average total cost?

You can provide a text explanation for each of the 10 workers in the assignment, or you can use colors to designate your answers as shown here. Listen to the Live Chat for a visual demonstration. All you need to do then is copy and paste these columns into your paper, make sure that the colors carry over.

Meaning: Marginal vs. Average Variable and Average Total Costs

Step 10 asks: What does that mean? Provide a textual response here.

Marginal Costs Level

Step 10 asks: Where do you want your marginal costs to be? Provide a textual response here.

Variable Costs

11. What happens to your average variable costs as your output goes up? Why is that? Provide a textual response here.

All Costs are Variable

12. Explain why in the bread-making business that, in the long run, all costs are variable and the average total costs equals the average variable costs. Provide a textual response here.

Economies of Scale

How would expanding the business affect the economies of scale? Provide a textual response here.

Constant Return to Scale and Diseconomies of Scale

When would you have constant return to scale and diseconomies of scale? To answer Constant returns and Diseconomies of scale, just define them from the textbook.

Examples

Provide examples for each Constant Return to Scale and Diseconomies of Scale

References

List your reference here. The reference page must include all of the references you used, listed in proper APA format. Refer to the Citations post in files area.

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2 0

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1 2 50

50

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500

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500

4 2

500

5 2

500

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500

Quantity of Workers	Quantity of Ovens	Quantity of Loaves of Bread Produced	Cost of Ovens	Cost of Workers Per Week	Total Cost	Average Total Cost	Marginal Product of Labor	Average Product of Labor	Marginal Costs	Average Fixed Cost	Average Variable Cost
		0			5
									500		4
125
3	2	10
300
410
6	550
7	625
8	660
9	700
730