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Bernies ice-making company produces ice cubes using a 10-ton machine and electricity

ISBN: 9781429218276 428

Solution for problem 1 Chapter Module 54

Krugman's Economics for AP* | 2nd Edition

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Problem 1

Bernies ice-making company produces ice cubes using a 10-ton machine and electricity (along with water, which we will ignore as an input for simplicity). The quantity of output, measured in pounds of ice, is given in the accompanying table. a. What is the fixed input? What is the variable input? b. Construct a table showing the marginal product of the variable input. Does it show diminishing returns? c. Suppose a 50% increase in the size of the fixed input increases output by 100% for any given amount of the variable input. What is the fixed input now? Construct a table showing the quantity of output and the marginal product in this case. Quantity of electricity (kilowatts)01234Quantity of ice (pounds)01,0001,8002,4002,800

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Management 3080 Professor Puranik Week 2 Notes Chapter 2 Continued 1. Trends Affecting Job Performance a. Kinds of jobs and the way employees get organized is changing and impacting these aspects of job performance i. Knowledge Work 1. Today’s jobs are becoming more cognitive and require...

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