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Project Description:

1) table shows weekly relationship between output and the number of workers for the factory with a fixed size plant. add numbers to answer the following questions.

number of output
workers
______________________________________________
0 0
1 50
2 110
3 300
4 450
5 590
6 665
7 700
8 725
9 710
10 705

a) calculate the marginal product of labor.
b) calculate the average product of labor.
c) are all three stages of production visible in the table?

2) if a production function is given by the equation:q=12x + 10 x2 - x3, where q = output and x = input, then calculate the equations for average product and marginal product.

3) for each cost function, if possible, find minimum av and minimum avc ,
a) tc = 20,000 + 10 q
b) tc + 18,000 + q + 0.2q

4) a perfectly competitive firm has a total revenue and total cost curves given by:
tr = 100q
tc + 5,000 + 2q + 0.2q squared.

a) find the profit - maximizing output for this firm.
b) what profit does the firm make?

5) describe the factors in michael porter's "five forces model" that affect the ability of any firm in an industry to earn a profit.

6) what five ways that risk of foreign currency exchange rate changes can be hedged against?

7) how can companies manipulate transfer prices to gain a tax advantage?
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