IMPORTANCE OF THE PENDULUM IN SCIENCE

I need help to get the attached done in the next 2 hours. I post d it earlier but the person who took the assignment never done d anything on it. Please help.
econ_4.docx

Unformatted Attachment Preview

Don't use plagiarized sources. Get Your Custom Essay on
IMPORTANCE OF THE PENDULUM IN SCIENCE
Just from $13/Page
Order Essay

Assignments & Exams
Course: Microeconomics: ECO-101-1709
Assignment: Assignment 4
OUTPUT AND COSTS
Average total cost
(175,000
cattle =
100)
Year
50,000
cattle
175,000
cattle
425,000
cattle
850,000
cattle
1,350,000
cattle
1992
1.104
100.0
94.3
90.6
88.5
1977
1.082
100.0
95.8
93.1
91.7
1963
1.045
100.0
98.0
98.0
96.7
Question #1:
The data in the table above show the average total costs (per head of cattle) of
meatpacking firms of varying plant sizes in three different years. (MacDonald, James
M. and Ollinger, Michael E. “Technology, Labor Wars, and Producer Dynamics:
Explaining Consolidation in Beef Packing.” American Journal of Agricultural
Economics 87(4) (November 2005): 1020-1033.) The average cost numbers are
expressed as an index, using the 175,000 head plant size as the base, so a decrease in
the index is a decrease in average total cost.
Explain how these data indicates the existence of economies of scale in the beef
packing industry. Are there economies of scale for each of the three years?
Describe the general shape of the average cost curve that is implied by these
data.
Question #2:
Compare the average costs across plant sizes in 1963 with those in 1977 and
1992. Were scale economies becoming more or less significant over time?
Question #3:
The authors of this study made the following assessment of production costs in the
beef packing industry:
“Large plants have substantial fixed costs, due partly to capital intensity, and partly to
labor practices (weekly minimum hours guarantees to production workers). As a
result, short run processing costs at large plants rise sharply as volumes fall below
capacity, and packers require large and consistent flows of cattle before committing to
a large plant.”
To capture the idea that there are substantial fixed costs, suppose that the formula for
the beef packers total cost is:
TC = $50,000,000 + $35 x Q
where Q is the number of cattle processed per year. This formula means that the fixed
cost is $50 million, but that once the plant is up and running, the marginal cost per
cattle processed is $35, regardless of the level of production.
a. Is this marginal cost curve from this cost formula consistent with the law of
diminishing returns? Explain.
b. Using the formula for the total cost, what is the formula for the average total
cost?
c. Is there a level of output for which the marginal cost equals the average total
cost?

Purchase answer to see full
attachment

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency

Order your essay today and save 15% with the discount code ESSAYHELP