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Julia

In: Business and Management

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ASSIGNMENT # 1: PRODUCTION AND COST ANALYSIS IN THE SHORT-RUN

by

Mandar Adkar

May 8, 2011
ECO 550: Managerial Economics and Globalization
Prof. Fereidon Shahrokh, Ph.D.

ASSIGNMENT # 1: PRODUCTION AND COST ANALYSIS IN THE SHORT-RUN
Introduction
This document analyzes production data for a fictitious company to explain the stages of production with the help of table and figures. The document also provides identifies the three stages of production and explains why the firm's short run production has only one rational stage. The table below provides the data required for creating graphs related to productivity measures of Total Product (TP), Average Product (AP) and Marginal Product (MP) that constitute the Short run analysis of the Production process.
Table 1
Table showing the Average and Marginal product of labor for a hypothetical firm
|Amount of labor( units) |Amount of capital(No. of |Output of parts(Q, hundreds |Average product (Q/L) |Marginal product(∆Q/ |
| |machines) |of parts) | |∆L) |
|0 |5 |0 |- |- |
|1 |5 |49 |49 |49 |
|2 |5 |132 |66 |83 |
|3 |5 |243 |81 |111 |
|4 |5 |376 |94 |133

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