Suppose the Local Newspaper Hires Students to Fold and Bag

question 187

Essay

Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $20 per shift.Five students can fold and bag 300 newspapers per shift.The fourth student added 50 newspapers to total output.The cost of the capital the firm uses is fixed at $50 per shift.
a.Is the newspaper operating in the long run or short run? Why?
b.What is the average product of 5 students?
c.Calculate the total fixed,total variable,and total costs of folding and bagging 300 newspapers.
d.Calculate the average fixed,average variable,and average total costs of folding and bagging 300 newspapers.
e.What is the marginal cost of one of the 50 newspapers folded and bagged by the fourth student?

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Definitions:

Anti-Markovnikov Addition

A type of chemical addition reaction where the substituent is added to the less substituted carbon atom in a double bond or alkyne.

Peroxides

Chemical compounds containing an oxygen-oxygen single bond, or the peroxide anion O2^2-. They are often powerful oxidizing agents.

Stereochemical

Pertaining to the spatial arrangement of atoms in molecules and the effect of this arrangement on their chemical behavior.

Regio-

A prefix used in chemistry to describe the region or position in a molecule where a reaction takes place.