Unit IV Assignment Worksheet   This worksheet is intended to help you develop the information you will use to complete your Unit IV Essay

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Unit IV Assignment Worksheet

 

This worksheet is intended to help you develop the information you will use to complete your Unit IV Essay. You are expected to include the completed tables in your Unit IV Essay. The additional questions after the tables are intended to help you formulate your ideas concerning what you will write in your essay.

 

NOTE: Just completing this worksheet does not constitute completing the Unit IV Assignment. The information from the worksheet must be incorporated into your essay submission. Follow the instructions below.

 

Instructions:

1. Complete all parts of this Unit IV Assignment Worksheet.

2. Answer the questions listed after the tables; these will help you formulate your ideas for writing the essay part of this unit’s assignment. You are expected to expand on these questions in your writing.

3. Include the tables and your question responses from this worksheet as an appendix at the end of your essay.

 

 

On the following pages, you will be provided with tables showing the different levels of output that are possible as the number of workers used per day changes. Using the information you learned from this unit’s textbook readings for this class as well as the information in the Unit IV Lesson, include the following:

1. Complete the two tables below; one is for production of concession stand item sales while the other is for production of movie ticket sales.

2. Answer all of the questions listed below each table; as mentioned, these answers will help you when formulating your thoughts for the essay part of your Unit IV Assignment.

 

 

Number of Workers per Day	Concession Items Produced per Day		Average Product		Marginal Product		Average Price of Concession Items		Total Value Product		Average Value Product		Marginal Value Product		Price of Worker per Day
0	0						$8.00								$120.00
2	100						$8.00								$120.00
4	400						$8.00								$120.00
6	750						$8.00								$120.00
8	900						$8.00								$120.00
10	1,025						$8.00								$120.00
12	1,125						$8.00								$120.00
14	1,200						$8.00								$120.00
16	1,250						$8.00								$120.00
18	1,280						$8.00								$120.00
20	1,290						$8.00								$120.00
22	1,290						$8.00								$120.00
24	1,280						$8.00								$120.00

 

 

Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.

Using the information from the table you completed, answer the following questions:

1. At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?

 

2. At what number of workers used per day does negative marginal returns begin? How did you determine this number?

 

3. What similarities do you see between the shape of the Average Product curve and the Average Value Product Curve?

 

 

4. What similarities do you see between the Marginal Product curve and the Marginal Value Product curve?

 

5. What is the optimal number of workers per day to use at the theater’s concession stand to produce concession stand item sales? How did you determine this optimal number?

 

 

Number of Workers per Day	Movie Tickets Produced per Day		Average Product		Marginal Product		Average Price of Movie Tickets		Total Value Product		Average Value Product		Marginal Value Product		Price of Worker per Day
0	0						$10.00								$120.00
1	227						$10.00								$120.00
2	615						$10.00								$120.00
3	935						$10.00								$120.00
4	1,185						$10.00								$120.00
5	1,427						$10.00								$120.00
6	1,631						$10.00								$120.00
7	1,788						$10.00								$120.00
8	1,800						$10.00								$120.00
9	1,800						$10.00								$120.00
10	1,789						$10.00								$120.00
11	1,757						$10.00								$120.00
12	1,679						$10.00								$120.00

 

 

Questions: Use these questions to help you formulate your ideas for writing the Unit IV Essay.

Using the information from the table you completed, answer the following questions:

1. At what number of workers used per day does the law of diminishing marginal returns begin? How did you determine this number?

 

2. At what number of workers used per day do negative marginal returns begin? How did you determine this number?

 

3. What is the optimal number of workers per day to produce movie ticket sales? How did you determine this optimal level?