microeconomics 63 – Essay Writers

800 words 
 
are the owner of a small bread factory and are thinking of lowering costs and expanding. Your small-business advisors suggested that you first review your operations and make some technological changes. Complete the following:

Explain what a technological change is and how you can use it to lower your costs.

The next thing that your small business advisors asked you to do was to break down your costs and see what you can reduce.

Fill in the table below showing the explicit fixed costs of the bread factory and the total amount of the costs.
Because you are not an expert yet on analyzing costs and optimal production levels, you decide to do a very simple analysis of your short-run fixed and variable costs if you expand. You decide that your only fixed cost will be the ovens and the variable costs will be the workers.

Quantity of Workers

Quantity of Ovens

Quantity of Loaves of Bread Produced

Cost of Ovens

Cost of Workers Per  Week

Total Cost

0

2

0

500

0

500

1

2

50

 

450

 

2

2

125

 

 

 

3

2

210

 

 

 

4

2

300

 

 

 

5

2

410

 

 

 

6

2

550

 

 

 

7

2

625

 

 

 

8

2

660

 

 

 

9

2

700

 

 

 

10

2

730

 

 

 

Instructions

 

Calculate the  total cost and the average total cost, and add it to the table
Calculate the marginal product of labor, and add it to the table.
Calculate the average product of labor, and add it to the table.
Although there seems to be a great demand for your bread, why would productivity decline when you hire more labor in the short run?
What are your marginal costs?
At what point do your marginal costs and your total costs intersect?
Calculate your average total costs, your average fixed costs, and your average variable costs.
What happens to your average variable costs as your output goes up? Why is that?
How would expanding the business affect the economies of scale? When would you have constant return to scale and diseconomies of scale? Provide examples.

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

 
"Is this qustion part of your assignmentt? We will write the assignment for you. click order now and get up to 40% Discount"