Question 3 (14 points) The table below gives data about the number of labour units required...

Question

Question

Question 3 (14 points) The table below gives data about the number of labour units required for a firm to produce certain qua

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

MP = Change in TP / Change in labor

AP = TP / Labor

Labor	TP	MP	AP
0	0
1	47	47	47
2	126	79	63
3	213	87	71
4	284	71	71
5	315	31	63

MP +MP - 1 2 3 4 5

АР x-AP 0 1 2 3 4 5

If you need both MP & AP on single graph

+MP AP - 1 2 3 4 5

Add a comment

Answer 2

Similar Homework Help Questions

Question 3 [14 points] The table below gives data about the number of labour units required for a firm to produce certa...

Question 3 [14 points] The table below gives data about the number of labour units required for a firm to produce certain quantities of output. a) Complete the following table by calculating marginal product and average product from the data given. Inputs of Labour Total Product Marginal Product Average Product 48 132 228 oooo 312 360 b) Graph all your answers for marginal product and average product on the graph below. Select the curve you wish to graph from the...
The table below outlines some data obtained from a firm's research on their costs when producing...

The table below outlines some data obtained from a firm's research on their costs when producing certain quantities of output. The firm has a fixed cost of $14,000 for the following data. Complete the following question. (If necessary round your answers to two decimal places.) (a) Fill in the blanks in the following table. Units of Output Total Fixed Cost Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 70 0 0 110...
2. The table below shows the total production of a firm as the quantity of labour...

2. The table below shows the total production of a firm as the quantity of labour employed increases. The quantities of all other resources employed are constant. Unit of labour Total product Marginal product Average product of labour of labour 165 200 225 240 245 a) Compute the marginal and average products. (2 marks) b) Draw the marginal and average product curves on a graph paper. (4 marks) c) Assume that the labour is the only variable input used and...

(15.P) The following table gives the quantities of output that can be produced with different amo...

(15.P) The following table gives the quantities of output that can be produced with different amounts of capital and labor utilized by a firm. Units of K Units of Output 122 174 213 244 274 (300 5 112, 158/194 224 250 274 4 100 142 173 200 224 244 87 122 150 173 194 213 142 158 174 6 Idol 50 100 112 122 Units 3) 4 5 . 6 of a. What are the returns to scale for this...
1. The below question shows Short-Run productivity data for a small busin Units of Labor Total...

1. The below question shows Short-Run productivity data for a small busin Units of Labor Total Product Marginal Product Average Product O 75 JUNHO 104 16 126 119 104 a. Complete the table above by calculating Marginal Product and Average Product. 120 SANNE 15 b. Explain why, in the short run, Marginal Product first rises, then declines, and ultimately becomes negative. c. What happens to Marginal Cost when Marginal Product is rising? When Marginal Product is falling? c. What happens...
The short-runcost and revenue data of a certain producer are summarized in the table below. 1)...

The short-runcost and revenue data of a certain producer are summarized in the table below. 1) The short-run cost and revenue data of a certain producer are summarized in the table below. [2 marks] (a) Distinguish between 'short run' and 'long run'. (b) Complete the blanks in the table. + [10 marks] Total Average variable Marginal Average total variable Output Unit Total Average Marginal Total Economic Profit in $m in price in $ (P) Cost Cost Cost Cost Cost revenue...

Question. Given the data below, reproduce and fill in the table in your answer, graph the...

Question. Given the data below, reproduce and fill in the table in your answer, graph the results on appropriate graphs. Assume firm has only labor as a resource/input. L Wage Bill Total Resource Cost MRC MRP 100 $4000 9000 200 $4000 8000 300 $4000 7000 400 $4000 6000 500 $4000 5000 600 $4000 4000 700 $4000 3000 b) This labor market is imperfectly competitive. True, False, explain in detail. Why does the Marginal Resource (Labor) Cost curve have the shape...
number 7 is what I'm asking about here's Macon Ga table data

number 7 is what I'm asking about here's Macon Ga table data dit View History Bookmarks People Window Help 19% E) Sat Mar 23 4:5 Invalid xESCPXWater Filel/Users/Steven/Downloads/ENVE%204435%20Fall%202016%20Exam%20%232%20Practice%20Problems%20[Post].pdf a You have been asked to design a culvert to handle the discharge for a 50-year storm on a 19-acre catchment in Macon, Georgia Neighborhoods constitute 60% of the land use with the remainder being open space lawns, average condition, with clay soils and average slope. The catchment is characterized hydraulically by...
HELP needed urgently....Data and question is attacted below..... Thank you in advance there is no data...

HELP needed urgently....Data and question is attacted below..... Thank you in advance there is no data link fir this data it’s all in photos.... thank you i have already posted the question We were unable to transcribe this imageNo. 2 3 4 5 6 7 8 Working Sector Public Own Public Public Private Public Private Private Own Own Private Public Public Public Private 9 10 11 12 13 Public IS 16 17 18 19 20 21 22 23 24 25...

There was no question about Carl’s genius. Seven years ago he decided to enter the competitive...

There was no question about Carl’s genius. Seven years ago he decided to enter the competitive nightmare that the personal computer business had become. Although on the surface that appeared to be a rather non-genius-like move, the genius came in the unique designs and features that he developed for his computer. He also figured a way to promise delivery in only two days for the local and regional market. Other computer makers also had rapid production and delivery, but they...

Question 3 (14 points) The table below gives data about the number of labour units required...

Homework Answers

Add Answer to:
Question 3 (14 points) The table below gives data about the number of labour units required...

Post as a guest

Earn Coins

Question 3 [14 points] The table below gives data about the number of labour units required for a firm to produce certa...

The table below outlines some data obtained from a firm's research on their costs when producing...

2. The table below shows the total production of a firm as the quantity of labour...

(15.P) The following table gives the quantities of output that can be produced with different amo...

1. The below question shows Short-Run productivity data for a small busin Units of Labor Total...

The short-runcost and revenue data of a certain producer are summarized in the table below. 1)...

Question. Given the data below, reproduce and fill in the table in your answer, graph the...

number 7 is what I'm asking about here's Macon Ga table data

HELP needed urgently....Data and question is attacted below..... Thank you in advance there is no data...

There was no question about Carl’s genius. Seven years ago he decided to enter the competitive...

Question 3 (14 points) The table below gives data about the number of labour units required...

Homework Answers

Add Answer to: Question 3 (14 points) The table below gives data about the number of labour units required...

Post as a guest

Earn Coins

Add Answer to:
Question 3 (14 points) The table below gives data about the number of labour units required...