Homework Answers
|
Workers |
Output |
Marginal Product |
|
0 |
0 |
-- |
|
1 |
56 |
56 |
|
2 |
84 |
28 |
|
3 |
98 |
14 |
|
4 |
105 |
7 |
|
5 |
107 |
2 |
(1) Yes. From the last column in the above table, the marginal product of labor decreases as the number of workers increases. Thus, production is exhibiting the effects of the law of diminishing marginal returns. The firm is experiencing diminishing returns.
(2) Marginal revenue product (MRP) = Market price * Marginal product
Fourth worker's MRP=$250 * 7 =$1,750
Add Answer to:
Suppose a firm produces hardware that plays video games using workers according to the table below....
Score: 2 of 4 pts 6 of 10 (9 complete) % Concept: MRP of Labor 2...
Score: 2 of 4 pts 6 of 10 (9 complete) % Concept: MRP of Labor 2 Suppose a firm produces hardware that plays video games using workers according to the table below. Suppose also that its output sells for $100 per unit. Workers Output 0 40 60 70 75 77 5 Is the firm experiencing the effects predicted by the law of diminishing returns? The firm is experiencing diminishing returns What is the marginal revenue product of the third worker?...
The table below shows the daily production of sweatshirts at the CoolPrintz Screenprinting firm. Diminishing marginal...
The table below shows the daily production of sweatshirts at the CoolPrintz Screenprinting firm. Diminishing marginal returns to labor set in after the worker is hired. Workers Output 12 30 45 50 54 56 56 54 4 6 7 A. 2nd B. 3rd C. 5th D. 8th
1. a) Suppose a firm has short-run productivity data as shown in the table below. This...
1. a) Suppose a firm has short-run productivity data as shown in the table below. This firm is experiencing diminishing marginal product over this range of labour input: Labour (Hours) Total Product (Output) 14 50 15 70 16 80 Is this true, false, or uncertain? If so, please explain why in detail. b) If the firm from A3-3 pays its workers $20/hour, then the firm experiences increasing marginal cost between output levels 50 and 80. [Hint: An approximation of MC...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
Suppose that a firm is producing in the short run when machine number is fixed. It...
Suppose that a firm is producing in the short run when machine number is fixed. It knows that as the number of workers used in the production process increases, the number of output changes according to the following table: # of workers # of output 0 0 1 10 2 17 3 22 # of workers # of output 4 25 5 26 6 25 7 23 1. Calculate the marginal and average products of labor for each additional worker....
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker i...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Please explain Refer to the table below. This firm encounters diminishing marginal productivity when it produces...
Please explain
Refer to the table below. This firm encounters diminishing marginal productivity when it produces the product - 1 Total fixed cost $150 150 150 150 150 150 150 150 150 150 150 Total variable cost $0 50 75 105 145 200 2 70 360 475 620 800 9 T Multiple Choice 0 second unit of output. 0 third unit of output 0 fourth unit of output 0 seventh unit of output
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
1. Suppose a firm’s cost of hiring another worker is $100. The firm pays an hourly...
1. Suppose a firm’s cost of hiring another worker is $100. The firm pays an hourly wage of $15 to all workers. Each additional worker adds 100 units to total production, holding constant capital and average hours per worker. If a current worker works an additional hour, holding constant capital and the number of employees, total production increases by 8. The firm faces diminishing marginal returns to workers and to hours per worker. A. Is the firm maximizing profits? Why...
Score: 2 of 4 pts 6 of 10 (9 complete) % Concept: MRP of Labor 2 Suppose a firm produces hardware that plays video games using workers according to the table below. Suppose also that its output sells for $100 per unit. Workers Output 0 40 60 70 75 77 5 Is the firm experiencing the effects predicted by the law of diminishing returns? The firm is experiencing diminishing returns What is the marginal revenue product of the third worker?...
The table below shows the daily production of sweatshirts at the CoolPrintz Screenprinting firm. Diminishing marginal returns to labor set in after the worker is hired. Workers Output 12 30 45 50 54 56 56 54 4 6 7 A. 2nd B. 3rd C. 5th D. 8th
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Please explain
Refer to the table below. This firm encounters diminishing marginal productivity when it produces the product - 1 Total fixed cost $150 150 150 150 150 150 150 150 150 150 150 Total variable cost $0 50 75 105 145 200 2 70 360 475 620 800 9 T Multiple Choice 0 second unit of output. 0 third unit of output 0 fourth unit of output 0 seventh unit of output
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
Most questions answered within 3 hours.
-
1) Who is a Hispanic consumer?
2) Who is a Latin consumer?
3) Are Hispanic and...
asked 7 minutes ago -
Rod figures that it takes an average (mean) of =20 minutes with
a standard deviation of...
asked 25 minutes ago -
You have 5 ul of a pure (undiluted) culture at a concentration
of 3.6 x 106...
asked 30 minutes ago -
______ activity indicates the presence of an electron transport
chain.
1- gelatinase 2- oxidase 3- caseinase...
asked 32 minutes ago -
The molarity of a silver nitrate solution is 0.192 M. How many
grams of silver ions...
asked 45 minutes ago -
Which of the following solutes will produce a greater increase
in boiling point when it is...
asked 41 minutes ago -
true or false: Series connected electrical circuit is a voltage
divider, and voltage of each device...
asked 36 minutes ago -
A 100-W lightbulb has a resistance of about 12 Ω when cold (20
∘C) and 128...
asked 40 minutes ago -
For the asset shown in the following table, use the capital
asset pricing model to find...
asked 41 minutes ago -
If the impulse response of a circuit is a pulse y(t) = u(t) –
u(t-T), T...
asked 48 minutes ago -
Eukaryotic cells have __ which is similar to prokaryotes of
Archaea.
A Ester-linked membrane lipids
B...
asked 57 minutes ago -
true or false. If work is done on a system by it's
surroundings, its value is...
asked 1 hour ago