Homework Answers
The marginal product is the extra number of cookies produced by each additional worker.
| Workers | Cookies | MP |
| 0 | 0 | 0 |
| 1 | 100 | 100 |
| 2 | 300 | 200 |
| 3 | 450 | 150 |
| 4 | 550 | 100 |
| 5 | 600 | 50 |
As the cookie producer increases workforce from 3 to 4 workers, the production process exhibits diminishing returns to scale.This means that when labour(number of workers) here is increased by a certain proportion ((4-3)*100/3=33.3%), keeping other inputs constant,the number of cookies increases by a smaller proportion((550-450)*100/450=22.22%).
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The table below describes the production function of a small cookie producer relating the quantity of...
The table below describes the production function of a small cookie producer relating the quantity of...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 0 2 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits Check mm 200000000" npt. The table below describes the production function of a small cookie producer relating...
The table below describes the production function of a small cookie producer relating the quantity of...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP O o 100 600 As the cookie producer increases the workforce from 3 to 4 workers the production process exhibits
just need answer for last one The table below describes the production function of a small...
just need answer for last one
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 60 150 90 300 150 400 100 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits increasing marginal product Check The table...
9. Meadows Cookie Company makes a variety of cookies. Based on the orders received and forecasts...
9. Meadows Cookie Company makes a variety of cookies. Based on the orders received and forecasts of buying habits, it is estimated that the demands for the next four months are 850, 1260, 510 and 980 in thousands of cookies. During a 46-day period when there were 120 workers, the company produced 1.7 million cookies. Assume that the number of working days over the four months are respectively 26, 24, 20, and 16. There are currently 100 workers employed, and...
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...
QUESTION 2 The table below shows the total production of a firm as the quantity of...
QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed remain constant. Units of labor Total production Marginal product of labor (MP) Average product of labor (AP) 80 200 400 450 480 490 480 a. Compute the marginal products of the first through the eighth units of labor and enter them in the table. b. Now compute the average products of the various quantities...
Pigs Workers The graph above shows the production function of a small farm that raises pigs....
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
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...
The table below represents the production function for Hawg Wild, a small catering company specia...
The table below represents the production function for Hawg
Wild, a small catering company specializing in barbecued
pork. The numbers in the cells represent the number of
customers that can be served with various combinations of labor and
capital.
Is this production function a short-run or long-run production
function? How can you tell?
Suppose that Hawg Wild employs 5 units of capital and 2
workers. How many diners will be served?
Suppose that Hawg Wild currently employs 5 units of...
Recall the production function, to maximize profit, a producer should make sure that the real wage...
Recall the production function, to maximize profit, a producer should make sure that the real wage of a worker should be equal to his or her marginal product of labor (MPL). Number of labor Total output /h Number of labor Total output 1 10 pizzas 4 29 pizzas 2 18 pizzas 5 32 pizzas 3 24 pizzas 6 30 pizzas Suppose the MPL of workers in a pizza shop as above. The table shows the total output of pizzas made...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 0 2 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits Check mm 200000000" npt. The table below describes the production function of a small cookie producer relating...
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP O o 100 600 As the cookie producer increases the workforce from 3 to 4 workers the production process exhibits
just need answer for last one
The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 60 150 90 300 150 400 100 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits increasing marginal product Check The table...
9. Meadows Cookie Company makes a variety of cookies. Based on the orders received and forecasts of buying habits, it is estimated that the demands for the next four months are 850, 1260, 510 and 980 in thousands of cookies. During a 46-day period when there were 120 workers, the company produced 1.7 million cookies. Assume that the number of working days over the four months are respectively 26, 24, 20, and 16. There are currently 100 workers employed, and...
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...
QUESTION 2 The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed remain constant. Units of labor Total production Marginal product of labor (MP) Average product of labor (AP) 80 200 400 450 480 490 480 a. Compute the marginal products of the first through the eighth units of labor and enter them in the table. b. Now compute the average products of the various quantities...
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
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...
The table below represents the production function for Hawg
Wild, a small catering company specializing in barbecued
pork. The numbers in the cells represent the number of
customers that can be served with various combinations of labor and
capital.
Is this production function a short-run or long-run production
function? How can you tell?
Suppose that Hawg Wild employs 5 units of capital and 2
workers. How many diners will be served?
Suppose that Hawg Wild currently employs 5 units of...
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