Homework Answers
Ans23) the correct option is C) C
Technique A is better than technique C because it employees relatively less capital.
Ans24) the correct option is a) the quantity used of at least one factor of production is fixed.
Ans25) the correct option is b) increase in the total product that results from hiring one more worker with all other inputs remaining the same.
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Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. D) D. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D) factor...
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has...
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has the pro- duction function Q = F(L,K) = 207LVK, where L is the number of full-time workers the firm hires per day and K is the number of machines the firm uses per day. Both L and K can be non-integers (for example, a worker can work for half a day). Each worker costs $100 a day and each machine costs $200 a day....
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
uestion 2: (Total Points: 10 Suppose England uses land, capital, and labor to produce alfalfa and...
uestion 2: (Total Points: 10 Suppose England uses land, capital, and labor to produce alfalfa and sweaters. Land is specific to the production of alfalfa, capital is specific to the production of sweaters, and labor is a mobile factor used in both industries. Suppose that with no international trade, the England is S3 per bushel. The graph below shows England's production possibility frontier (PPF) and indifference curves (U1, U2, U3). price of alfalfa in SWEATERS (Millions] 140 120 100 PF...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
A firm uses 100 hours of labor and 20 units of capital to produce 5,000 bicycles...
A firm uses 100 hours of labor and 20 units of capital to produce 5,000 bicycles a day. Labor’s marginal product is 4 bicycles per day and the marginal product of capital is 10 bicycles per day. Each unit of labor costs $20 and each unit of capital costs $40 per hour. If the firm wants to continue producing 5,000 bicycles per day at the lowest possible cost, it should A. Continue using 100 hours of labor and 20 units...
Question 7 rding to the production function: uses labor and machines to produce output according to...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
If the wage of the fifth worker is $20 and his or her value of the...
If the wage of the fifth worker is $20 and his or her value of the marginal product of labor is $25, the firm a asks this fifth worker to work overtime. b is likely to lose profit by hiring more workers. c is likely to benefit by hiring more workers. d is likely to fire the fifth worker. e benefits by stopping at this level of labor Because a product’s demand for an input to its production depends on...
Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. D) D. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D) factor...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has the pro- duction function Q = F(L,K) = 207LVK, where L is the number of full-time workers the firm hires per day and K is the number of machines the firm uses per day. Both L and K can be non-integers (for example, a worker can work for half a day). Each worker costs $100 a day and each machine costs $200 a day....
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
uestion 2: (Total Points: 10 Suppose England uses land, capital, and labor to produce alfalfa and sweaters. Land is specific to the production of alfalfa, capital is specific to the production of sweaters, and labor is a mobile factor used in both industries. Suppose that with no international trade, the England is S3 per bushel. The graph below shows England's production possibility frontier (PPF) and indifference curves (U1, U2, U3). price of alfalfa in SWEATERS (Millions] 140 120 100 PF...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
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