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QUESTION 2 The table below shows the total production of a firm as the quantity of...
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 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 second question In Example 6.4 wheat is produced according to the production function: q=100(k0.6 0.4)...
the second question
In Example 6.4 wheat is produced according to the production function: q=100(k0.6 0.4) Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing (Round responses to two decimal places.) The MPK at 5 units of capital is 156.12 The MP at 6 units of capital is 144.02 The MP at 50 units of labor is 8.84 The MP...
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total...
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total Labor Product 100 152 K=2 Units Quantity of Total Labor Product 1 123 1 187 Product WN oloAN K=3 Units Quantity of Total Labor 139 193 263 319 366 407 410 233 249 263 286 306 323 O a. For K=1, calculate the average product and marginal product of labor at each level of labor employed (from labor =...
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP...
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP Average and marginal product of labor MP 10 20 40 50 30 Labor a. At what level of output is AVC minimized? Explain your answer. b. When 10 workers are hired, what is the firm's output? c. When 15 workers are hired, what is the firm's AVC if w = 300? d. When 15 workers are hired, what is the firm's SMC if w-300?...
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...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run....
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes...
6. Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them. Hours of Labor Cupcakes 0 0 1 10 2 25 3 35 4 44 5 52 6 58 Refer to the scenario above. At which hour of labor does Diminishing (Marginal) Returns first start? a. 2nd b. 6th c. 3rd d. 4th 7. Specialization is the result of ________....
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 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 second question
In Example 6.4 wheat is produced according to the production function: q=100(k0.6 0.4) Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing (Round responses to two decimal places.) The MPK at 5 units of capital is 156.12 The MP at 6 units of capital is 144.02 The MP at 50 units of labor is 8.84 The MP...
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total Labor Product 100 152 K=2 Units Quantity of Total Labor Product 1 123 1 187 Product WN oloAN K=3 Units Quantity of Total Labor 139 193 263 319 366 407 410 233 249 263 286 306 323 O a. For K=1, calculate the average product and marginal product of labor at each level of labor employed (from labor =...
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP Average and marginal product of labor MP 10 20 40 50 30 Labor a. At what level of output is AVC minimized? Explain your answer. b. When 10 workers are hired, what is the firm's output? c. When 15 workers are hired, what is the firm's AVC if w = 300? d. When 15 workers are hired, what is the firm's SMC if w-300?...
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...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
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