MPN = TPN - TPN-1
Number of worker | Total output | Marginal Product |
0 | 0 | - |
1 | 50 | 50 |
2 | 120 | 70 |
3 | 180 | 60 |
4 | 230 | 50 |
5 | 280 | 50 |
6 | 325 | 45 |
7 | 320 | -5 |
8 | 310 | -10 |
As we can see from the table above, diminishing (falling) marginal rate starts when company hires 3rd labor as it fell from 70 to 60.
The following table shows a short-run production function for yoga pants. Use the data to determine...
The following table shows a short-run production function for tablets. Use the data to determine where diminishing marginal product begins. Number of workers Total output of tablets 0 0 1 50 2 120 3 180 4 230 5 280 6 325 7 320 8 310 Diminishing marginal product begins when the company hires worker number
3.) The following table shows a short-run production function for laptop computers. Use the data to determine where diminishing returns begin. (1 point) Number of Workers Total Output of Computers 40 100 1501 00 v auAWNHO 180 200 205 200 190
Labor Total product (workers) (wands per day) 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? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
In the short run, a manufacturer of toys has the following production function, which shows the relationship between the number of workers employed and the number of toys built in a month. Toys Workers Number per month) AWN 38 According to the above table, diminishing returns first become apparent with the hiring of which worker? 1 N un MacBook Air
Suppose a firm's short run production function is given by the following table: 90 Howrono 20 50 90 120 140 150 (155 149 a) What is the marginal product of the 6th worker? b) What is the average product of labor when the firm is producing 150 units of output?
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...
Answer the following questions based on the following production function: Does this production function represent the long run or the short run? Explain. Suppose capital (K) is held fixed at 3 units and the firm hires 5 workers. What is the average product? What is the marginal product of adding the 6^th worker? Does the production function eventually exhibit diminishing returns? If so, where and why does this occur? Depict the isoquants for the production function for output levels 27...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, and its cost of the ingredients used to make pizza is $6 per pie. The going market price of pizza is $9 per pie. Labor Total product (weekly workers) (pizzas per week) 52 OWN 172 341 536 738 924 1,075 1,168 1,184 In the scenario above, when Benvenuto hires a third worker, what is the...
a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20