Homework Answers
Answer-1 The correct option is 6
Marginal product of the second worker is (8-2)/2-1 = 6
Answer-2 The correct option is 15
Total product with 4 workers is 12+3 =15
Answer-3 The correct option is diminishing marginal product.
Answer-4 The correct option is 5 units.
Marginal product =∆Total product/ ∆Labor
= 10-5/2-1
= 5
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Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2...
D Question 2 1 pts Labor Total productMarginal 0 0 12 In the above table, the...
D Question 2 1 pts Labor Total productMarginal 0 0 12 In the above table, the total product that can be produced with four workers is 0 16 0 12 0 15 0 8 D Question 3 1 pts When adding another unit of labor leads to an increase in output that is smaller than increases in output that resulted from adding previous units of labor, we have the property of O diminishing output. O negative marginal product. O diminishing...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
support Question 34 1 pts Workers per day Total Product MRP 0 0 - 1 20...
support Question 34 1 pts Workers per day Total Product MRP 0 0 - 1 20 Product Price $100 $95 $90 $85 2 30 3 38 4 42 [A] [B] [C] [D] $80 5 44 $75 Use the table above. The marginal revenue product of the 4th worker (i.e. find [C]) is: o $3,360 O $680 o $130 O $20 o $240 Next Previous
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0...
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
Total Product Labor Units (number of workers) (Units produced per hour) 400 900 1,500 1,900 2,200...
Total Product Labor Units (number of workers) (Units produced per hour) 400 900 1,500 1,900 2,200 2,400 2,300 Refer to the above Table: Diminishing marginal product of labor sets in when the worker is employed
Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18...
Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18 5 25 30 5. The above table shows the total product of producing baseball hats. The average product of 3 workers is equal to 1.67 baseball hats. 12.78 baseball hats. 18.00 baseball hats. 6.00 baseball hats. Question 6 (1 point) 6. The law of diminishing marginal returns says that as the firm uses more of - with a given quantity of product of the...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0 ----------------------------------- ------------------------------------------------- 1 79 2 88 $1000 3 46 4 198 5 210 6 222 Refer to the table above. What is the marginal product of the 4th worker?
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...
blank 1-diminishing or increasing 2-decreasing or increasing 5. The relationship between marginal product and marginal cost...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
Number of Workers Mushrooms per Day (pounds) 1 12 2 30 3 45 4 50 5...
Number of Workers Mushrooms per Day (pounds) 1 12 2 30 3 45 4 50 5 54 6 56 The table above shows the technology of production at the Matsuko's Mushroom Farm for the month of May. a. What is the marginal product of the 4th worker? What is the average product of labor when the farm hires 5 workers? Diminishing marginal returns sets in when the ________ worker is hired.
D Question 2 1 pts Labor Total productMarginal 0 0 12 In the above table, the total product that can be produced with four workers is 0 16 0 12 0 15 0 8 D Question 3 1 pts When adding another unit of labor leads to an increase in output that is smaller than increases in output that resulted from adding previous units of labor, we have the property of O diminishing output. O negative marginal product. O diminishing...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
support Question 34 1 pts Workers per day Total Product MRP 0 0 - 1 20 Product Price $100 $95 $90 $85 2 30 3 38 4 42 [A] [B] [C] [D] $80 5 44 $75 Use the table above. The marginal revenue product of the 4th worker (i.e. find [C]) is: o $3,360 O $680 o $130 O $20 o $240 Next Previous
Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
Total Product Labor Units (number of workers) (Units produced per hour) 400 900 1,500 1,900 2,200 2,400 2,300 Refer to the above Table: Diminishing marginal product of labor sets in when the worker is employed
Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18 5 25 30 5. The above table shows the total product of producing baseball hats. The average product of 3 workers is equal to 1.67 baseball hats. 12.78 baseball hats. 18.00 baseball hats. 6.00 baseball hats. Question 6 (1 point) 6. The law of diminishing marginal returns says that as the firm uses more of - with a given quantity of product of the...
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...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
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