Homework Answers
8.Adding more workers without increasing the size of the restaurant will decrease the marginal product of labour.
Answer-B
9.TC=250+10Q
FC=TC when Q=0
FC=250
VC=TC-FC
VC=10Q
Answer-C
10.AFC falls continuously with rise in output and MC first falls then rises.
Answer-A
11.ATC=TC/Q
TC=250+10(50)
TC=750
ATC =750/50
ATC=15
Answer-C
Add Answer to:
8. Adding more workers in a Subway store will eventually decrease marginal product of labor. This...
8. Calculate the marginal product of labor and average product of labor at each level of...
8. Calculate the marginal product of labor and average product of labor at each level of production in the table below. When does the law of diminishing returns begin to take effect? Units of Labor (L) Units of Output (Q) Marginal Product (MPL) Average Product (APL) 0 60 150 260 OHIN MILON 000 350 420 455 420 375 300 10 T L -
If the marginal physical product of more labor is twice as high as the marginal physical...
If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a rational firm should a. reduce the labor used and increase the machinery used if labor costs half as much as machinery. b. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery. c. reduce the labor used and increase the machinery used if labor and machinery cost the same amount....
28) The law of diminishing returns, as it applies to labor, means that A) the marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0 0 200 0 200 1 20 20 200 100 300 300 5.00 2 50 30 200 200 400 200 3.33 3 90 40 200 300 500 166.67 2.50 4 120 30 200 400 600 150 3.33 5 140 20 200 500 700 140 5.00 6 150 10 200 600 800 133.33 10.00 7 155 5 200 700 900 128.57 20.00 a. Fill in the...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed c...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed cost from producing one more unit of output. total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal Product of the variable input Inputs No. of Average Marginal boats Product Product Labour of Draw the AP and MP curves of the variable input. Remember AP and MP are measured in units of output! Identify the max point of AP of Labour and MP of Labour (the points of diminishing returns for both curves). The diagram need not be to scale. 2. The...
2. A different firm has this daily production function. Assume that capital is fixed at 8...
2. A different firm has this daily production function. Assume that capital is fixed at 8 units. q K1312/3 a. Give the marginal product function. (Write and circle your answer.) b. Give the derivative of the marginal product function. (Write and circle your answer.) c. Is the production function concave or convex? (Write and circle your answer.) Does this production function exhibit diminishing marginal product for labor? (Write "yes" or "no" and circle your answer.) d. Which best describes this...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable...
1. The law of diminishing marginal product is a statement A. that concerns changes in variable input and changes in output B. that concerns the long run C. that concerns changes in profits D. that relates to plant size 2. What does it mean to say that health care may be subject to diminishing returns? A. Health care costs are expensive B. New technology has improved lives, but not by much C. Eventually, higher individual spending on healthcare won’t improve...
8. Calculate the marginal product of labor and average product of labor at each level of production in the table below. When does the law of diminishing returns begin to take effect? Units of Labor (L) Units of Output (Q) Marginal Product (MPL) Average Product (APL) 0 60 150 260 OHIN MILON 000 350 420 455 420 375 300 10 T L -
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed cost from producing one more unit of output. total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal Product of the variable input Inputs No. of Average Marginal boats Product Product Labour of Draw the AP and MP curves of the variable input. Remember AP and MP are measured in units of output! Identify the max point of AP of Labour and MP of Labour (the points of diminishing returns for both curves). The diagram need not be to scale. 2. The...
2. A different firm has this daily production function. Assume that capital is fixed at 8 units. q K1312/3 a. Give the marginal product function. (Write and circle your answer.) b. Give the derivative of the marginal product function. (Write and circle your answer.) c. Is the production function concave or convex? (Write and circle your answer.) Does this production function exhibit diminishing marginal product for labor? (Write "yes" or "no" and circle your answer.) d. Which best describes this...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
Most questions answered within 3 hours.
-
Please help. this question is confusing
How ninhydrin can be used to measure protease activity
and...
asked 4 minutes ago -
A student takes a 10 point quiz each week in statistics class.
If the student's quiz...
asked 12 minutes ago -
Investors require a 6% rate of return on Levine Company's stock
(i.e., rs = 6%).
What...
asked 14 minutes ago -
Which of the following is true?
1-If a company files for bankruptcy, preferred shareholders'
claims are...
asked 14 minutes ago -
Which of the hypothesis tests listed below is a
two-tailed test? Select all correct answers.
Select...
asked 33 minutes ago -
Solve following questions. ?= √?.M is your house value. If there
is a flood, your house...
asked 35 minutes ago -
Critical Thinking: Assume an economy that has a total
population of 290 million people of which...
asked 37 minutes ago -
Accounts receivable subsidiary ledger, schedule of
accounts receivable lo c1. Vali company recorded the following
selected...
asked 46 minutes ago -
Connell performed a series of studies to understand what limits
the distribution of barnacle species within...
asked 50 minutes ago -
I throw a die with 6 sides. Consider the events, A=uneven and
B=prime number. Find the...
asked 52 minutes ago -
Common-Sized Income Statement
Revenue and expense data for the current calendar year for
Tannenhill Company and...
asked 1 hour ago -
Find the present value of an annuity due that pays $3000 at the
beginning of each...
asked 1 hour ago