Homework Answers
A.MPL of 3rd worker=20
B.200
C.120
D.Data not available.
E.2534
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Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
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)...
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 yoga pants. Use the data to determine where diminishing targinal product begins. Number of workers Total output of yoga pants 120 325 Diminishing marginal product begins when the company hires worker number
The following table shows a short-run production function for tablets. Use the data to determine where diminishing margi...
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
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...
In a widget factory, the producer is able to produce 40 widgets per day when she...
In a widget factory, the producer is able to produce 40 widgets per day when she hires two workers. The producer is able to produce 70 widgets per day when she hires three workers. If diminishing marginal product occurs with the fourth worker then the producer is able to produce less than 100 widgets per day when she hires four workers. True False In the short run total costs include both fixed costs and variable costs. Rent paid on the...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and dr...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and draw the average product curve (b) Calculate the marginal product of labor and dratw the marginal product curve. (c) Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $30 per shift. Five students can fold and bag 400 newspapers per shift....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
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...
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing...
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing 9 sweaters a day? Labour (workers per day) Total Total fixed variable cost cost (dollars per day) Output (sweaters per day) Total cost The average fixed cost of producing 9 sweaters a day is a sweater. ܘ ೦ 20 45 ܝ 25 70 O A. $1.11 O B. $2.22 O C. $1.54 O D. $1.25 ܟܬ ܚ ಹ ಹ ಹ ೦ N N N...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
Suppose a firm's short run production function is given by the following table: 90 Howrono 20...
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?
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)...
The following table shows a short-run production function for yoga pants. Use the data to determine where diminishing targinal product begins. Number of workers Total output of yoga pants 120 325 Diminishing marginal product begins when the company hires worker number
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...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and draw the average product curve (b) Calculate the marginal product of labor and dratw the marginal product curve. (c) Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $30 per shift. Five students can fold and bag 400 newspapers per shift....
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...
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing 9 sweaters a day? Labour (workers per day) Total Total fixed variable cost cost (dollars per day) Output (sweaters per day) Total cost The average fixed cost of producing 9 sweaters a day is a sweater. ܘ ೦ 20 45 ܝ 25 70 O A. $1.11 O B. $2.22 O C. $1.54 O D. $1.25 ܟܬ ܚ ಹ ಹ ಹ ೦ N N N...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
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?
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