Homework Answers
Ans) the correct option is d) the law of diminishing marginal product in labor
Law of diminishing marginal returns occurs when more and more of a variable input is added to an existing fixed input, after some point the additional output falls
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Total Output (week) Labor Input (week) Refer to the above figure. The curve reflects O the...
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above....
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above. The situation pictured in Figure 6.4.2: is one of increasing marginal returns to capital. is one of increasing marginal returns to labor. contradicts the law of diminishing marginal product. shows decreasing returns to scale. is consistent with diminishing marginal product.
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Figure 13-2 The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (#...
Figure 13-2 The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? decreasing average variable cost decreasing average total cost decreasing marginal product O decreasing marginal cost The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What is the...
Refer to Figure 21-3. Which of the graphs in the figure reflects a decrease in the...
Refer to Figure 21-3. Which of the graphs in the figure reflects a decrease in the price of good Y only! a. Graph a b. Graph b cGraphc d. Graph d 16. An example of an opportunity cost that is also an implicit cost is a Alease payment. b. The cost of raw materials c. The value of the business owner's time. d. All of the above are correct. 17. Economists normally assume that the goal of a firm is...
Assume labor is the only variable input and that the law of diminishing returns applies, explain...
Assume labor is the only variable input and that the law of diminishing returns applies, explain the relationship between the marginal product of labor and marginal costs, and the average product of labor and average variable costs. Illustrate graphically these two sets of relationships, and illustrate graphically the short-run average total cost curve. Explain why, in the short-run, that average total cost is eventually increasing as production increases
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....
Refer to the following table: L= Labor and Q = Output (or Total Product) L 0...
Refer to the following table: L= Labor and Q = Output (or Total Product) L 0 1 2 3 4 5 Q 0 10 20 30 40 50 Suppose output varies, ceteris paribus, with labor input in the manner displayed in the table above. After how many units of labor do diminishing returns set in? A. 3 b. 5 c. They do not set in. d. 4
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...
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...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above. The situation pictured in Figure 6.4.2: is one of increasing marginal returns to capital. is one of increasing marginal returns to labor. contradicts the law of diminishing marginal product. shows decreasing returns to scale. is consistent with diminishing marginal product.
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Figure 13-2 The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? decreasing average variable cost decreasing average total cost decreasing marginal product O decreasing marginal cost The figure depicts a total cost function for a firm that produces cookies. Total Cost Quantity of Output (# of cookies) Refer to Figure 13-2. What is the...
Refer to Figure 21-3. Which of the graphs in the figure reflects a decrease in the price of good Y only! a. Graph a b. Graph b cGraphc d. Graph d 16. An example of an opportunity cost that is also an implicit cost is a Alease payment. b. The cost of raw materials c. The value of the business owner's time. d. All of the above are correct. 17. Economists normally assume that the goal of a firm is...
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....
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...
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...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
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