Homework Answers
Answer - Average product can be found out by dividing the output by number of inputs. On the basis of this formula the average cost at various points can be calculated as -
A - 1083/5
= 216.6
B - 2167/10
= 216.7
C = 3000/15
= 200
D = 3333/20
= 166.65
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A Production Function 5. Find the value of the average product at points A, B, C,...
8) The production function and the diminishing average product of labor a) Complete the following table...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
Complete the following table for the following production function 8) The production function and the diminishing...
Complete the following table for the following production
function
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): | | Average product of labor (kg/worker) # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 b) Given the above data graph the production function. Show how to represent the average...
2. Suppose the production function for widgets is given by where q represents the annual quantity...
2. Suppose the production function for widgets is given by where q represents the annual quantity of widgets produced, K represents the annual capital input, and L represents the annual labor input. a. Suppose K 10, write down the expressions for the total product and the average product of labor. At what level of labor input does average productivity reach a maximum? How many widgets are produced at that point? b. Again, assuming that K-10, graph the average product of...
Suppose the firm's production function is Q = 2KL where Q is units of output, K...
Suppose the firm's production function is Q = 2KL where Q is units of output, K is units of capital (which are fixed at 2), and L is units of labor. a. What is the firm’s short-run production function? b. Over the labor input usage range of 0 to 5, that is L ranging from 0 to 5, graph the firm’s Total Product curve. c. Derive and graph the firm’s Average Product curve and the Marginal Product curve. Graph/plot them...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Questions 17-22 are based on the short-run production function in the graph on the right 18....
Questions 17-22 are based on the short-run production function in the graph on the right 18. Whcrc would firms choosc to producc? a. Point Z c. Somewhere between point X and Y d. Somewhere between point Y and 7, e. I know there's another graph that might help, but I don't remember it, so I'm giving up b. Point Y TP 19. The slope of line segment OD can be interpreted as the a. total product of labor at Y...
What is the average product of labor at point A? show work 6 8 10 15...
What is the average product of labor at point A? show work
6
8
10
15
None of the above
Refer to the following graph of two isoquants and isocost lines for questions 16 through 18. Q = 30 Q = 20 2 4 5 7 9 10
A firm can manufacture a product according to the production function: Q = F(K, L) =...
A firm can manufacture a product according to the production function: Q = F(K, L) = K3/4L1/4. Instruction: Enter your responses rounded to three decimal places. a. Calculate the average product of labor, APL, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. ____ What is the average product of labor when the firm uses 256 units of labor? ____ Instruction: The second response is the exponent on L in the...
A firm applies a production technology to produce units of output (q) according to the production...
A firm applies a production technology to produce units of output (q) according to the production function q = 20 x L^.5 x K^.5 , where L is a variable input and K is a fixed input. Assume K = 100 in the short run. solve for the short-run average product of labor (AP L) and the marginal product of labor (MP L) functions. If L = 100, what are the numerical values of AP L and MP L?
(a) Consider the production function, q = 100K2L1.5 Calculate the marginal product of labor, MPL, and...
(a) Consider the production function, q = 100K2L1.5 Calculate the marginal product of labor, MPL, and the marginal product of capital,MPK. (c) Suppose that in the short run, the level of capital is fixed at K = 15. Write out the total product of labor curve. What is the marginal product of labor when L = 100? (d) Now consider two input combinations, (K = 5, L = 100) and (K = 20, L = 25). Which of the two...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
Complete the following table for the following production
function
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): | | Average product of labor (kg/worker) # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 b) Given the above data graph the production function. Show how to represent the average...
2. Suppose the production function for widgets is given by where q represents the annual quantity of widgets produced, K represents the annual capital input, and L represents the annual labor input. a. Suppose K 10, write down the expressions for the total product and the average product of labor. At what level of labor input does average productivity reach a maximum? How many widgets are produced at that point? b. Again, assuming that K-10, graph the average product of...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Questions 17-22 are based on the short-run production function in the graph on the right 18. Whcrc would firms choosc to producc? a. Point Z c. Somewhere between point X and Y d. Somewhere between point Y and 7, e. I know there's another graph that might help, but I don't remember it, so I'm giving up b. Point Y TP 19. The slope of line segment OD can be interpreted as the a. total product of labor at Y...
What is the average product of labor at point A? show work
6
8
10
15
None of the above
Refer to the following graph of two isoquants and isocost lines for questions 16 through 18. Q = 30 Q = 20 2 4 5 7 9 10
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