Homework Answers
23) C. Comparing A and C, since method C contains same labor and more unit of capital which means C is technologically inefficient.
24)A. In short run, atleast one factor of production should be fixed whereas in long run all factor of productions are variable.
25)B. Marginal product is the change in total product due to an additional labor hired
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Technique A B C D Labor (hours) 10 25 10 30 Capital (machines) 35 25 60...
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60...
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60 D 30 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. DD. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D)...
Assume labor and machines are used in the production of an output. The marginal product of...
Assume labor and machines are used in the production of an output. The marginal product of the last worker hired was 175 units a day and the marginal product of the last machine employed was 850 units a day. The wage to hire a worker for a day is $100 while the cost to employ the machine for a day was $400. Assuming perfect competition what would you recommend the firm do to become more efficient?
Assume labor and machines are used in the production of an output. The marginal product of the last worker h...
Assume labor and machines are used in the production of an output. The marginal product of the last worker hired was 175 units a day and the marginal product of the last machine employed was 850 units a day. The wage to hire a worker for a day is $100 while the cost to employ the machine for a day was $400. Assuming perfect competition what would you recommend the firm do to become more efficient?
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has...
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has the pro- duction function Q = F(L,K) = 207LVK, where L is the number of full-time workers the firm hires per day and K is the number of machines the firm uses per day. Both L and K can be non-integers (for example, a worker can work for half a day). Each worker costs $100 a day and each machine costs $200 a day....
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
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)...
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...
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25...
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25 35 45 50 1 60 55 OUTPUT Curve 1 should be labeled Curve 2 should be labeled Firms maximize profit where The profit maximizing price for the firm is while the profit maximizing output for the firm is (approximations are fine) Question 27 2 pts Why should a firm never hire a worker when negative marginal returns exist? Hiring an additional worker will increase...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
Techniques that produce 100 sweaters Labor Capital Technique (hours) (machines) 10 B 25 25 10 60 D 30 20 23) In the above table, the technique that is not technologically efficient is A) A. B) B. C) C. DD. 24) The short run is a period of time in which A) the quantity used of at least one factor of production is fixed. B) the quantities used of all factors of production are fixed. C) output prices are fixed. D)...
1. A firm uses labor (L) and machine (K) to assemble garden benches. The firm has the pro- duction function Q = F(L,K) = 207LVK, where L is the number of full-time workers the firm hires per day and K is the number of machines the firm uses per day. Both L and K can be non-integers (for example, a worker can work for half a day). Each worker costs $100 a day and each machine costs $200 a day....
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
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)...
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25 35 45 50 1 60 55 OUTPUT Curve 1 should be labeled Curve 2 should be labeled Firms maximize profit where The profit maximizing price for the firm is while the profit maximizing output for the firm is (approximations are fine) Question 27 2 pts Why should a firm never hire a worker when negative marginal returns exist? Hiring an additional worker will increase...
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