8) The production function and the diminishing average product of labor a) Complete the following table...
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...
a. Complete the following table. b. Explain whether the production function satisfies the diminishing marginal returns property. c. Draw the firm’s short-run production function and verify graphically that average product is falling when it is higher than the marginal product and that total product is falling when marginal product is negative. Number of Workers | Average product of labor Total product Marginal product of labor 20
For a production function with a diminishing, but positive, marginal product of labor: A. Output increases at an increasing rate as more workers are employed B. Output increases at a decreasing rate as more workers are employed. C. Output declines as more workers are employed. D. The effects on marginal product are unknown.
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
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
Consider the Malthusian model with workers who face the law of diminishing average product of labor as in two diagram Malthusian and land owners who own the limited supply of land who receive rental income from the land. What happens relative economic position of landowners as the population decreases and increases? What does this imply about the relative income of landowners as the population increases?
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product, graph the production function and the marginal physical product on two separate graphs, then answer three questions about marginal productivity. a. Calculate the marginal physical product. Short-Run Production Function Labor input (workers per day) 0 1 2 3 4 5 6 7 8 Output (pairs of jeans per day) 0 10 36 56 68 74 76 76 74 Marginal physical product -- 10 26 20 12...
Teresa's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 0 0 1 70 2 120 3 160 4 190 5 200 On the following graph, plot Teresa's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced per year, K is the machine-hours of capital, and L is the man-hours of labor. Suppose K = 600. a. Draw a graph of the production function over the range L = 0 to L = 500, putting L on the horizontal axis and on the vertical axis. Over what range of L does the production function...
Labor Total product (workers) (wands per day) 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? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...