The table below shows data for the production of Avocados for an individual firm operating in...
The table below shows data for the production of Avocados for an individual firm operating in a perfectly competitive market. Suppose that the price of Avocados is $6.
| Number of workers | Number of Avocados |
|---|---|
| 0 | 0 |
| 10 | 90 |
| 20 | 162 |
| 30 | 216 |
| 40 | 252 |
| 50 | 270 |
Given this data, what is the marginal product of labor (MPL) when the quantity of workers goes from 0 to 10?
Homework Answers
Marginal product of labor is the change in output that results from employing one additional unit of labor.
MPL = dQ / dL [ where dQ is the change in the number of avocados and dL is the change in number of workers]
If quantity of workers goes from 0 to 10, number of avocados Increases from 0 to 90.
Therefore, MPL = (90 - 0)/(10 - 0) = 90/10 = 9
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The table below shows data for the production of Avocados for an
individual firm operating in...
The table below shows data for the production of Avocados for an individual firm operating in...
The table below shows data for the production of Avocados for an individual firm operating in a perfectly competitive market. Suppose that the price of Avocados is $6. Number of workers Number of Avocados 0 0 10 90 20 162 30 216 40 252 50 270 Given this data, what is the marginal product of labor (MPL) when the quantity of workers goes from 0 to 10?
The table below shows data for the production of avocados for an individual firm operating in...
The table below shows data for the production of avocados for an individual firm operating in a perfectly competitive market. Quantity of avocados Total Revenue Total Costs 0 0 10 10 60 30 20 120 40 30 180 60 40 240 90 50 300 130 60 360 180 70 420 240 80 480 310 2. Given this data, complete the table: Quantity of avocados Marginal Revenue (MR) Marginal Costs (MC) Profit 0 10 20 30 40 50 60 70 80
The following information is relevant for an individual firm operating in a perfectly competitive market. Output...
The following information is relevant for an individual firm operating in a perfectly competitive market. Output 55 Variable Cost $4,000 Fixed Cost $200 Marginal Cost $40 Price $40 8 010256 What will be the firm's production decision in the short-run? Other firms will enter into the market Exit Operate Shutdown
The table below shows the marginal product of labor at various employment levels. Assume this firm...
The table below shows the marginal product of labor at various employment levels. Assume this firm is part of a perfectly competitive market and that the market price for the good is $10. Labor Marginal Product of Labor 1 10 2 8 3 7 4 5 5 3 6 1 What is the value of the marginal product of labor at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage...
This table shows the total costs for various levels of output for a firm operating in...
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market Price Quantity TC $500 $10.00 $50 1 $20.00 $27.50 $50 3 $77.50 $50 4 $147.50 $50 5 $250.00 $50 2 According to the table shown, what is the firm's marginal cost from producing the 2nd unit? $27.50 $7.50 $20.00 $10.00 This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market....
3. The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in...
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
9. This table shows the total costs for various levels of output for a firm operating...
9. This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. Quantity TO Price $50 $50 $50 $50 $10.00 $20.00 $27.50 $77.50 147.50 $250.00 0 4 $50 5 According to the table shown, the firm's marginal revenue: A. is constant. B. increases as output increases. C. decreases as output increases. D. increases until the 3rd unit, then decreases.
The following information is relevant for an individual firm operating in a perfectly competitive market. Output...
The following information is relevant for an individual firm operating in a perfectly competitive market. Output 30 Variable Cost $2,700 Fixed Cost $130 Marginal Cost $80 Price $80 What will be the firm's production decision in the short-run? Exit Operate Other firms will enter into the market Shutdown
Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market....
Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor (Number of workers) 0 Output (Shovels) 0 90 2. 175 3 245 4 300 325 S Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. . Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 400 350...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the output demand relationship for a firm. Labor 13. Output 20 Output Price $10.00 9.00 8.00 7.00 6.00 5.00 The table indicates that: a. the firm sells output in a perfectly competitive market the firm is a monopolist the firm hires labor in a perfectly competitive market d. the firm is a monopsonist 14. How many workers will this firm hire if the wage is...
The following information is relevant for an individual firm operating in a perfectly competitive market. Output 55 Variable Cost $4,000 Fixed Cost $200 Marginal Cost $40 Price $40 8 010256 What will be the firm's production decision in the short-run? Other firms will enter into the market Exit Operate Shutdown
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market Price Quantity TC $500 $10.00 $50 1 $20.00 $27.50 $50 3 $77.50 $50 4 $147.50 $50 5 $250.00 $50 2 According to the table shown, what is the firm's marginal cost from producing the 2nd unit? $27.50 $7.50 $20.00 $10.00 This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market....
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
9. This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. Quantity TO Price $50 $50 $50 $50 $10.00 $20.00 $27.50 $77.50 147.50 $250.00 0 4 $50 5 According to the table shown, the firm's marginal revenue: A. is constant. B. increases as output increases. C. decreases as output increases. D. increases until the 3rd unit, then decreases.
Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor (Number of workers) 0 Output (Shovels) 0 90 2. 175 3 245 4 300 325 S Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. . Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 400 350...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the output demand relationship for a firm. Labor 13. Output 20 Output Price $10.00 9.00 8.00 7.00 6.00 5.00 The table indicates that: a. the firm sells output in a perfectly competitive market the firm is a monopolist the firm hires labor in a perfectly competitive market d. the firm is a monopsonist 14. How many workers will this firm hire if the wage is...
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