When labor is 0 units then total product will also be zero.
Total product can be calculated through two methods -
1st method -
Total Product = Average Product * Quantity of labor
2nd method -
TPn = TPn-1 + MPn
Average Product can be calculated as follows -
AP = TP/Quantity of labor
Marginal product can be calculated as follows -
MPn = TPn - TPn-1
Based on the above formulas, following is the complete table -
Labor | Total Product | Average Product | Marginal Product |
0 | 0 | 0 | - |
1 | 120 | 120 | 120 |
2 | 200 | 100 | 80 |
3 | 240 | 80 | 40 |
4 | 240 | 60 | 0 |
Question 11 of 21) 11. value: 7.00 points .00 points The following table provides partial information...
Sixth homework Econ 305 Due date: 11/6/2019 1) The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationship between these products, fill in the missing cells. (30 points) Total Average product Marginal product Labor product 0 0 180 140 2 3 420 4 120
The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationship between these products, fill in the missing cells. (30 points)
Production with One Variable Input The following table provides data related to the production technology of a firm that use only two inputs – labor and capital – to produce output. In the short-run, the firm’s capital stock is fixed. Amount of labor input Amount of output Amount of capital input Average product of labor Marginal product of labor 0 0 10 1 15 10 2 40 10 3 70 10 4 95 10 5 110 10 6 120 10...
2. The following table shows the relevant information about cost Use the information to calculate the missing information; where: information about cost for a particular firm. L = Labor ; Q=Quantity produced / total product (TP) of labor TC = Total Cost; ATC = Average Total Cost; MC = Marginal Cost (4 points) TC ATC MC 0 200 4 240 60 14
Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the company’s total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 120 — — 1 200 2 240 3 285 4 340 5 425 6 540
Fill in the blanks in the table below. The problem is a 'puzzle" so the blanks are not necessarily filled in sequentially Instructions: Round your answers to the nearest whole number. Enter your answers without a comma (thousands separator). pped Labor Total Output Average Product Marginal Product 0 Book 0 0 0 10 800 80 Print 20 3,200 80 240 broncos 30 240 400 40 12,800 50 • 320 400 720 60 28,800
Question 3 (14 points) The table below gives data about the number of labour units required for a firm to produce certain quantities of output a) Complete the following table by calculating marginal product and average product from the data given. Inputs of Labour Total Product Marginal Product Average Product 128 213 284 315 0 b) Graph all your answers for marginal product and average product on the graph below. Select the curve you wish to graph from the drop-down...
ECON 1150 Out-of-Class ASSIGNMENT 3 [ Total Marks = 15] Suppose that the following table provides a measure of the total production or output, TP from addition successive units of Labour, L of Large 4-Shot latte’s: Quantity of Labour, QL Total Production or Output, TP Marginal Productivity of Labour, MPL Average Productivity of Labour, APL 0 0 1 3 2 10 3 20 4 35 5 55 6 85 7 110 8 130 9 145 10 155 Using the information...
1. Nimbus, Inc. produces and sells brooms. This table shows the relationship between the number of employees and the daily production of Nimbus (* Use only numbers and decimal points. Use two decimal places for all amounts of money. Round correctly) A. Fill in the marginal product column B. An employee costs $ 120.00 per day and the company has fixed costs of $ 300.00. Use this information to fill in the total cost column. C. Fill in the column...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...