Homework Answers
Average product of labor shows the average units produced by each worker/ labor.
Hence the correct option is
The ratio of output to the number of workers used to produce that output.
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The Average Product of Labor is the ratio of output to the number of workers used...
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....
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
1) If the average product of 14 workers is 50 bushels of wheat and the average...
1) If the average product of 14 workers is 50 bushels of wheat and the average product of 15 workers of wheat is 55 bushels of wheat, then the marginal product of the 15th worker was ___________ bushels of wheat. So What is _____? 2) Which of the following is most likely to be a fixed cost for a bakery firm? A)Wages paid to workers B)Paying for ingredients from a food supplier C)The monthly electricity bill D)Paying rent each month...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0 ----------------------------------- ------------------------------------------------- 1 79 2 88 $1000 3 46 4 198 5 210 6 222 Refer to the table above. What is the marginal product of the 4th worker?
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
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...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 unit...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 units 12 workers 120 units 1200 units QUESTION 47 If the firm produces 120 units of output with 12 workers and 121 units of putput with 13 work 10 units duct of labor 1 unit 121 units QUESTION 43 Which of these assumption is realistic for a firm in the short run? Both the stre of the factory and...
The marginal product of an input is: o total product divided by the amount of the...
The marginal product of an input is: o total product divided by the amount of the input used to produce this amount of output o the addition to total output when all inputs are increased by the same proportion. O the addition to total output due to the addition of one unit of all other inputs. o the addition to total output due to the addition of one more unit of an input, holding all other inputs constant.
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of output. Similarly, an extra unit of capital does the firm no good.a) Draw the isoquants for this production function.b) Draw the total product, average product, and marginal product of labor curves (you will...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
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...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 units 12 workers 120 units 1200 units QUESTION 47 If the firm produces 120 units of output with 12 workers and 121 units of putput with 13 work 10 units duct of labor 1 unit 121 units QUESTION 43 Which of these assumption is realistic for a firm in the short run? Both the stre of the factory and...
The marginal product of an input is: o total product divided by the amount of the input used to produce this amount of output o the addition to total output when all inputs are increased by the same proportion. O the addition to total output due to the addition of one unit of all other inputs. o the addition to total output due to the addition of one more unit of an input, holding all other inputs constant.
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