Homework Answers
Question 1- Stages of production ؟ Inputs of labor Total Product (TPL) Marginal product of labor...
Question 1- Stages of production ؟ Inputs of labor Total Product (TPL) Marginal product of labor (MPL) Average product of labor (APL) Stages of production 0 0 — — 1 60 2 110 3 150 4 185 5 210 6 225 7 230 8 235 9 230
Quiz Instructions Question 32 5 pts If output is 20 when two workers are employed and...
Quiz Instructions Question 32 5 pts If output is 20 when two workers are employed and 27 when three workers are employed, then: all of the above are true. the marginal product of the third worker is 7 units of output. average product is 9 when three workers are employed, for the third worker, marginal product is less than average product. • Previous Next
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average p...
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average product is 10 units when 4 workers are employed. b. the marginal product of the 5th worker is 8 units. c. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true.
The below table shows the weekly relationship between output and number of workers for a factory...
The below table shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. Number of Workers Output MPL APL 0 0 1 50 2 110 3 300 4 450 5 590 6 600 7 575 8 540 Calculate the marginal product of labor and the average product of labor. At what point (in terms of the number of workers) does diminishing returns set in? At what point (in terms of...
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600...
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600 Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total cost curve? The production function is increasing at a decreasing rate, whereas the total cost function is increasing at...
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4...
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4 21 5 25 6 28 Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $8 each. The table shows the relationship between the number of workers and the number of cakes produced. Debbie must pay each worker a competitive market wage of $45 per day. How many workers will she hire to maximize profit? O...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output per labor hour is one automobile and each additional labor hour could produce two additional automobiles. Suppose that the firm increases its labor hours. Is this a sound economic decision? No, since average product of labor (APL) would decrease. Yes, since average product of labor (APL) is at a maximum. No, since marginal cost (MC) is at a minimum. Yes, since average variable cost...
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0...
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0 <a <1, and 0 <b<1. 1. What is the Marginal Product of Labor (MPL)? Is it diminishing as L increases? What is the Marginal Product of Capital (MPK)? Is it diminishing as K increases? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (AP)? 3. What is the TRSL,K? Is the absolute value of TRSL K diminishing...
QUESTION 5 The marginal product for labor is given (MP) = 3 – 0.02*L; price of...
QUESTION 5 The marginal product for labor is given (MP) = 3 – 0.02*L; price of the product is $100 and wage = 200. Based on information above, the marginal product of labor at the optimal level of employment is $3 $2 $1.5 $1 2 points QUESTION 6 If the labor elasticity of output is 0.5 and the capital elasticity of output is 0.9, then the production function exhibits constant returns to scale. economies of scale. diseconomies of scale. diminishing...
Quiz Instructions Question 32 5 pts If output is 20 when two workers are employed and 27 when three workers are employed, then: all of the above are true. the marginal product of the third worker is 7 units of output. average product is 9 when three workers are employed, for the third worker, marginal product is less than average product. • Previous Next
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average product is 10 units when 4 workers are employed. b. the marginal product of the 5th worker is 8 units. c. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true.
Question 6 S L 1 pts Table 13-5 Number of Output Workers 0 0 1 1 ,000 2 2 ,000 S32,700 4 3 ,200 5 3 ,500 6 3 ,600 Refer to Table 13-5. Assume that fixed costs are $500, and variable costs are $100 per worker. For this firm, what are the shapes of the production function and the total cost curve? The production function is increasing at a decreasing rate, whereas the total cost function is increasing at...
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4 21 5 25 6 28 Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $8 each. The table shows the relationship between the number of workers and the number of cakes produced. Debbie must pay each worker a competitive market wage of $45 per day. How many workers will she hire to maximize profit? O...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output per labor hour is one automobile and each additional labor hour could produce two additional automobiles. Suppose that the firm increases its labor hours. Is this a sound economic decision? No, since average product of labor (APL) would decrease. Yes, since average product of labor (APL) is at a maximum. No, since marginal cost (MC) is at a minimum. Yes, since average variable cost...
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0 <a <1, and 0 <b<1. 1. What is the Marginal Product of Labor (MPL)? Is it diminishing as L increases? What is the Marginal Product of Capital (MPK)? Is it diminishing as K increases? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (AP)? 3. What is the TRSL,K? Is the absolute value of TRSL K diminishing...
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