At Stu’s barber shop, the marginal product of labor is 12, and the average product of labor is 18. At Jo’s barber shop, the marginal product of labor is 14, and the average product of labor is 12. Stu’s average product of labor would _______ if he hired another barber. Jo’s average product of labor would _______ if he hired another barber.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
Ans) the correct option is C. decrease; increase
Stu's average product is greater than marginal product so hiring another labor will decrease average product.
At Stu’s barber shop, the marginal product of labor is 12, and the average product of...
Question 5 (1 point) At Stu's barber shop, the marginal product of labor is 12, and the average product of labor is 18. At Jo's barber shop, the marginal product of labor is 14, and the average product of labor is 12. Stu's average product of labor would if he hired another barber. Jo's average product of labor would if he hired another barber. increase; increase increase; decrease decrease; increase decrease; decrease
Question 12 (2.5 points) If a firm's marginal product of labor is less than its average product of labor, then an increase in the quantity of labor it employs definitely will O A) increase its marginal product of labor. B) not change its average product of labor. O C ) decrease its total product. O D) decrease its average product of labor.
5. Total, average, and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its daily production. 20 a 18 Average Product 16 14 O 12 MP QUANTITY OF LABOR (Workers) Use the MP curve to fill in the Total Product column in the following table. Total Product Average Product (Sandwiches per worker) Workers (Sandwiches per hour) 3 4 In the previous table, fill in the Average Product column. Then, on the previous graph,...
7. If marginal product of labor is increasing as more labor is hired, that implies average product o labor is_(Only circle the correct answer) a) Increasing. b) Decreasing c) Maximurm d) Any of the above. e) None of above Only 8. If marginal cost is increasing as more quantity is produced, average cost is circle the correct answer) a) Increasing. b) Decreasing c) Minimum d) Any of the above. e) None of above
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....
3. Total, average, and marginal physical product Undercover World, a book shop, has the following marginal physical product curve (labeled MPP) for its hourly production. 20 T 18 AP 16 O 14 12T a 10 MPP。 4 QUANTITY OF LABOR When labor increases from four to five workers, total product increases by ▼ per hour. Use the orange points (square symbol) to plot the total physical product curve (TPP) on the following graph. Line segments ill automatically connect the points....
Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of 2.0 per hour. It will take Benny an average of 26 minutes to give a haircut. Based on these figures, find the following: a. The average number of customers waiting. (Round your intermediate calculations to 3 decimal...
Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of 2.0 per hour. It will take Benny an average of 22 minutes to give a haircut. Based on these figures, find the following:The average time a customer waits?
Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of 2.0 per hour. It will take Benny an average of 22 minutes to give a haircut. Based on these figures, find the following: a. The average number of customers waiting. (Round your intermediate calculations to 3 decimal...
4. Total, average, and marginal physical productUndercover World, a book shop, has the following marginal physical product curve (labeled MPPMPP) for its hourly production.AP01234520181614121086420MPP and AP (Books per hour)QUANTITY OF LABORMPPWhen labor increases from three to four workers, total product increases by per hour.Use the orange points (square symbol) to plot the total physical product curve (TPP) on the following graph. Line segments will automatically connect the points. Assume that if there are no workers, Undercover World does not have any...