Homework Answers
The answer is False. WIth fixed inputs, the production functions usually follow diminishing marginal returns to factors. It means that the marginal product of an additional worker keeps declining as more and more workers are hired. Thus, MP of the tenth worker will be lower than the MP of the first worker.
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A tenth worker is likely to have a higher marginal product than the first worker, if...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker i...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Consider the following statements: If the marginal product of capital is substantially higher than the marginal...
Consider the following statements: If the marginal product of capital is substantially higher than the marginal product of labor, the isoquants are relatively steep when labor is on the horizontal axis and capital is on the vertical axis. Diminishing MRTS means a firm must add increasing amounts of labor in order to give up each additional unit of capital while maintaining output. Only I is false Only II is false Both I and II are false Neither I nor II...
Computing the marginal product of labor im really looking for the first multiple choice question and...
Computing the marginal product of labor
im really looking for the first multiple choice question and the
last T or F question. the first question is either B or C..i dont
know how to figure out how many extra lawns/worker thanks!
Suppose that Simone runs her own lawn care service and that her firm is competitive in the lawn care industry. She has a fixed number of tools that can be used to maintain a yard, but she needs to...
A market with a monopoly firm will have higher prices and less output than if the...
A market with a monopoly firm will have higher prices and less output than if the market were perfectly competitive. True False In monopolistically competitive markets, the firms sell identical products. True False For a monopolist, the marginal revenue (MR) curve is the same line as the demand (D) curve. True False If marginal revenue for the 5th unit of a good is negative, then total revenue must be falling. True False Collusion is most often found among firms in...
15. Where does diminishing marginal product begin? Workers Total Product A. after first worker buite color...
15. Where does diminishing marginal product begin? Workers Total Product A. after first worker buite color B. after second worker C. after third worker ingen soro D. after fourth worker or nobod
What is the marginal product of the second worker?
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
If a price taking firm's production function is quasi-concave and exhibits decreasing marginal product with respect...
If a price taking firm's production function is quasi-concave and exhibits decreasing marginal product with respect to each input, then there exists at least one solution for the profit maximisation problem when all inputs are variable. Select one: O True O False
1. First, you will have to determine what kind of firm you want to be and...
1. First, you will have to determine what kind of firm you want to be and what product you will (hypothetically) produce. 2. Next, you will have to describe the production function of your firm. Naturally production processes are very complex, so you might have to aggregate inputs in 2 categories, capital and labor. These are things you should keep in mind when choosing your specification: a. Does this production process exhibit increasing, decreasing or constant returns to scale? b....
The marginal product of the first is 4 the 2: 6 the3:6 % Concept: Marginal Product...
The marginal product of the first is 4
the 2: 6
the3:6
% Concept: Marginal Product of Labor 1 Question Help Suppose Charles owns a lawn mowing company. Assume that without workers, noyards are mowed. When he is one worker, he is able to mow 4 yards per day with two workers, he can mow 10 yards per day, and with three workers, he can mow 16 yards per day The marginal product of the first worker is 4 yards...
Assume labor and machines are used in the production of an output. The marginal product of the last worker h...
Assume labor and machines are used in the production of an output. The marginal product of the last worker hired was 175 units a day and the marginal product of the last machine employed was 850 units a day. The wage to hire a worker for a day is $100 while the cost to employ the machine for a day was $400. Assuming perfect competition what would you recommend the firm do to become more efficient?
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Computing the marginal product of labor
im really looking for the first multiple choice question and the
last T or F question. the first question is either B or C..i dont
know how to figure out how many extra lawns/worker thanks!
Suppose that Simone runs her own lawn care service and that her firm is competitive in the lawn care industry. She has a fixed number of tools that can be used to maintain a yard, but she needs to...
A market with a monopoly firm will have higher prices and less output than if the market were perfectly competitive. True False In monopolistically competitive markets, the firms sell identical products. True False For a monopolist, the marginal revenue (MR) curve is the same line as the demand (D) curve. True False If marginal revenue for the 5th unit of a good is negative, then total revenue must be falling. True False Collusion is most often found among firms in...
15. Where does diminishing marginal product begin? Workers Total Product A. after first worker buite color B. after second worker C. after third worker ingen soro D. after fourth worker or nobod
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
If a price taking firm's production function is quasi-concave and exhibits decreasing marginal product with respect to each input, then there exists at least one solution for the profit maximisation problem when all inputs are variable. Select one: O True O False
1. First, you will have to determine what kind of firm you want to be and what product you will (hypothetically) produce. 2. Next, you will have to describe the production function of your firm. Naturally production processes are very complex, so you might have to aggregate inputs in 2 categories, capital and labor. These are things you should keep in mind when choosing your specification: a. Does this production process exhibit increasing, decreasing or constant returns to scale? b....
The marginal product of the first is 4
the 2: 6
the3:6
% Concept: Marginal Product of Labor 1 Question Help Suppose Charles owns a lawn mowing company. Assume that without workers, noyards are mowed. When he is one worker, he is able to mow 4 yards per day with two workers, he can mow 10 yards per day, and with three workers, he can mow 16 yards per day The marginal product of the first worker is 4 yards...
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