a) Total product = total product from the previous labor = marginal product, here, the firm can produce at total of 15 units of output with 4th labor.
the anwer is "C".
b) "C"
this is knows as diminishing marginal product of labor , it means as we add more and more input the output with every additional unit will decrease.
D Question 2 1 pts Labor Total productMarginal 0 0 12 In the above table, the...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
Question 55 1 pts If the value of the marginal product of labor exceeds the wage, then the firm could increase profit by hiring additional labor. increase profit by reducing the amount of labor hired. increase revenue by lowering output. O reduce total cost by hiring additional workers. Question 56 1 pts Diminishing marginal product suggests that
QUESTION 5 A value of business owner's time would be considered as opportunity cost. O explicit cost. fixed cost. variable cost. QUESTION 6 Scenario. Melissa is a farmer who produces blueberries. In the last year she produced 6000 pounds of blueberries and sold it at a price of $5 per pound. To produce she incurred a variable costs of $28,000 and a total cost of $40,000. If Melissa had an offer to work in another farm she could have earned...
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...
The law of diminishing marginal product of labor is demonstrated by which of the following? Total output increases at a decreasing rate as you increase the quantity of labor. O Total output increases only when you increase both labor and ovens. Total output declines as you increase the quantity of labor.
Question 41 Output 0 2. Total Cost S5 $10 $12 $15 $24 $40 3 4 5 If the market price is $9, this firm will a. produce 4 units of output in the short run and in the long run since the market will be in a long-run equilibrium b. produce 4 units of output in the short run and exit in the long run None of these d. produce 5 units of output in the short run and face...
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...
1. Diminishing Marginal Returns to labor: (2 points) Fill in the following table and determine where diminishing marginal returns set in. Why is it that there are diminishing marginal returns to labor? Explain. Number of Workers Total Output Marginal Product 0 0 1 4 2 10 3 18 4 28 5 36 6 42 7 44 8 43
Total Output (week) Labor Input (week) Refer to the above figure. The curve reflects O the law of increasing marginal product in labor. o the law of increasing marginal product in capital. o the law of diminishing marginal product in capital. o the law of diminishing marginal product in labor.