Average Product = Total Product / Units of Input
Hence at 5 units of labour, Average Product
= 150/5 => 30 units
Average Product = Total Product / Units of Input
Hence at 5 units of labour, Average Product
= 150/5 => 30 units
Please Upvote and Support!!
Based on the data shown here, how much is the average product of labor when 5...
8. Calculate the marginal product of labor and average product of labor at each level of production in the table below. When does the law of diminishing returns begin to take effect? Units of Labor (L) Units of Output (Q) Marginal Product (MPL) Average Product (APL) 0 60 150 260 OHIN MILON 000 350 420 455 420 375 300 10 T L -
Please solve the above sum (c) ()The average product of labour when three workers farm an acre of land is 150 bushels of wheat and the marginal product. when fourth worker is employed. is 75 bushels. What is the total output with four workers? (i) What is the minimum efficient scale of production in long-run average cost? (i) Determine whether the following production functions exhibit increasing, decreasing or constant returns to scale: Q = 300K + 25L 2+2+2 (c) ()The...
Open the data Cars04-HW6&5 and answer questions 13 to 14. 13. Compute the Average, Median, and Standard Deviation Horsepower column. Which of the following statement is true? (4 points) a. Median < Average < Standard deviation b. Average < Standard deviation c. Standard deviation d. Average < Median < Standard deviation e. Standard Deviation < Average < Median 14. Using 2-standard deviation rule of thumb and the information you obtained from question 13 which of the following is true? Round...
Question 15 1 pts Table 13-12 Betty's Bakery Quantity Fixed Cost Average Fixed Cost Average Variable Cost Total Cost $38 Average Total Cost Marginal Cost cakes Variable Cost $13 $28 $70 $64 0aWN- $110 $108 $133 $185 Refer to Table 13-12. What is the marginal cost of the 2nd cake at Betty's Bakery? $14 $34 $28 O $15 Question 14 1 pts Table 13-11 Teacher's Helper is a small company that has a subcontract to produce instructional materials for disabled...
Wage Table 17-2 Quantity of Output of iPods per Marginal Product of Product Price Labor Week Labor (dollars) $300 280 260 240 220 200 180 (dollars) $350 350 350 350 350 350 350 Refer to Table 17-2. What is the profit-maximizing quantity of labor that the firm should hire? 5 units 4 units 3 units 2 units
The above table depicts both the product and labor markets for imported coffee. What is the total revenue when 15 workers per day are hired? Labor Input (workers per day) TotalPhysical Product Product Price 10 100 50 11 110 49 12 120 48 13 130 47 14 140 46 15 150 45
In positive economic models of the labor market, it is assumed that workers maximize utility (happiness). firms maximize profits. resources are scarce. all of these are true. 2 points QUESTION 13 Because of the principle of __________, marginal product of labor decreases as labor increases. economies of scale. diseconomies of scale. diminishing returns. constant returns to scale. 2 points QUESTION 14 The unemployment rate is computed as the number of employed divided labor force. the number of unemployed...
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...
blank 1-diminishing or increasing 2-decreasing or increasing 5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
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...