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5. The average product of labor is given by the equation AP,"-б00-200L-L2 a. What is the...
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
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP...
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP Average and marginal product of labor MP 10 20 40 50 30 Labor a. At what level of output is AVC minimized? Explain your answer. b. When 10 workers are hired, what is the firm's output? c. When 15 workers are hired, what is the firm's AVC if w = 300? d. When 15 workers are hired, what is the firm's SMC if w-300?...
only number 5 Write an expression of the marginal cost function MC. Estimate the effect on...
only number 5
Write an expression of the marginal cost function MC. Estimate the effect on TC about by 2 units decrease in from the current output level of 15 units. 5) A firm's short-run production function is given by Q = 50L -.0212 Where L denotes the number of workers. 1. Find the size of the workforce that maximizes output. 2. Find marginal product of labor (MPL) 3. Find the average product of labor (APL) 4. Find the size...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its output (q) as a function of hired labor (L) 2.a) Graphically illustrate on the figure below the extent of both the average product of labor (APL) and the marginal product of labor (MP) at point A. 2.b) At point A is MPL APL or is MPL APL? 2.c) Locate a point on TP (label it C) where MPL is negative. 2.e) Locate a point...
8. Calculate the marginal product of labor and average product of labor at each level of...
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 -
21. Refer to the above graph. It shows the marginal product of labor (MP) and the...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
1. Can a company have the average product (output) of labor, APL, equal the marginal product...
1. Can a company have the average product (output) of labor, APL, equal the marginal product of labor, MP4, i.e. MP,=AP_? If “no”, then why, and if “yes”, then at what level of labor and what does it mean?
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
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...
6. Show that Suppose that a firm's total product function is y = 40L- - L. Show that! the average product of labor,...
6. Show that Suppose that a firm's total product function is y = 40L- - L. Show that! the average product of labor, AP(L), rises when marginal product of labor, MP(L), exceeds AP(L), falls when MP(L) is less than AP(L), and is horizontal at the point where MP(L) = AP(L). P(L) is lesen marginal pro
2. Consider the graph below which illustrates a given firm's AP and MP curves: AP MP Average and marginal product of labor MP 10 20 40 50 30 Labor a. At what level of output is AVC minimized? Explain your answer. b. When 10 workers are hired, what is the firm's output? c. When 15 workers are hired, what is the firm's AVC if w = 300? d. When 15 workers are hired, what is the firm's SMC if w-300?...
only number 5
Write an expression of the marginal cost function MC. Estimate the effect on TC about by 2 units decrease in from the current output level of 15 units. 5) A firm's short-run production function is given by Q = 50L -.0212 Where L denotes the number of workers. 1. Find the size of the workforce that maximizes output. 2. Find marginal product of labor (MPL) 3. Find the average product of labor (APL) 4. Find the size...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its output (q) as a function of hired labor (L) 2.a) Graphically illustrate on the figure below the extent of both the average product of labor (APL) and the marginal product of labor (MP) at point A. 2.b) At point A is MPL APL or is MPL APL? 2.c) Locate a point on TP (label it C) where MPL is negative. 2.e) Locate a point...
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 -
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
1. Can a company have the average product (output) of labor, APL, equal the marginal product of labor, MP4, i.e. MP,=AP_? If “no”, then why, and if “yes”, then at what level of labor and what does it mean?
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
6. Show that Suppose that a firm's total product function is y = 40L- - L. Show that! the average product of labor, AP(L), rises when marginal product of labor, MP(L), exceeds AP(L), falls when MP(L) is less than AP(L), and is horizontal at the point where MP(L) = AP(L). P(L) is lesen marginal pro
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