Homework Answers
Marginal product = Change in output / Change in input
For second hour, the change of output = 10-6=4 Point
For second hour, the change in input = 2-1=1 Hr.
So the marginal product is 4/1=4 Point (Ans)
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According to the graph below, what is the approximate marginal product of the second hour of study? Grade (points o...
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Total, average, and marginal physical product
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...
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what is the marginal product of the third hour of labor? 4) The following is a...
what is the marginal product of the third hour of labor?
4) The following is a hypothetical short-run production function: Hours of Total Marginal Labor Output Product 100 100 240 What is the marginal product of the third hour of labor? A) 60 B) 80 C) 100 D) 240 Wote your answers in the table below: Question Answer Question Answer Question Answer Question Answer 16 12 13 18 19 15 20 21 Bonus 22 Bonus 1) Assume the following information...
Suppose the marginal costs of reading are constant at $6 per hour, while the marginal benefits...
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the marginal or additional gain from rajivs first hour of work 4. A decision at the...
the marginal or additional gain from rajivs first hour of
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Suppose the relationship between your study time and your grade on a History midterm is given by the following table: If you study for Your grade will be 4 hours 5 hours 6 hours 80 90 93 10. What is the "marginal grade improvement (MGI)" of the 5 hour of studying? 11. What is the "marginal grade improvement (MGI)" of the 6 hour of studying? 12. Why might the MGI be diminishing?
A student has a monthly budget of S120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. 1. What is the largest number of burritos that the student could afford to purchase in one month? 2. What is the largest number of sodas the student could afford to purchase in one month? 3. Draw the student's budget constraint. Put burritos on the x axis and sodas on the y-axis. 20 4. Which combinations of...
Question 23 (2 points) The graph below shows the average total cost and marginal cost curves of a perfectly competitive firm. If the market price is $7, what is the output level that maximizes the firm's profit? 12 11 10 MC ATC 9 8 Price $/Q S 4 3 2 0 1 2 3 6 7 8 9 10 11 12 13 14 15 16 Quantity Q23 Q=4 3 N 1 0 0 4 5 6 7 8 9 10...
what is the marginal product of the third hour of labor?
4) The following is a hypothetical short-run production function: Hours of Total Marginal Labor Output Product 100 100 240 What is the marginal product of the third hour of labor? A) 60 B) 80 C) 100 D) 240 Wote your answers in the table below: Question Answer Question Answer Question Answer Question Answer 16 12 13 18 19 15 20 21 Bonus 22 Bonus 1) Assume the following information...
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the marginal or additional gain from rajivs first hour of
work
4. A decision at the margin Rajiv is a hard-working college freshman. One Thursday, he decides to work nonstop until he has answered 100 practice problems for his chemistry course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. 8:00 AM 9:00 AM ....
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