Question

Section 2: Exercises 1. Given the production table below: This question holds 5 marks. ΤΡ. АР MP Given: AP - MP4 Complete the
0 0
Add a comment Improve this question Transcribed image text
Answer #1

L

TP

AP

MP

A

0

0

0

B

1

8

8

8

C

2

20

10

12

D

3

33

11

13

E

4

32

8

-1

F

5

20

4

-12

Add a comment
Know the answer?
Add Answer to:
Section 2: Exercises 1. Given the production table below: This question holds 5 marks. ΤΡ. АР MP Given: AP - MP4 Co...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Given the below production table: L TP AP MP A 0 0 - - B 1...

    Given the below production table: L TP AP MP A 0 0 - - B 1 10 C 2 12 14 D 3 E 11 8 F 48 9.6 4 G 6 H 7 47 6.7 Complete the above table, knowing that the AP maximizes at 3 workers and the TP at 6 workers. Draw in a common diagram the curves of the TP, AP and MP.

  • 2. Given the production table below: This question holds 9 marks. a. Complete the table above....

    2. Given the production table below: This question holds 9 marks. a. Complete the table above. b. Calculate the quantity that can be produced by 10 workers. c. How many workers needed to produce 34 units? d. Suppose that the company has 7 workers. If the company wants to increase t production by 34 units, how many more workers should hire?

  • 2. The below table presents the production of a company: AP MP N 100 a. Calculate...

    2. The below table presents the production of a company: AP MP N 100 a. Calculate the quantity that can be produced by 7 workers. b. How many workers needed to produce 48 units? C. Suppose that the company has 7 workers. If the company wants to increase the production by 30 units, how many more workers should hire?

  • The below table presents the production of a company: L TP AP MP 0 0 -...

    The below table presents the production of a company: L TP AP MP 0 0 - - 5 10 2 2 10 30 3 4 15 60 4 6 20 100 5 8 Calculate the quantity that can be produced by 7 workers. How many workers needed to produce 48 units? Suppose that the company has 7 workers. If the company wants to increase the production by 30 units, how many more workers should hire?

  • 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?...

  • 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...

  • just need answer for last one The table below describes the production function of a small...

    just need answer for last one The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 60 150 90 300 150 400 100 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits increasing marginal product Check The table...

  • Below is a table showing the production numbers for a chair factory (where the production numbers...

    Below is a table showing the production numbers for a chair factory (where the production numbers are based on chairs being produced per day). Workers Total Product (TP) Average Product (AP) Marginal Product (MP) Value of the Marginal Product (VMP) 0 0 - - - 1 20 2 60 3 40 4 180 5 46 6 270 7 300 8 40 9 10 10 5 a) Fill in the missing numbers for the TP, AP and MP columns (round to...

  • The table below describes the production function of a small cookie producer relating the quantity of...

    The table below describes the production function of a small cookie producer relating the quantity of cookies produced to the number of workers employed. Use the last column of the table to enter the marginal product of each additional worker. Workers Cookies MP 0 2 5 460 As the cookie producer increases the workforce from 2 to 3 workers the production process exhibits Check mm 200000000" npt. The table below describes the production function of a small cookie producer relating...

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT