Homework Answers
Answer
marginal product of n th worker =total output of n workers -
total output of n-1 workers
MP(n)=TP(n)-TP(n-1)
MP(2)=7-1=6 units
Option A
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ТР те — ЕТИТ | 23 + labor Using the above graph, calculate the marginal product of the 2nd worker (that is moving f...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker marks the start of the law of diminishing returns? OA) 1st worker (moving from 0 to 1) O B) 2nd worker (moving from 1 to 2) O C) 3rd worker (moving from 2 to 3) OD) 4th worker (moving from 3 to 4) OE) 5th worker (moving from 4 to 5)
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...
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product, graph the...
Given the following production function for Tight Jeans Corporation, calculate the marginal physical product, graph the production function and the marginal physical product on two separate graphs, then answer three questions about marginal productivity. a. Calculate the marginal physical product. Short-Run Production Function Labor input (workers per day) 0 1 2 3 4 5 6 7 8 Output (pairs of jeans per day) 0 10 36 56 68 74 76 76 74 Marginal physical product -- 10 26 20 12...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0...
Number of Workers Output Marginal Product of Labor Value of Marginal Product of Labor 0 0 ----------------------------------- ------------------------------------------------- 1 79 2 88 $1000 3 46 4 198 5 210 6 222 Refer to the table above. What is the marginal product of the 4th worker?
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2...
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...
What is the marginal product of the second worker?
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
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...
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...
Pigs Workers The graph above shows the production function of a small farm that raises pigs....
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
3. The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in...
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker marks the start of the law of diminishing returns? OA) 1st worker (moving from 0 to 1) O B) 2nd worker (moving from 1 to 2) O C) 3rd worker (moving from 2 to 3) OD) 4th worker (moving from 3 to 4) OE) 5th worker (moving from 4 to 5)
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...
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 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
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...
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...
Pigs Workers The graph above shows the production function of a small farm that raises pigs. Refer to the graph to answer the following questions: • If the farm employs 1 worker then it can produce pigs. To produce 80 pigs the farm needs to hire worker(s). Point B on the production function tells us that to produce pigs the farm needs to hire worker(s) • The shape of the production function tells us that between points A and B...
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
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