... Assume that the price of a car wawsh is $10 and the marginal product of labor at the car wash is given in the following table: Quantity of labor L (workers) 0 1 2 3 4 5 6 7 Quantity of car washes Q 0 6 11 15 18 20 21 21 Marginal Product of Labor (change in Q/change in L) aka car washes per worker • Fill in the values for MPL in the table • Calculate the MRPL for each quantity of labor • Draw a correctly labeled graph of the MRP curve

... Assume that the price of a car wawsh is $10 and the marginal product of labor at the car wash is given in the following table: Quantity of labor L (workers) 0 1 2 3 4 5 6 7 Quantity of car washes Q 0 6 11 15 18 20 21 21 Marginal Product of Labor (change in Q/change in L) aka car washes per worker • Fill in the values for MPL in the table • Calculate the MRPL for each quantity of labor • Draw a correctly labeled graph of the MRP curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

For a production function that exhibits diminishing marginal product:  From Lourdes N to Everyone: (7:10 pm)  a. Marginal product is typically below average product b. Average product is typically below marginal product c. Average product is typically equal to marginal product d. Both marginal and average product must be zero
1) Suppose the prdduction function for widgets is given by: q= KL – 0.8K² – 0.2L?. a.) Suppose K=10, at what level of labor input does this AP1,reach a maximum and how many widgets are pIdduced at that point? At what level of labor input does MP1=0 and how many widgets are produced at that point? Graph the TP1, AP1 and MP1 curves. b.) Suppose capital inputs were increased to K=20. How would your answers to parts (a) change? c.) Does the widget production function exhibit constant, increasing, or decreasing retums to scale?
4. Considertheproductionfunction f(L;K)=L+K. a. Suppose K is Öxed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). b. Graph the functions in part a.
Aplia Homework: Production and Cost in the Firm Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (?) 20 18 16 MP LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, Underground Sandwiches does not have any output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 72 Production Function 64 56 48 32 24 16 MARGINAL PRODUCT (Sandwiches per worker)
Can you assist in filling out this chart?
Suppose a chair manufacturer maintains the existing plant and equipment. The manufacturer has observed the following levels of production corresponding to different numbers of workers: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 28 7 25 a. Calculate the average and marginal product of labor for this production function. APL MPL - 1. 10 2 18 3 24 4 28 5 30 6 28 7 25 b. Does this production function exhibit diminishing returns to labor? Explain. c. Explain intuitively what might cause the marginal product of labor to become negative.
An isoquant curve for producing a 10 lb bag of wheat is given as below. What is the Marginal Rate of Technical Substitution (MRTS) at a point (L, K)=(2,9)? Capital 1, 14 $15 14 13 12 11 DRBT6543210 9 8 7 -4 -3 4 3 2,9 3,5 43 52 6,1.5 1 2 3 4 5 6 7 Labor
Suppose that the price of labor (the wage rate) is $100 a day and that the rental price of capital is $50 a day. Currently the Jedie Weapons Corporation is using ten units of capital and five units of labor to produce 500 lightsabers a day. Each lightsaber sells for $2. At the current input use levels, the marginal product of capital is 40 lightsabers per day and the marginal product of labor is 60 lightsabers a day. Is the firm making an economic profit at its current levels of operation? 2. Could the firm increase its profits at the current level of output by adjusting its use of labor and capital? If so, how should input use be adjusted?
provide me with exact calculation and answers plz! will leave thumbs up if helps
What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30
Refer to the given data in the table below. Assume that labor is the only variable input. Please calculate the marginal product of labor for each level of labor input and and graph it using the diagram below. # Workers (L) 1 2 3 4 5 Total Output 7 12 15 16 16 Provide your answer below: 20 15 10 5- -2 -1 1 2 3 4 7 9 10 Labor -5- Marginal Product
Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (? 20 18 16 14 4, 11 12 MP 10 6. 2 3 4 LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. MARGINAL PRODUCT (Sandwiches per worker)