1. If diminishing marginal returnswill set in after the very first unitof labour is employed? What dothe average product, and marginalproduct curves look like in this case?

According to the given question In simple words we can say that the diminishing marginal returns…

Answered: 1 diminishing marginal returns vill set…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 4 The table below describes the production function for a candy maker. Marginal Product Number of Output workers 1 30 65 3 95 4 120 135 6 140 a. Fill in the table with the values for the Marginal Product. b. Explain what diminishing marginal product is and state with which worker it sets in.
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Consider the isoquant for gelato production as graphed below. Use the graph to answer question 27. Inagedhents A 142 100 2000 Liters of Gelato 20 26 Labor (Emplayges) 27. What is the marginal rate of technical substitution between points A and B? 42 (а) +- 42 (b) 6 (c) 42 (d) It is not possible to determine from this graph.
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Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
4
/SMHS Quia - Physical Sc... 0 Multiple Choice New Tab O MC If labor is the only variable input, the marginal product of labor is at a minimum at point b. minimum at point a ATC maximum at point a AVC Lecture Videos -... < Prev Saved 27 of 35 ⠀⠀

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1 diminishing marginal returns vill set in after the very first unit f labour isb employed? What do he average product, and marginal roduct curves look like in this case?