1- Refer to the information provided in Table1. The table sets out Sue's Surfboards' total product schedule. Answer the following questions. Table 1 Labor (workers per week) 1 Output (surfboards per week) 50 80 125 185 200 220 230 a. Calculate the average product of labor b. Calculate the marginal product of labor C. Over what output range does Sue's Surfboards enjoy the benefits of increased specialization and the division of labor? d. Over what output range does Sue's Surfboards Experience diminishing marginal product of labor? 10 Horkers at $650 a week and its total 2345 67

1- Refer to the information provided in Table1. The table sets out Sue's Surfboards' total product schedule. Answer the following questions. Table 1 Labor (workers per week) 1 Output (surfboards per week) 50 80 125 185 200 220 230 a. Calculate the average product of labor b. Calculate the marginal product of labor C. Over what output range does Sue's Surfboards enjoy the benefits of increased specialization and the division of labor? d. Over what output range does Sue's Surfboards Experience diminishing marginal product of labor? 10 Horkers at $650 a week and its total 2345 67

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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100 QUANTITY OF OUTPUT (Units) 90 80 70 60 30 20 10 8 1 2 3 4 5 6 7 LABOR (Number ofworkers) Refer to Figure 13-1. The graph illustrates a typical production function. O production possibilities frontier. Ototal-cost curve. 9 10
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2. The short-run production function for a manufacturer Number of Workers (Quantity of Labor) 1. 2. 3. 4. 5. 6. 7. of DVD drives is as follows Total Output of DVD Drives 0 a. Calculate the average product (AP) at each quantity of labor. b. Calculate the marginal product (MP) at each quantity of labor. 42000 90000 135000 160000 175000 174000 c. Which worker(s) are in the region of increasing marginal returns? d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the region of negative marginal returns? f. In the region of diminishing marginal returns, what is happening to marginal cost?
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Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 4 5 5 6 6 7 7 Reset 8 Labor Input 8 Labor Input PRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product Instructions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. Move the production slider to 4 units of labor. Suppose you had the information for the L=1 row and the L-4 row, but the row(s) in between them were missing and you didn't have any information in the Marginal Product column. If you wanted to estimate the marginal product, you might assume the marginal products of each of the 3 additional workers are equal. a. Estimate the marginal product of each additional worker if L were to increase from 1 to 4. b. Calculate the slope of the total production function between L-1 and L=4. L
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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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Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery
3. We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.The marginal product of labor becomes negative when the slope of the production frontier begins to get shallower as we move toward more labor input.