AutoSaveOff HScenario 4_- Excel_Worksheet_(Student) (1) Excel,GFileHomeInsertSearchDrawPage LayoutFormulasDataReviewqueen lorkichaViewHelpChart DesignFormatChersÉ ShareCommentsAdd Chart QuickDETILChangeColorsElement LayoutSwitch Row/ SelectChangeChart TypeMoveChart LayoutsColumnDataChartChart StylesChart 5DataТуреLocationfxA1311187H.KM-3171412180Labor-7151516171. Explain when increasing returns occurs.18Average and Marginal Product Curves195020 Explain when diminishing marginal returns occurs.4021223023 Explain when negative marginal returns occurs.20241025262. Why does that occur? Are the last people you hired just lazy?5.7.8.6.101227-10Labor2829MP (Marginal Product)AP (Average Product)30313233100%10:55 PMSheet1ヘ ENG78°F11/11/2021ReadyCalculateType here to searchCnddelete12prt scf10Average and Marginal Product69 AutoSaveOffScenario 4 - Excel_Worksheet_(Student) (1) ExcelFileHomeP SearchInsertDrawPage LayoutFormulasDataqueen lorkichaReviewViewHelpChart DesignFormat台 ShareP CommentsCh eAdd Chart QuickChangeColors開Element vLayoutSwitch Row/ SelectChangeChart TypeMoveChart LayoutsColumnDataChartChart StylesDataТурeLocationChart 5fxD.GHKM.1 (Labor)(Total Product)MP (Marginal Product) AP (Average Product)(Total Product)31101010200302015180360301601404100401207.5.13030261001502025808.6018241684016232018410211896 76.101112145.1119Labor1019012-317111871513-7180141215Average and Marginal Product Curves1650171. Explain when increasing returns occurs.184019+100%20 Explain when diminishing marginal returns occurs.目10:56 PM21A ENG78°F11/11/2021Sheet1ReadyCalculateType here to searchendcelete旧田SCOutputProduct222 N2%3D

there are three stages in the law of variable proportion i.e. Increasing return to scale diminishing return to scale negative return to scaleIncreasing returns occur when the output rose by a larger proportion than the increase in input during the production process i.e. by adding more units of the variable factor will use the given fixed factors and start producing more efficiently and thus increase the production. in the above question, the Increasing return will show till Marginal Product is Maximum i.e. till 4 Units of labor.DMS i.e. Diminishing marginal return occurs when adding an extra factor of production results in a lesser increase in the output. in the above table, this stage will show till labor 10 where TP stop increasing (I.e at 190) and Marginal product reaches 1 ( and 0 in theoretical perspective)It is the third phase, in this adding an additional factor will cause the total product decline and Marginal product becomes negative. therefore According to the above table, the 3rd stage starts where Labor is equal to 11.Reason for negative factor Occur. Limitation of fixed factor Coordination between Variable factor and fixed factor is poor The efficiency of variable factors falls The last people we hire are not lazy but as we have a limited amount of fixed factors and a large amount of employees, so the coordination between then is so poor so that can not produce efficiently

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Economics

1. Explain when increasing returns occurs. Average and Marginal Product Curves 50 Explain when diminishing marginal returns occurs. 30 Explain when negative marginal returns occurs. 20 10 2. Why does that occur? Are the last people you hired just lazy? 123 455 7 89 10 -10 Labor 9 MP (Margina Product AP (Average Product

1. Explain when increasing returns occurs. Average and Marginal Product Curves 50 Explain when diminishing marginal returns occurs. 30 Explain when negative marginal returns occurs. 20 10 2. Why does that occur? Are the last people you hired just lazy? 123 455 7 89 10 -10 Labor 9 MP (Margina Product AP (Average Product

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer the question on the basis of the following information. Number of Workers 0 1 2 3 4 5 6 Multiple Choice Total Product O 0 10 36 52 When five workers are employed, 64 total product is 60. total product is 58. averago product is 10 Marginal Product 10 12 8
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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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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
this is all information provided. no more info provided what you see here is all I see as well just in case you think its incomplete because I sent this couple minutes ago and they said it was incomplete.
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
10.Which of the following is an example of a fixed cost? A. cost of employees who work overtime B. cost of machinery C. cost of flour at a bakery D. cost of employees who work standard hours
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.
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
Table 3 Gallo Cork Factory Number of Workers 1 2 3 4 5 6 7 Number of Machines 2 2 2 2 2 2 2 Output (corks produced per hour) 5 10 20 35 55 70 80 Select one: O a. the fifth worker O b. the fourth worker O c. the third worker O d. the sixth worker Marginal Product of Labor Cost of Cost of Workers Machines Total Cost Refer to Table 3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker?
1. Explain the difference between explicit costs and implicit costs. 2. Explain the difference between economic profit and accounting profit. 3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time? 4. Give an example of a fixed cost and a variable cost. 5. How does fixed costs and variable cost change with increased production? 6. Why does Marginal Cost rise? 7. Why is the Average Total Cost curve U shaped? 8. Why is the Minimum Average Total Cost and Efficient Scale important? 9. What is the relationship between Marginal Cost and Average Total Cost? 10. Explain why economies of scale is important.