STAPLESUnits of labor per day12. (Exhibit: Total Product) When hiring units of labor between zero and L1 units of labor, whichof the following statements is true?a. The marginal product of labor is increasing.b. The marginal product labor is decreasing.c. Total product is increasing at a diminishing rate.d. None of the above statements is true.13. "Diminishing marginal returns" means that:a. each additional unit of an input used will decrease output.b. each additional unit of an input used will increase output, but by smaller and smalleramounts.c. each additional unit of an input used will increase output by larger and largeramounts.d. the firm is maximizing profit.14. A variable factor of production is defined in the text as one:a. that can perform several different functions.b. that is able to produce more or less during some time period.c. whose quantity can be changed in a particular time period.d. A and C are true, but not B.15. The law of diminishing marginal utility indicates that the slope of the marginal utility curveeventually becomes:a. negative.b. vertical.c. horizontal.d. positive.16. Which of the following is not an explanation as to why the demand curve is negativelysloped?

There are total three phases in Total product curve. These are :- a). Increasing return to scale…

12. (Exhibit: Total Product) When hiring units of labor between zero and L1 units of labor, which of the following statements is true? a. The marginal product of labor is increasing. b. The marginal product of labor is decreasing. c. Total product is increasing at a diminishing rate. d. None of the above statements is true.

12. (Exhibit: Total Product) When hiring units of labor between zero and L1 units of labor, which of the following statements is true? a. The marginal product of labor is increasing. b. The marginal product of labor is decreasing. c. Total product is increasing at a diminishing rate. d. None of the above statements is true.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Graphing demand for labor and computing the optimal quantity A company operates in a perfectly competitive market, selling each unit of output for a price of $10 and paying the market wage of $130 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labor (MRPL) at each quantity of workers. Labor Output Marginal Product of Labor Marginal Revenue Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 15 1 15 14 2 29 12 3 41 10 4 51 6 5 57 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the…
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16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases
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Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $30 and paying the market wage of $285 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) (Number of workers) (Units of output) 0 1 2 3 4 5 0 16 31 45 56 64 16 15 14 11 8 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for…
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