150 Marginal 100 product (units per day) 50 25 MP- 5 0 1 2 3 4 Quantity of labor (number of workers per day) As shown in Exhibit 6-4, the law of diminishing returns applies in the range of: O a. between 0 and 3 workers per day. b. over 1 workers per day. c. between 0 and 5 workers per day. d. over 3 workers per day.

150 Marginal 100 product (units per day) 50 25 MP- 5 0 1 2 3 4 Quantity of labor (number of workers per day) As shown in Exhibit 6-4, the law of diminishing returns applies in the range of: O a. between 0 and 3 workers per day. b. over 1 workers per day. c. between 0 and 5 workers per day. d. over 3 workers per day.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9. For the cost function CO) = 100 - 20 - 302, the marginal cost of producing 2 units of outout is a. 2 b. 3 c. 12 D. 14
Output (units per day) 19 17 15 54 14 7 2 1 1 1 I 1 F 1 I 1 1 I I 1 I 1 1 1 1 1 T II II LI I 1 1 1 1 1 F 2 1 1 I T 1 3 4 Labor Input (workers per day) 5 Total output The marginal product of the sixth unit of labor in the figure above is: A. 4.0 B. -4.0 C. 15.0 D. 2.5 E. NONE OF THE ABOVE
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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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10. Use the figure below (on the next page) to answer these questions: At 200 units of output, find the following costs: c. TVC= 2000 f. TC = 5000 g. SMC= a. AFC- b. AVC- c. ATC= d. TFC = h. AFC= i. AVC= j. ATC= k. TFC= Average and marginal costs (dollars) 25 3000 At 600 units of output, find the following costs: 1. TVC=_ m. TC n. SMC= 35 30 25 20 15 10 15 10 5 T 0 100 200 300 400 Output 500 600 SMC 700 ATC AVC 800
10 Workers per day (b) Marginal product Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and seven workers, O a. marginal product is negative and total product is rising. b. marginal product is falling but still positive, and total product increases by decreasing amounts. O C. marginal product is negative and total product is falling. O d. marginal product equals zero and total product is at a maximum. e. marginal product is rising and total product increases by increasing amounts. Marginal product (tons/day) Total proc
Question 6 A production function defines the output that can be produced: O A. as technology changes over time. B. if the firm is technically efficient. O C. for the average firm. O D. in a given time period if no additional inputs are hired. O E. at the lowest cost, given the inputs available.
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