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2. Using the production schedule table in question 1, Marginal Productivity reaches a maximum with the hiring of which worker? A. 3 B. 4 C. 5 D. 6 E. 7   3. Using the production schedule table in question 1, between which two workers is Average Product maximized? A. 2 and 3 B. 3 and 4 C. 4 and 5 D. 5 and 6 E. 6 and 7   4. Using the production schedule table in question 1, what is the maximum number of workers that the firm would hire? A. 3 B. 4 C. 5 D. 6 E. 7

2. Using the production schedule table in question 1, Marginal Productivity reaches a maximum with the hiring of which worker? A. 3 B. 4 C. 5 D. 6 E. 7   3. Using the production schedule table in question 1, between which two workers is Average Product maximized? A. 2 and 3 B. 3 and 4 C. 4 and 5 D. 5 and 6 E. 6 and 7   4. Using the production schedule table in question 1, what is the maximum number of workers that the firm would hire? A. 3 B. 4 C. 5 D. 6 E. 7

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2. Using the production schedule table in question 1, Marginal Productivity reaches a maximum with the hiring of which worker?

A. 3
B. 4
C. 5
D. 6
E. 7
 
3. Using the production schedule table in question 1, between which two workers is Average Product maximized?
A. 2 and 3
B. 3 and 4
C. 4 and 5
D. 5 and 6
E. 6 and 7
 

4. Using the production schedule table in question 1, what is the maximum number of workers that the firm would hire?

A. 3
B. 4
C. 5
D. 6
E. 7
Labor 0 1 ~ 3 4 5 6 7 8 2 TP 0 10.00 25.00 45.00 63.00 75.00 80.00 80.00 68.00 MP N/A 10.00 15.00 20.00 18.00 12.00 5.00 0.00 -12.00 AP N/A 10.00 12.50 15.00 15.75 15.00 13.33 11.43 8.50
Transcribed Image Text:Labor 0 1 ~ 3 4 5 6 7 8 2 TP 0 10.00 25.00 45.00 63.00 75.00 80.00 80.00 68.00 MP N/A 10.00 15.00 20.00 18.00 12.00 5.00 0.00 -12.00 AP N/A 10.00 12.50 15.00 15.75 15.00 13.33 11.43 8.50
Labor Total Product Marginal Product Average Product 0 1 Q Fill in the missing values based on the above production schedule table (Blackboard "Ultra" currently cannot display table formatting, so the below text is not displaying correctly). For the Average Product responses only, round your answer to TWO-decimal places; you MUST enter the decimal values even if it is a '0' - ie: enter 18.00 NOT 18). 1 2 3 4 5 6 7 8 0 Blank 1 25 Blank 5 Blank 7 Blank 9 80 Blank 13 Blnak 15 Blank 1 Blank 2 Labor Total Product Marginal Product Average Product 0 0 N/A N/A 1 10.00 10.00 10.00 2 25 15.00 12.50 3 45.00 20 15.00 4 63.00 18.00 15.75 5 75.00 12 15.00 6 80 5.00 13.33 7 80.00 0 11.43 8 68.00-12.00 8.50 Blank 3 Blank 4 Blank 5 Blank 6 Blank 7 Blank 8 Blank 9 Blank 10 Blank 11 Blank 12 Blank 13 Blank 14 Blank 15 Blank 16 10.00 10.00 15.00 12.50 45.00 15.00 63.00 18.00 75.00 15.00 5.00 13.33 80.00 11.43 N/A Blank 2 Blank 3 20 Blank 8 12 Blank 11 0 Blank 16 68.00 N/A 10.00 Blank 4 Blank 6 15.75 -12.00 Blank 10 Blank 12 Blank 14 8.50
Transcribed Image Text:Labor Total Product Marginal Product Average Product 0 1 Q Fill in the missing values based on the above production schedule table (Blackboard "Ultra" currently cannot display table formatting, so the below text is not displaying correctly). For the Average Product responses only, round your answer to TWO-decimal places; you MUST enter the decimal values even if it is a '0' - ie: enter 18.00 NOT 18). 1 2 3 4 5 6 7 8 0 Blank 1 25 Blank 5 Blank 7 Blank 9 80 Blank 13 Blnak 15 Blank 1 Blank 2 Labor Total Product Marginal Product Average Product 0 0 N/A N/A 1 10.00 10.00 10.00 2 25 15.00 12.50 3 45.00 20 15.00 4 63.00 18.00 15.75 5 75.00 12 15.00 6 80 5.00 13.33 7 80.00 0 11.43 8 68.00-12.00 8.50 Blank 3 Blank 4 Blank 5 Blank 6 Blank 7 Blank 8 Blank 9 Blank 10 Blank 11 Blank 12 Blank 13 Blank 14 Blank 15 Blank 16 10.00 10.00 15.00 12.50 45.00 15.00 63.00 18.00 75.00 15.00 5.00 13.33 80.00 11.43 N/A Blank 2 Blank 3 20 Blank 8 12 Blank 11 0 Blank 16 68.00 N/A 10.00 Blank 4 Blank 6 15.75 -12.00 Blank 10 Blank 12 Blank 14 8.50
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