2.1 The following table gives total output or total product as afunction of labor units used.LaborTotal Output302547248490a. Define diminishing returns.b. Does the table indicate a situation of diminishing returns?Explain your answer.

The process in which inputs are combined in order to produce or make something to be used as an…

2.1 The following table gives total output or total product as a function of labor units used. Labor Total Output 30 54 72 84 90 a. Define diminishing returns. b. Does the table indicate a situation of diminishing returns? Explain your answer.

2.1 The following table gives total output or total product as a function of labor units used. Labor Total Output 30 54 72 84 90 a. Define diminishing returns. b. Does the table indicate a situation of diminishing returns? Explain your answer.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 7P

See similar textbooks

Related questions

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The marginal physical product of labour can be defined as the increase in firms' revenue due to the…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is…

A: Labor refers to the physical or mental effort exerted by individuals in order to perform tasks,…

Q: The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Draw a production function that exhibits diminishing marginal product of labour. Draw the associated…

Q: The following table gives total output or total product as a func- tion of labor units used. LABOR…

A: Given Labor Total Output Marginal Output 0 0 0 1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: Draw a production function that exhibits diminishing marginal product of labor. Draw the associated…

A: The diminishing product of labor refers to the situation where increasing one additional labor…

Q: When analyzing isoquants, if the marginal product of all inputs double, how would that change the…

A: Isoquants are the curve that depicts a various mix of labor (l) and capital (k) that can be used to…

Q: Directions: For each of the following problems you should use EXCEL to calculate the various…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Complete the following table, assumingthat each unit of labor costs $75 per day.…

A: Total cost is the sum of fixed cost and the variable cost. Fixed cost is fixed and does not vary…

Q: The following table gives total output or total product as a function of labor units used.…

A: Total product is defined as the total amount of the output produced by the firm using given amount…

Q: Refer to Figure 7.5. Which diagram represents isoquants for a Cobb-Douglas production function?…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: When a firm experiences diminishing marginal product, what is the shape of the curve that represents…

A: The marginal product of labor is the change in the additional output because of the change in the…

Q: The amount of fish caught per week an a trawler is a function of the crew size assigned to operate…

A: Average Product (AP):Average product refers to the average amount of output produced per unit of…

Q: Economics students often confuse (a) diminishing returns related to the variable factors of…

A: The return to scale and economies of scale are two different concepts. The law of diminishing…

Q: The table below forms part of production function analysis for Elegance Holdings Ltd. No. of workers…

A: The terms TPP, APP, and MPP are associated with the concept of production functions in economics,…

Q: Output per month Figure 6.1 A B CD E Labor per month Refer to Figure 6.1. At which point on the…

A: Total product means the total output produced by a firm with the given inputs at a particular time.…

Q: Hammas Dadani operates a business and uses the following table for total output or total product as…

A: 1. Marginal Product of Labor (MPL) The marginal product of labor is the increase in total production…

Q: When Marginal Product of Labor intersects the Average product of labor, minimum average product of…

A: The Marginal product is the change total product when additional unit of labor is used. The AP is…

Q: The short-run production function for a manufacturer of flash memory drives is shown in the table…

A: a) Average product is the output produced per unit of labor.Formula for calculating average product:

Q: Problem -2: The following table gives total output or total product as a function of labor units…

A: Diminishing returns occur when after addition of certain units of input,total product starts to…

Question

2.1 The following table gives total output or total product as a
function of labor units used.
Labor
Total Output
30
2
54
72
4
84
90
a. Define diminishing returns.
b. Does the table indicate a situation of diminishing returns?
Explain your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Production

VIEW

Diminishing Returns

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is the difference between a fixed input and a variable input?
What is a production function?
Would you consider an interest payment on a loan to a film an explicit or implicit cost?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
Diminishing returns begins with the addition of the 2nd,5th,4th or 3rd worker
The following table gives total output or total product as a func- tion of labor units used. LABOR TOTAL OUTPUT 1 5 2 9 3 12 4 14 5 15 a. Define diminishing returns. b. Does the table indicate a situation of diminishing returns? Explain your answer.
Output per month Figure 6.1 A B C D E Labor per month Refer to Figure 6.1. At which point on the total product curve is the average product of labor the highest?
Answer with solution
Refer to the provided graph showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is total product maximized? Multiple Choice A B C D
Jerry owns a snowboard factory in Big Bear and employs workers to teach children how to snowboard. The table below shows Jerry's total product schedule. Compute the marginal product and average product.
When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shaped