OFair,%20Sharon%20E.%200ster%20-%20Principles%20of%20Econo..Page view AN Read aloud I DrawE HighlightErase2.6 The following table represents data for Sally's Salon.Draw a graph showing the total product, marginal prod-uct of labor, and average product of labor. Identify whereincreasing returns, diminishing returns, and negativereturns set in on the total product curve.LaborUnitsTotal Product(HaircutsPer Day)MarginalProductof LaborAverageProduct(Employees)of Labor7.7.0017108.503311410.334441311.00551111.00649.10.67699.86698.639.65-D47.2210595.902.7 Assume that we have a production process that exhibitsincreasing and then decreasing marginal productivity.That is, as we increase output, the marginal product oflabor starts at some level above zero, rises to a maximum,and then eventually falls to zero. Which of the followingstatements is truc? Briefly explain6:07 PMDesktopd) ENG4/23/2021

2.6) Labor refers to the human resource that is used as a factor input in the production process.…

2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product Marginal Average (Haircuts Product Product (Employees) 0 Per Day) of Labor of Labor 0 10 1234567890 7 7 7.00 17 10 8.50 31 14 10.33 44 13 11.00 55 11 11.00 64 9 10.67 69 69 65 59 5076 9.86 8.63 7.22 -6 5.90

2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product Marginal Average (Haircuts Product Product (Employees) 0 Per Day) of Labor of Labor 0 10 1234567890 7 7 7.00 17 10 8.50 31 14 10.33 44 13 11.00 55 11 11.00 64 9 10.67 69 69 65 59 5076 9.86 8.63 7.22 -6 5.90

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. Labour unit Marginal Marginal Revenue Tetal Total Average Product Total TRP-TLC MRP-MLC Marginal Labour Cost Labour Cost Product Product Revenue Product Product 10 10 20 25 30 45 40 60 50 70 60 75 70 78 80 80 00:15 1 2 3 4 56 70
2. Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output during a given day: Workers Output Marginal Product. Total Cost Average Total Cost Marginal Cost 0 0 1 20 2 50 3 90 4 120 5 140 150 7 155 (a) Fill in the column of marginal products. What pattern do you see? Why? (b) The firm's only variable cost is labor. A worker costs $100 a day, and the firm has other fixed costs of $200. Use this information to fill in the column for total cost. (c) Fill in the average total cost column (HINT: ATC TC/Q). What pattern do you see? (d) Now fill the marginal cost column (HINT: MC = ATC/AQ). What pattern do you see? (e) Compare the column for marginal product with the column for marginal cost. Explain the relationship. (f) Compare the column for average total cost with the column for marginal cost. Explain the relationship.
Avg and Marginal Cost 2 Output 4 10 B 9 30 20 15 10 Total Product Curve 2 3 1 5 6 7 Labor Avg and Marginal Product Curves 1 2 3 4 5 Labor 6 7 8 MP AP TA What do the graphs above tell us about the relationship between the Total Product and the Marginal Product of Labor? At what point do diminishing returns to labor begin?
4
Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus' output during a given day. I have completed the first two rows. Workers Output Marginal Total Average Marginal Product Cost Total Cost Cost $200 1 20 20 $300 $15 $5 2 50 30 $400 $8 $3.33 3 90 40 4 120 30 140 20 150 10 7 155 5
Don't use chatgpt, I will 5 upvotes
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
The maximum number of workers that a firm would hire is
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?
Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
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
Question 4 The table below describes the production function for a candy maker. Marginal Product Number of Output workers 1 30 65 3 95 4 120 135 6 140 a. Fill in the table with the values for the Marginal Product. b. Explain what diminishing marginal product is and state with which worker it sets in.