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- 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.Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37Which of the following describes the law of diminishing returns to labor? A. When one more worker got hired their marginal product was negative B. When one more worker got hired total product of the firm went down C. When one more worker got hired their marginal product was lower than the marginal product of the previous worker
- Diminishing returns begins with the addition of the 2nd,5th,4th or 3rd workerPlz try thisThe local ice cream shop is trying to figure out how many workers to hire, and part of the decision will be based on the marginal product of labor. The following table shows a short-run production function for quantity of ice cream tubs produced. Diminishing marginal returns begins after hiring which worker? Workers hired Quantity of ice cream tubs produced 1 110 2 200 3 270 4 300 5 320 16 330 300 Seventh Sixth Second Fourth
- □ A firm hires two people and output increases by 20 units. The firm adds one more person and output increases by 15 units. Is the firm experiencing diminishing marginal productivity? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b C Question 12 d No. Output is getting bigger by adding more workers. No. Output per additional worker is getting bigger as the number of workers increases. Yes. The change in output is getting smaller as more workers are hired. Yes. Total output is decreasing as more workers are hired.Please help me with what u can, I really appreciate itQ 1.The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What's your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, justify your answer why it happens with the help of table and diagrams
- Needing help pleaseThe maximum number of workers that a firm would hire is A. 3. B. 4. C. 5. D. 6. E. 7.The table below shows the total product schedule for plastic bags. Each unit of labor costs $25 and the total cost of capital is $100. The selling price of the plastic bags in the market is $8. LabourTotal product (plastic bags per day) 1 2 15 3 35 4 50 15 60 16 65 What is the total costs (TC) of producing 65 plastic bags a day?