Consider this production function. Study hours 1. 21 3 4. 10 11 12 13 14 15 or more 6 8. 6. Grade o 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 100 90 80 70 60 50- 40 30 20 10 in %24 Hours of study per day Select one or more: O a. The average product of labour is falling as hours of study increase. Ob. The marginal product of labour is constant as hours of study increase. O C. The marginal product of labour is rising as hours of study increase. O d. The marginal product of labour is zero beyond 15 hours. Final grade

Consider this production function. Study hours 1. 21 3 4. 10 11 12 13 14 15 or more 6 8. 6. Grade o 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 100 90 80 70 60 50- 40 30 20 10 in %24 Hours of study per day Select one or more: O a. The average product of labour is falling as hours of study increase. Ob. The marginal product of labour is constant as hours of study increase. O C. The marginal product of labour is rising as hours of study increase. O d. The marginal product of labour is zero beyond 15 hours. Final grade

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
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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
In a short-run production process, a diminishing marginal product of labor explains why marginal cos is? 1.A negative and falling 2.zero 3.positive but falling D. positive and rising
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Answer the question on the basis of the following information. Number of Workers 0 1 2 3 4 5 6 Multiple Choice Total Product O 0 10 36 52 When five workers are employed, 64 total product is 60. total product is 58. averago product is 10 Marginal Product 10 12 8
N5
In the, between what two levels of output does one first observe the law of diminishing returns? Labor(workers) Total prosucts(units) 0 0 5 1000 10 3000 15 4000 20 4500 Select one. 4000 and 4500 1000 and 3000 0 and 1000 3000 and 4000
Output per worker (S, thousands) Production lunction (after 225 technological progre Production function 15 20 30 Capital equipment per worker (S, thousands) The figure shows an economy's production function before and after a technological progress. Based on this information, which of the following statements is correct? O The average product of capital at Ais 250,000/70,000 -3.57 O The marginal product of capital atA is (85.000 - 70.000)/ (300,000 - 250,000) = 0.30 O The particular shape of the production function indicates diminishing marginal product of capital As a result of a technological progress, the marginal product of capital rises but the average product of capital remains constant for a given level of capital per worker
1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of labor
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