Q24. The following table gives the marginal product schedule of labour. It is also given that thetotal product of labour is zero at zero level of employment. Calculate the total and averageproduct schedules of labour.L (units)MP (units)1356.3575 31

Total Product can be calculated by using the Following formula' TPL = Previous Marginal Product +…

Answered: DA. The following table gives the…

ENGR.ECONOMIC ANALYSIS

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Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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The table below tracks the total product that results from each level of labor. Units of Labor (L) Total Product (TP) Average Product (APL) Marginal Product (MPL) 1 3 2 10 3 24 4 36 40 6. 42 7 42 40 Required: 1- Calculate average product of labor (APL) and marginal product of labor (MPL) 2- Draw only Average product of labor (APL) and marginal product (MPL) curves
The table gives Sue's Surfboards' total product schedule. Labour Output (workers per week) (surfboards per week) 2 Draw the four points on the average product curve using the information in the table. Draw the average product curve. Label it. O A. 126 OB. 210 O C. 35 3 4 5 If 6 workers can produce 210 surfboards a week, then average product is surfboards per worker. 00 70 120 160 190 O D. 216 41- 40- 39 38- 37- 36- 35- 34- 0 Average product (surfboards per worker) Q Q Labour (workers per week) >>> Draw only the objects specified in the question.
Labor productivity is the term used forSelect one:a. None of the answers are correctb. Total Productc. All the answers are correctd. Marginal Producte. Average Product
The data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Weekly production for a potter varies with the number of workers employed, as shown in the table below. Number of Total product (units of pots) Marginal product Average product workers 25 2. 100 ces 3 135 4 152 120 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values. b. Marginal product O rises when the first three workers are hired, falls and is positive when the next worker is hired, and is negative when the last worker is hired O rises when the first worker is hired, falls and is positive when the next three workers are hired, andts negative when the last worker is hired. O rises when the first worker is hired, falls and is positive when the next two workers are hired, and is negative when the last two workers are hired. O rises when the first two workers are hired, falls and is positive when the next two workers are hired, and is negative when the last worker is hired. Mc Graw Hill MacBook…
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Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in the table below. Marginal Revenue Product Units of Labor 1 $30 24 3 18 es 4 15 12 10 a. Draw the firm's labor supply and marginal resource cost curves. Instructions: (1) Use the tool provided 'Ls' to draw the labor supply curve (plot 6 points total). (2) Then use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 points total). (3) Finally, use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 points total). To earn full credit for this graph, you must plot all required points for each curve.
QUESTION 18 The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Product Average Product of MRPL product of labor (TPL) W (MPL) labor (APL) 20 20 30 36 4 40 42 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product?
The figure shows the total product curve for different levels of a variable input, labor. Output Total Product curve АВ с D E Quantity of Labor In the figure, at point C O average product equals marginal product O marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positive
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Suppose that the production function for compact disc player is Q=100L 0.6K 0.4 Where ? is the total output, ? is the quantity of labor employed, and ? is the quantity of capital in place. a) Calculate TP, AP, and MP for the sixth, seventh and eighth units of labour employed if capital is fixed at 240units.

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DA. The following table gives the marginal product schedule of labour. It is also given that the total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour. L (units) MP (units) 1 3 3. 7