**Question 14: Analysis of Labor Input and Product Output**Use the following data to answer the question:| Inputs of Labor | Total Product ||-----------------|---------------|| 0 | 0 || 1 | 10 || 2 | 22 || 3 | 36 || 4 | 48 || 5 | 58 || 6 | 66 || 7 | 63 |**Question:**The average product (AP) when four units of labor are hired is:**Multiple Choice Options:**- 10- 12- 192- 24**Explanation:**The average product (AP) is calculated by dividing the total product by the number of labor inputs. To find the AP when four units of labor are hired, divide the total product (48) by the labor input (4). **Answer:**The average product (AP) is 12.

Average product is the total quantity of output per unit of labor input.

Answered: **Question 14: Analysis of Labor Input…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Total product (meals per hour) 20 TP 16 12 2. 4 5 Quantity of labor (workers) The figure shows the total product curve for the Fruit Bowl food truck. If production increases from 19 to 20 meals per hour, the marginal product is in the range where it and the marginal product the average product. A) reaches a maximum; equals B) increases; is greater than C) decreases; is greater than D) increases; is less than E) decreases; is less than 24
First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?
In the table below, the average product of labor at L= 3 is: 3 2 3. 15 20 4 a. 8 b.0.2 Oc. 2 Od.3 Oe.5
Refer to the figure at right. At which point on the total product curve is the average product of labor the highest? A. Point A B. Point B C. Point C D. Point D E. None of the above
Given the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (AP) and marginal product (MP) of labor curves
Question 2: Consider the following production function that depends only on labor:Q = 2L+6L² - 3L³ 1. Compute the APL (average product of labor). 2. Compute the MPL (marginal product of labor). 3. What is the value of L* at which APL is the highest? 4. For L > L*, which one is bigger, APL or MPL? How about when I < L* and L = L* ? 5. Draw APL and MPL on the y-axis as a function of L on the x-axis. Label the point of the intersection of APL and MPL.
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Refer to the table below. The average product when three workers are employed is: Number of workers Total output 1 3 2 8 3 15 4 21 5 26 6 28 7 29 8 29 9 27 A). 3. B). 4. C). 5. D). 6.
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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
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ASAP!! ANSWER PLEASE Hammas Dadani operates a business and uses the following table for total output or total product as a function of labor units used. LABOR TOTAL OUTPUT 0 0 1 5 2 9 3 12 4 14 5 15 Calculate Marginal Product of Labor and Average Product of Labor? Plot a graph for total product, marginal product and average product separately? Does the graph indicate a situation of diminishing returns? Explain your answer.

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