**Question:**Determine the marginal product of the second worker based on the following output data for a firm. Assume that the amounts of all non-labor resources are fixed.**Table:**| Number of Workers | Units of Output ||-------------------|-----------------|| 0 | 0 || 1 | 50 || 2 | 90 || 3 | 125 || 4 | 150 || 5 | 170 || 6 | 165 |**Question:**The marginal product of the second worker is:**Multiple Choice:**- 417 units of output- 50 units of output- 40 units of output- 35 units of output**Explanation:**The marginal product of a worker is calculated as the change in output when one additional worker is hired. For the second worker, the output increased from 50 to 90 units. Thus, the marginal product is 90 - 50 = **40 units of output**.

Marginal product of labor refers to the amount of change in quantity of output that occurs when one…

Answered: **Question:** Determine the marginal…

ENGR.ECONOMIC ANALYSIS

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Author:NEWNAN

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Chapter1: Making Economics Decisions

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Labor Total Production Marginal Production Average Production 0 0 2 30 4 10 6 20 8 200 10 25 In the above table, the marginal production and the average production of the 7th and 8th workers (the values in the row for the 8th worker) are, respectively: Group of answer choices 80; 25 20; 25 80; 100 25; 25 40; 25 25; 200
Homer's Donut Shoppe has the production function q=10L +20L²- 5L³. The marginal product of labor is A. MP = 10 + 20L B. MP = 10 + 20L - 5L² C. MP=10L D. 2 MP=10 + 40L-15L
Question 1.34: Marginal product of labor Country Z has perfectly competitive markets in which labor and all goods clear. A firm produces bread using raw material (flour), workers (bakers), and capital (ovens). A worker produces 29 loaves of bread each hour. Each loaf of bread sells for 3.47. ● ● The firm uses flour costing 1.53 for each loaf of bread. No bread remains unsold each day, and consumers can buy all the bread they want. The price level is 1.39. The nominal wage rate is 56.62 an hour. ● Firms earn an accounting profit of 2.20 on each loaf of bread. What is the marginal product of labor (in real terms) for bakers? A. 40.73 an hour B. 45.90 an hour C. 63.80 an hour D. 72.40 an hour E. 100.63 an hour Question 1.35: Real interest rate Which of the following causes the current real interest rate to decrease? A. A permanent decrease in government spending B. A temporary decrease in government spending C. Central bank purchases of bonds in the open market D. Central bank sales of…
Known function is the production of a commodityQ = 40X + 12X2 - 1.2X3a. Calculate how many units of input X in order to achieve maximum total productb. Calculate how many units of input X in order to achieve maximum marginal productc. Calculate how many units of input X in order to achieve maximum average product
Refer to the table below. Diminishing marginal productivity begins when the: A). third worker is hired. B). fourth worker is hired. C). fifth worker is hired. D). sixth worker is hired.
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Labor(workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.
Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³ 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 L < 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.
Each of the following examples reflect some labour cost faced by an employer. Select all of those which are considered quasi-fixed labour costs. Select one or more: a. Harpreet spent $1,000 advertising a recent job opening b. Denise pays her entry-level employees an hourly wage of $20 c. John recently laid off five workers and gave them each $20,000 in severance pay d. Ahmed's sales employees earn an average annual commission of $50,000 e. Amanda spends $5,000 per year on supplemental health insurance for each of her employees
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