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.

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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7 The Paunch Burger restaurant chain currently produces 250,000 units of output by using 2,400 units of capital and 520 units of labor. Paunch Burger’s marginal rate of technical substitution (MRTS) of labor for capital is 3.5. If Paunch Burger’s regional manager wants to produce the same amount of output but increase the company’s use of capital by 175 units, how many units of capital will Paunch Burger now need to use?
Check my wor Units of Labor Total Output per Price of Good Day 10 $14 14 13 4 19 12 23 11 27 10 es 7 31 A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the sixth worker? Multiple Choice $10 $60 $4 $17
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
3. Total and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT (Sandwiches per worker) 20 18 16 14 12 10 4 2 0 0 1 O 2 3 LABOR (Workers) O MP 5 When labor increases from two to three workers, total product increases by ? per hour.
Marginal revenue product of labor 56 48 $36 40 36 28 20 11 0 O 12 cake pops 36 cake pops $144 1 2 3 4 5 6 The Figure shows the marginal revenue product (also called the value of the marginal product) for Cora's Confections, a producer of hand-made cake pops. If Cora can sell her cake pops at $3 each, what is the marginal product of the 4th worker? 7 Marginal revenue product of labor Quantity of labor
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In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Labor (workers per day) Total prod- uct (units per day] Mar- Average ginal product prod- uct 3 12 15 O A. first worker is hired. B. second worker is hired. OC. third worker is hired. D. fourth worker is hired. ON 00 N n6 O12M+ 5
Labor (workers) Output 0 20 50 70 80 85 OAN 345 0 The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals O less than $5. O more than $5 and less than $110. O more than $110 and less than $120. O more than $120 and less than $150. DIS O more than $150.