Question 11Refer to Figure 1 in Question 11.The car-repair shop charges $150 per repair. What is the value of the marginal product of the third mechanic? (Enter your answer without a dollar sign) Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop.Number ofCars Repaired5Number ofMechanics18171512801234

Number of Machines (A) Number of Cars Repaired (B) 0 0 1 8 2 12 3 15 4 17 5 18

Answered: fer to Figure 1 in Question 11. The…

fer to Figure 1 in Question 11. The car-repair shop charges $150 per repair. What is the value of the marginal product of the third mechanic? (Enter your answer without a dollar sign)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.5: Production And Costs In The Long Run

Problem 1ST

See similar textbooks

Related questions

Q: Indy runs a small pet shop. He pays one employee $42,000 per year and spends $60,000 on pets and…

A: Forgone income, also known as opportunity cost, refers to the income or financial benefits that are…

Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…

A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…

Q: A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers…

A: Marginal cost is the increase in cost incurred from hiring an additional picker. Value of marginal…

Q: 5. A firm pays $320 per day in rent for equipment used to make shoes. The total cost of producing 20…

A: Given: Rent for equipment=$320 per day Total Cost of 20 pairs=1200

Q: Labor Output (workers per week) (units per week) 0 0 1 20 2 50 3 70 4 85 5 95 6 100 Use the above…

A: Given:- Price=$500TFC=$600Unit produce=95 To calculate:- ATC at 95 unit=?MC at 90 unit=? Please find…

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: In the study of economics, production functions represents the relationship between the quantity of…

Q: sume that a firm can produce product A, product B, or product C with the resources it currently ys.…

A: Given Product Market Price Output Total Cost A $5 8 30 B $4 20 30 C $1.5 50 30

Q: Using the information from the table below, what is the marginal cost of increasing output from 32…

A: The Marginal cost refers to the change in the total cost when one additional unit of output is…

Q: Give typing answer with explanation and conclusion If Thomas made an accounting profit of $45,000 in…

A: Accounting profit refers to the financial gain earned by a business after deducting its explicit…

Q: It is common for people trying to lose weight to notice that the first 10 pounds are much easier to…

A: Marginal cost is the change in total cost, per unit change in output.

Q: t an output level of 99, what is the cost minimizing combination of Labor and Kapital? At an…

A: Cost minimization refers to the process of reducing the expenses incurred by a business to produce a…

Q: You are considering renting a city apartment with 1,000 square feet for $1,400 per month. The…

A: Marginal cost is defined as the additional cost incurred on additional unit of purchase. Here 1000…

Q: 2. Understanding the role of fixed cost in the Consider an airline's decision about whether or not…

A: Cost refers to the sum of money that the production or consumption of a certain good or service…

Q: Aaron has been spending five nights studying for his math tests and his current grade in the course…

A: Marginal cost:Marginal cost is the additional unit that is added to the whole value. It is…

Q: The production function of a firm is estimated to be Q=f(K,L)= KL + L. Market conditions require…

A: Production function: Q=f(K,L)=KL+LK denotes capital and L denotes labor. Q is the total output.Wage…

Q: Frame de Art is an art framing shop in a small town. Frame de Art has one storefront ($500 per week)…

A: In economics, marginal cost refers to the change in the total cost of production that arises from…

Q: Question 1 The market for drones is perfectly competitive. Labor is the only variable input. The…

A: Fixed cost is the cost that does not change when there is a change in the quantity of output.…

Q: d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the…

A: marginal cost is the extra expense caused by the creation of another unit of a decent or…

Q: Magnificent Blooms is a florist specializing in floral arrangements for weddings, graduations, and…

A: Marginal product of labor (MPL) tells us about the productivity of labor. It measures the change in…

Q: Labor Capital (machines) Technique (hours) A 10 35 B 25 25 C 10 60 D 30 20 sing the data in the…

A: Labor and capital are the variable inputs that are used in production of good. The table shows the…

Q: Using the below table, calculate the marginal product and identify where the producer should halt…

A: The total product is the total amount (or volume) of output produced with a given amount of input…

Q: Refer to a table above that shows the total benefit and total cost for units of courses Matthew is…

A: Marginal benefit is the satisfaction availed by the consumer by consuming one more unit of the…

Q: .Answer the following given the information below and Product price $2.50, Labor cost = $15, Capital…

A: Producer has the objective of profit maximization and it is achieved where marginal rate of…

Q: Output Marginal Labor (Q) Product 15 1 2 50 15 3 4 70 5 60 In the table above, when the firm…

Q: Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable…

A: * SOLUTION :- Given that ,

Q: Q3) A chair manufacturer hires its assembly-line labor for $30 an hour and calculates that the…

A: In this question, we will be addressing the cost minimization strategy of a chair manufacturer. The…

Q: 2. Compute the average and marginal product of labor? Amount of Total Average Product Marginal…

A: Average product = Total output / Labor Marginal product = Change in total output / Change in labor

Q: Jay has opened a pizza restaurant. For this restaurant there are only two inputs, rent, and workers.…

A: Cost refers to the total expenses that incur in process of production of goods and services by a…

Q: + Q of Workers 0 1 2 3 4 A Bakery specializes in making bread. It has fixed costs associated with…

A: Fixed Cost remains same at all levels of output. Variable Cost varies as the output changes Total…

Q: Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest…

A: MC = Change in TC / Change in Q AFC = TFC / Q AVC = TVC / Q ATC = TC / Q Q TFC TVC TC MC AFC AVC…

Q: Quantity of output (# of cookies per hour) Total product curve Quantity of Input (# of workers) .…

A: The figure you sent shows a total product curve, which shows the total number of cookies produced as…

Q: Tir 7:00

A: Additional gain or marginal gain is the additional unit of satisfaction that a consumer receives…

Q: Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of…

A: In financial matters, the marginal expense of production is the adjustment of aggregate production…

Q: Remaining "How Did I Do?" Uses: 2/5 Two groups of.students decide to start their own tutoring…

A: Total cost is the sum of fixed and variable costs.

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: Marginal productivity of labor can be defined as the increase in the total production of a company…

Question

Question 11

Refer to Figure 1 in Question 11.

The car-repair shop charges $150 per repair. What is the value of the marginal product of the third mechanic? (Enter your answer without a dollar sign)

Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop.
Number of
Cars Repaired
5
Number of
Mechanics
18
17
15
12
8
0
1
2
3
4

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at measuringWorth.com. How much money would it take today to purchase what one dollar would have bought in the year of your birth?
What are explicit and implicit costs?
What is a production function?
What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?
How do we calculate marginal product?