Question 10Figure 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 Repaired0245 Number ofMechanicsThe production process depicted on the graph exhibitsmarginal product of labor.O increasingO constantO diminishing18171512800

The marginal product refers to the amount of increase in the total production because of one more…

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 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 15 12 00

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 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 15 12 00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following statements are about the relationship between typical total product (TP), averageproduct (AP), and marginal product (MP) curves. Which statement is correct?O If TP is at a maximum, MP must be zero.O If TP is at a maximum, AP must be zeroO If TP is at a maximum, MP must be at a maximumO If TP is at a maximum, AP must be at a maximumO If TP is at a maximum, both AP and MP must be at a maximum.
Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
Explain Law of Diminishing Marginal Returns using the following example. The weekly number of repairs produced by a computer repair shop depends upon numberof workers.No of Workers No of Repairs1 02 83 204 355 456 527 578 60
Suppose that the production function of a firm can be written as Q = 0.5K0.8L0.3. Which of the following is the equation for the average product of labor (APL)? O 0.3L-0.7 O K0.810.3 O 0.5K0.8L-0.7 O (0.7*0.5) K0.8L-0.7 O 0.5K0.810.3
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6 In the production process, both the average product and marginal product of the variable input rise first, then fall, and then * rise to infinity True O False O
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Pls explain in simplest way how the marginal product of labor and the average product of labor change as the quantity of labor employed increases (a) initially and (b) eventually
What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 83 90 3 270 4 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
2 What is the law of diminishing returns? Why does the marginal product of labor eventually diminish?
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