Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7 18 3 30 4 44 62 6 78 88 8 94 9. 94 10 92 1. Compute the MPL & APL schedules above 2. Plot TP, AP. & MP. on a graphing paper and indicate the 3 production stages 3. What is the most efficient level of labor? (Highest AP.) 4. The Law of Diminishing Returns occurs at - worker. 5. When TP declines, MP i . 6. When MP is greater than AP, AP is. 7. What is the fixed input use in this production? - 8. What is the variable input use in this production? _ 9. When MP is 0, TP is at - of Labor. - point of production at_ level Q 10. State the Law of Diminishing Return. Based on the computed MP, at what input level does the law starts to operate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

4) Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below. Number of Worker Output Hours 0 50 100 150 200 250 300 350 0 400 900 1300 1600 1800 1900 1950 Marginal Fixed Variable Total Marginal Product Cost Cost Cost Cost Average Variable Cost Average Total Cost -- Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.
Activity 2: My Production! Directions: Below is the production schedule for Output X with variable labor input. Compute the marginal product and average product in each labor input. Production Schedule for Output X with Variable Labor Input Quantity of Labor Total Marginal Average Input Product Product Product 1 10 10 2 22 44 3 37 12-33 4 55 13.75 5 69 13-8 77 12-83 80 11-43 81 10-12 81 9 8 80 6 7 8 9 10 SOCIOECONOMIC FACTORS AFFEC
100 QUANTITY OF OUTPUT (Units) 90 80 70 60 30 20 10 8 1 2 3 4 5 6 7 LABOR (Number ofworkers) Refer to Figure 13-1. The graph illustrates a typical production function. O production possibilities frontier. Ototal-cost curve. 9 10
5 Question 5 A bottling company uses two inputs to produce bottles of the soft drink Dr Pibb; bottling machines, K, and workers, L. The firm's production function exhibits diminishing MRTS. At its current level of production, the firm spends 800 per day on machinery and 200 per day paying wages to its workers. At this level of production, the marginal product of the machine is an additional 200 bottles per day and the marginal product of labor is 50 more bottles per day. Is this firm producing at minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the firm can lower its cost.
ictions: (1) Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn edit for this graph, you must plot all required points (L = 1, 2, 3, 4, 5, 6, 7, and 8) for each curve. Total Product Average and Marginal Product 20 Tools TP 15 AP MP 10 -5 1 2. 3 4 5 6 7 8 9 2 3 4 5 6 7 8 9 Labor input Labor input 8%%5品万刀的88899 Marginal and average product
Typed plz Please give me guality solution Asap plz
9:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…
6
Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output? a. $2.50 b. $8.50 c. $12.50 d. $50.00 e. $100.00
3. We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.The marginal product of labor becomes negative when the slope of the production frontier begins to get shallower as we move toward more labor input.
Question 10 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 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
Typed plz Asap......