ofHappy Cupcake, a cupcake shop, has the following marginal product curve (labeled MP) for its hourly production.MARGINAL PRODUCT AND AVERAGE PRODUCT (Cupcakes per worker)201816141210.42032QUANTITY OF LABOR (Workers)MPUse the MP curve to fill in the Total Product column in the following table.Average Product? Total ProductWorkers (Cupcakes per hour)0123450?Average Product(Cupcakes per worker)In the previous table, fill in the Average Product column. Then, on the previous graph, use the blue points (circle symbol) to plot the average product(AP) curve at 1, 2, 3, 4, and 5 workers. (Hint: Be sure to plot from left to right.)Marginal product (MP) and average product (AP) curves always intersect at theof thecurve.

Marginal physical product (MPP) of labor measures the change in the total physical product (TPP) (or…

Happy Cupcake, a cupcake shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT AND AVERAGE PRODUCT (Cupcakes per worker) 20 18 16 14 12 10 - 6 4 0 2 QUANTITY OF LABOR (Workers) MP 4 Use the MP curve to fill in the Total Product column in the following table. Average Product ?

Happy Cupcake, a cupcake shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT AND AVERAGE PRODUCT (Cupcakes per worker) 20 18 16 14 12 10 - 6 4 0 2 QUANTITY OF LABOR (Workers) MP 4 Use the MP curve to fill in the Total Product column in the following table. Average Product ?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 7P

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What is the difference between a fixed input and a variable input?
Question 6
Jerry owns a snowboard factory in Big Bear and employs workers to teach children how to snowboard. The table below shows Jerry's total product schedule. Compute the marginal product and average product.
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Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 1 70 2 120 3 160 4 190 200
After Suzie, owner of Suzie's Sweet Shop, hires her 8th worker the average product of labor declines. Which of the following statements must be true? The marginal product of the 8th worker is negative. The marginal product of the 8th worker is less than the average product of labor before the 8th worker was hired. Suzie's profits would be greater if she did not hire the 8th worker. The average product of labor is negative. Question 14 Which of the following statements is true? The average product of labor is at its maximum when the average product of labor equals the marginal product of labor. The average product of labor is at its minimum when the average product of labor equals the marginal product of labor. The average product of labor tells us how much output changes as the quantity of workers hired changes. Whenever the marginal product of labor is greater than the average product of labor the average product of labor must be decreasing.
Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.
Gull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320 Calculate the marginal product of each worker. Calculate the marginal cost, Average total cost, and average variable cost of each level of output.
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Use the data below to calculate MP and AP. On a separate piece of paper, graph the total product curve and both the marginal product and the average product curves. This will be two graphs. Labor Output of Widgets 1 10 2 26 51 4 80 5 100 108 7 112 6.
In the table to the right, fill in the the values for the Marginal Product of Labor. (Enter your responses rounded to one decimal place.) Input of Labor (workers per week) 0 1 23456 Total Output of Marginal Product of DVD Drives Labor 0 25 60 85 105 115 120 ☐☐