i. Estimate and record on the table, the Average Product, Marginal Physical Product, Marginal Value Product (consider price of tomato as 5 OR/Unit). ii. At what levels of labor does the rational zone begin and end? Begin at labor = а. b. End at labor =

i. Estimate and record on the table, the Average Product, Marginal Physical Product, Marginal Value Product (consider price of tomato as 5 OR/Unit). ii. At what levels of labor does the rational zone begin and end? Begin at labor = а. b. End at labor =

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 next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12 80 14 86 Marginal Product when the number of workers increases from 2 to 4 workers is Marginal Product is maximized when the firm hires workers. Average Product is maximized when the firm hires workers. units.
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. Graphical show the effects of the movement of surplus labor in the Lewis model. Plot only the marginal product in the two sectors. Write a brief note explaining the movement.
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Dinners are prepared in a process with two resources. The first resource has a capacity of 6.2 dinners per hour. The capacity of the second resource is 6.9 dinners per hour. The first resource has 10 workers and the second resource has 7 workers. Instruction: Round your answer to two decimal places. What is the labor content (in hours)? hours
Hokey Min's Kleen Karpet cleaned 75 rugs in October, consuming the following resources: 525 hours at $13 per hour 120 gallons at $5 per gallon 22 days at $75 per day a) Labor productivity per dollar = rugs/dollar (round your response to four decimal places). b) Multifactor productivity = rugs/dollar (round your response to four decimal places) Labor Solvent Machine Rental:
Capital=K 26 20 B slope=-MP/MPk XB =180 XA =120 slope-w/r 10 13 labor a) If w=5 and r=6, show the equation for the isocost that goes through point A and point B. b) Using the information from the graph above plus point (a) please produce a graph with total cost on the y-axis and output on the x-axis c) Using the information from the graph determine if the production function has increasing, constant, or decreasing returns to scale. Show all your calculations. d) Why are points A and B economically efficient?
The slope of isocost AB is Units of capital C 80 60 A 0 B D 60 80 Units of labor greater than the slope of isocost CD. less than the slope of isocost CD. equal to the slope of isocost CD. indeterminate from this information, as the prices of capital and labor are not given. E 120
38) In the short run, the marginal product of labor might increase initially as more workers are hired because A) the first workers hired get to use the best equipment. B) specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. c the best workers are hired first and later hires are not as skillful. Dj beyond some point, a firm has hired too many workers.
Which of the following is TRUE about the pharmaceutical industry? a. In the United States drug companies can receive a patent of 100 years for each drug they develop b. Lowering the length of patents could induce greater innovation and new drug development. c. Raising the length of patents would lower profits of pharmaceutical companies d. Price controls in other countries make existing drugs more affordable overseas but they decrease the overall rate of innovation for new drugs.
2. Capital A F E G B D Labor If the firm wants to produce the output level represented by the isoquant Qo, would you recommend production at point E or F or G? Please explain.