In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Total prod- uct (units per day) Mar- Average ginal product prod- Labor (workers per day) uct 1 2 2 12 15 3 4 5 16

In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Total prod- uct (units per day) Mar- Average ginal product prod- Labor (workers per day) uct 1 2 2 12 15 3 4 5 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 3 2 Variable Input the diagram of product curves suggests that Multiple Choice when marginal product…

A: In the above diagram, curve 1: Marginal Physical Product curve. Curve 2 : Average Physical Product…

Q: Firm Measures: Productivity, Costs, Revenues, and Profits Labor Total Product (TP) Fixed Cost (TFC)…

A: The marginal product of labor (MP) refers to an increase in total production when one additional…

Q: Question 6 Table 4-1 below shows the relationships between labor and output for XYZ Inc. Output by…

A: "Total Output indicate the total volume or amount of final output produced by a firm using given…

Q: quantity of machines 100 90 80 70 60 50 40 30 20 10 O $3450 (10,84) O $6000 O $3000 O $4250 10…

A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…

Q: what is the main difference between average physical and marginal physical product? describe the…

A: Q) what is the main difference between average physical and marginal physical product? APP means the…

Q: (b) The table below shows the output (measured in bucket of paints), capital (number of machines)…

A: To determine the type of returns to scale, calculate the ratio of output to the sum of labor and…

Q: 1. Fill in the table Number of Workers 1 23 4 5 6 7 8 9 10 Total, Average, and Marginal Product of a…

A: Average product is the per unit product of workers and marginal product is the additional output…

Q: Marginal cost is given by 20 + 10Q- 12Q2. Fixed cost is 100. What is the average cost? O A. 100 -3Q2…

A: Marginal cost means the cost incurred by the producer for producing an extra unit of commodity. and…

Q: (workers) (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of…

A: The marginal product is calculated using the formula;where, Q = output producedL = number of…

Q: The figure to the right illustrates the long-run average cost curve for a company that makes motors…

A: Economies of scale:When the firm is efficient by increasing the supply and production and reducing…

Q: Question 2 Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP) 1 100 250…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Labor Input Product Total Marginal Product Average Product 147 1 7.0 15 7.5 8.0 12- 3 24 4 32 8 8.0…

A: Note: since you have already done the first two parts I am solving the third part. Answer:…

Q: The change in ourtput or total product the business would achieve in the current period byexpanding…

A: Production of a firm is the process through which the inputs are used to make the final output.…

Q: If marginal product is decreasing, then it must be the case that average product is greater than…

A: Marginal product refers to the additional output or production that is achieved by using one more…

Q: The total fixed cost, total variable cost, and total cost curves are shown for a company that…

A: Average Total CostThe average total cost (ATC) is a key economic metric that represents the average…

Q: 4. Complete the missing entries in the following table. Labor 1 2 3 4 5 Total Product 15 40 55 70…

A: Here, ATC = average total cost AFC = average fixed cost AVC = average variable cost TC = total…

Q: The table shows total production of a firm. If units of labour (L) increase, find below.…

A: We use the following formulas, Marginal product = Current total product - Previous total product…

Q: Input Product Product Product 14 7.0 15 24 32 39 7.5 8.0 12 3 4 8.0 10 5 7.8 45 7.5 50 7.1 Jaing the…

A: LABOR INPUT TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 1 7 7 7.0 2 15 8 7.5 3 24 9 8.0 4…

Q: What is the output when this firm hires 4 workers? Marginal Variable Fixed Cost Labor Output Product…

A: It refers to the additional output(Q) resulting from 1 more unit of input (here labor) being added…

Q: Using the table above, calculate the average total cost for producing 10 books, in dollars.

A: Introduction This concept is taken from the topic Cost of production.

Q: Andry produces all-natural tote bags. She currently hires 20 workers who produce 240 bags a day. If…

A: The marginal product of workers measures the change in the total product due to a change in workers…

Q: Complete the Table: Capital (K) Labor (L) Total Product Average Product Marginal Product (TP) (AP)…

A: The average product of labor is the total product divided by labor. i.e., AP = (TP / L) The…

Q: Using the table above, find out the marginal cost of the 46th book produced, in dollars.

A: Introduction Marginal cost is change in the total cost when one additional unit is produced.

Q: Number of Workers Units Produced Marginal Product Average Product 0 0 —– —- 1 20 2 35 3 45 4 50 5 45

Q: A company produces 7040 Units of its product and sold it for $1.10 per unit. To produce these…

A: Answer: Given, Total prouduction= 7040 units Selling price= $1.10 per unit Cost of labor= $1,000…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: • point of diminishing returns (D) most productive point (P) economic capacity (E) Once a point is…

A: No of Workers TP 1 10 2 80 3 180 4 240 5 280 6 294 Variable Cost = 220 per day Fixed…

Q: The following table shows the DVDS production. Study the table and answer the questions? Labor (L)…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Answer the question on the basis of the following information. Marginal Product Number of Workers 0…

A: The total output produced with a given amount of input over a period. It is also known as the total…

Q: 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles.…

A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…

Q: Output per worker (S, thousands) Production lunction (ater technological proge Production function…

A: Diminishing marginal product of capital states that as more and more capital is used for production…

Q: 2. The short-run production function for a manufacturer Number of Workers (Quantity of Labor) 1. 2.…

A: Given Quantity of labor The total output of DVD Drives 1 0 2 42000 3 90000 4 135000 5…

Q: Nina is a farmer that grows and sells tomatoes. Her total explicit and implicit costs are 950000 per…

A: The sum of all costs, both fixed and variable, is known as the Total cost. The cost per unit…

Q: Course: Microeconomics - Theory of Production A field produces wheat. Land is a fixed factor, so the…

A: 1. Before we fill in the blanks in the table, we should know the definitions and relations between…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Ike's bikes is a bicycle manufacturer. Currently, it produces all of its bicycles in one factory…

Question

In the table, the marginal product is greatest when the
Total Product, Marginal Product, Average
Product
Labor
(workers per
day)
Total prod-
uct (units
per day]
Mar- Average
ginal product
prod-
uct
3
12
15
O A. first worker is hired.
B. second worker is hired.
OC. third worker is hired.
D. fourth worker is hired.
ON 00 N n6
O12M+ 5

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

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
TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
If a business is experiecing diminishing marginal product of labor then A. its fixed costs must be increasing B. its total cots must be decreasing C. its marginal costs must be increasing D. its implict costs must be decreasing (please explain each choice)
Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
09:29 Wed 8 Dec VPN O 92% •.. managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A 7 of 46T he table below shows the short-run production function for Phyliss's Carpentry Contractors. Number of Carpenters Total Product per Hour 1 200 2 255 3 305 4 345 5 380 410 7 435 8 455 (a) Beginning with which carpenter do diminishing marginal returns set in for Phyliss's Carpentry Contractors? Explain using numbers. (b) Assume Phyliss's Carpentry Contractors sells its carpentry services in a perfectly competitive market at a price of $2. Calculate the marginal revenue product of the fifth carpenter. Show your work. (c) Phyliss's Carpentry Contractors hires carpenters in a perfectly competitive labor market for carpenters at a wage rate of $90 per hour, and the market price of services remains $2. How many carpenters will Phyliss's Carpentry Contractors hire to maximize its profit? Explain using marginal analysis. (d) Assume carpenters must pay for a certification exam before they can work in this…
UIl Compietion Status: QUESTION 1 Study the production schedule below: Units of labour Total product Average product AP Marginal product MP TP 45 2 135 270 135 4. 105 150 Fill in the blanks with the correct values.
1. Complete the Table: Capital (K) 1 1 1 1 1 1 1 Labor (L) Total Product (TP) 10 1 2 3 4 5 6 7 8 9 10 22 37 ? 58 64 ? 67 64 ? Average Product (AP) 10 ? 12.33 12.25 ? 10.67 9.57 8.38 ? 5.8 Marginal Product (MP) 10 12 ? 12 9 ? 3 ? -3 -6
a.Calculate the total and the average productivity from the following information. b.Plot the total productivity curve as well as the marginal and the average productivity curves. Number of workers Marginal product 1 5.0 2 8.0 3 12.0 4 14.0 5 13.5 6 12.0 7 10.0 8 8.0 9 5.0 10 3.5 11 1.5 12 0.0
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
22. Ahmed's Pizza House sells extra-large deluxe pizza at OMR 9,000 per pizza. The cost of ingredients to make extra large deluxe pizza is OMR 2.000, Ahmed pavs each of his employees OMR 60 per day. He also incurs a fixed cost of OMR 120 per day Calculate Ahmed's average fixed cost per day when he produces 50 extra-large deluxe pizza using two workers. a/pz 2/piz- price inpuls 1289 a. OMR 2.000 1265 bOMR 2.400 c. OMR 4.400 d. OMR 6.800