Increasing marginal returns to labor A) describe the portion of a total product curve where the marginal product is negative. B) mean that two workers produce less than twice the output of one worker. C) occur when a particularly efficient worker is employed. are the result of specialization and division of labor in the production D) process. E) occur only when there are increasing marginal returns to capital.
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- The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. Compute the marginal and average products and enter them in the table. (a) At what levels are there increasing returns to labor and at what levels are there decreasing returns to labor? (b) Describe the relationship between the total product and marginal product. (c) Describe the relationship between marginal and average product. B) For the following three cases, use a midpoints formula to calculate the coefficient for the cross elasticity of demand and identify the type of relationship between the two products. (a) The quantity demanded for product A increases from 30 to 40 as the price of product B increases from $0.10 to $0.20. Elasticity: ______ Relationship: ________________ (b) The quantity demanded for product A decreases from 3000 to 1500 as the price of good B increases from $5 to…Consider the following set of data that looks at how output changes following changes in inputs. Quantity of Labour Quantity of Capital Output 0 5 0 10 5 100 20 5 250 30 5 450 40 5 575 50 5 650 Which of the following statements accurately describes what this data shows? (a) The firm experiences increasing marginal returns to labour at all levels of output. (b) The firm experiences first increasing marginal returns to labour and then runs into diminishing marginal returns. (c) The firm experiences diminishing marginal returns to labour at all levels of output. (d) The firm experiences first diminishing marginal returns to labour and then increasing marginal returns.In the, between what two levels of output does one first observe the law of diminishing returns? Labor(workers) Total prosucts(units) 0 0 5 1000 10 3000 15 4000 20 4500 Select one. 4000 and 4500 1000 and 3000 0 and 1000 3000 and 4000
- The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988The marginal product of labor is the change in A) total cost from employing one more worker. B) total revenue from employing one more worker. C) total output from employing one more worker. D) total output divided by the change in cost from employing one more worker. E) average product from employing one more worker.A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of labor
- The production function for Good X: AP, = (O/K Average Product of Capital Marginal Product of Labor Capital Ouiput Capital 9. 6. 10 57 5.7 5.70 20 324 26.7 16. 20 9. 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 60 1.976 45.2 3293 70 2,391 41.5 34.16 34.05 33.23 9. 80 2.724 33.3 6. 2,991 100 3,048 5.7 30.48 110 3,016 1.2 27 42 120 2.945 -7.1 24.54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table is equal to what? 3) The production function for good X in the above table exhibits increasing marginal returns to capital over what outout range? 4) The production function for good X in the above table exhibits negative marginal returns to capital over what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what output range? The average…If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as wellFor the following output data, assume that the amounts of all nonlabour resources are fixed. Number of Workers Output 0 1 40 2 75 3 105 4 130 5 150 6 160 Diminishing marginal returns is first evident when the Sth 4th 3rd 2nd 6th worker is hired.