KEin the table, if the marginal factor cost is $480, how many workers would be hired?OA. 6OB. 5OC. 4OD. 3Quantity ofWorkers2356Total Product1830404852Price of FinalProduct$1009080706050

Production function:Production is a function of land labor capital and entrepreneurship. It includes…

Answered: K- in the table, if the marginal factor…

K- in the table, if the marginal factor cost is 1480, how many workers would be hired? OA 6 OB. 5 OC. 4 OD. S Quantity of Workers Total Product 18 30 40 48 52 Price of Final Product $100 90 80 70 60

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: Fill in the marginal and the average product of labour columns in Table A given above. On a Graph…

A: MP stands for Marginal Product and refers to the additional output produced by adding one more unit…

Q: Question 34 For the following output data, assume that the amounts of all nonlabour resources are…

A: When marginal product starts to decrease by adding on more unit of input, there comes a point of…

Q: Question 10

Q: Question 2 2a(I) A snowboard company currently hires 10 skilled employees who are paid a weekly…

A: The total cost of production is the aggregate of fixed and variable costs that are spent in the…

Q: 60 50 40 30 20 10F 2 3 4 5 Number of Workers Employed per Week Refer to Figure 7-1. If this figure…

A: Marginal product of Labor refers to additional output that results from hitting one more unit of…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The effect of the combined efforts of the production factors is production. A fixed factor is one…

Q: Marginal Product with 3 workers employed is A. at a maximum. B. at a minimum. C. 0. D. 20. E. Both…

A: Labor TP AP 1 13 13 2 31 15.5 3 51 17 4 67 16.75 5 79 15.8 6 86 14.3333333 7 86…

Q: The table shows the total product schedule at Paula's Ice Cream Parlor. Paula sells ice cream for $2…

A: The marginal product is the change in the output as a result of hiring one additional labour. MP =…

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: A B D Marginal Product Product |(Unit) Total Labour (Unit) 1 10 10 2 14 4 3 22 8 4 26 4 5 30 4 32 2…

A: Marginal Product refers to the change in total product due to the employment of an additional unit…

Q: 6 Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of…

A: Answer - Given in the question - Price of extra-large Deluxe pizza = OMR 9.00 Cost of Ingredients to…

Q: It measures of the rate at which a consumer can give up some amount of one good in exchange for…

A: As per the guidelines answer is given to the first question: "Indifference curves represents…

Q: (d) [ ] Indicate and show whether this production function exhibits increasing, decreasing or…

A: Constant returns to scale is a concept in economics that occurs when an increase in all inputs…

Q: this restaurant there are only two inputs, rent, and workers. ach worker costs $100 per day.…

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: Instructions: Click the buttons above the graphing window to show either production functions or…

A: Productivity in the following tables can be found out by dividing output by the number of…

Q: (a) Why does the labour demand curve slope downwards?

A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first question. If…

Q: Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Marginal…

A: We will use the marginal concept to find the optimal mix of machine hours and worker hours and then…

Q: Use the following to answer questions 3-8: Number of Workers Total Cost 1000 1 2200 2 3200 4000 4…

A: cost of production is the monetary value spent on inputs in producing output . And it is the…

Q: O A. $737 O B. $0 O C. $33 O D. $3 0000

A: Marginal revenue product(MRP) is marginal revenue(MR) times marginal product(MP) of the input. MR is…

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: Quantity of Marginal Product Marginal Revenue Product Labor 2611 1 20 $40 14 28 3 12 24 4 8 16 6. 12…

A: MRP or Marginal Revenue Product is the increase in the revenue due to the hiring of an additional…

Q: Using the below table, calculate the marginal product and identify where the producer should halt…

A: The total product is the total amount (or volume) of output produced with a given amount of input…

Q: Chapter 11 Production and Costs – Units of Total Marginal Product Total Variable ATC AVC MC Labor…

A: The law of diminishing marginal return that when more and more variables factors are added with…

Q: a. Calculate marginal physical product (MPP). Labor Output (Q) MPP 0 1 0 10 -- 2 22 3 30 4 36 56 38…

A: The marginal product of labor(MPL) refers to the additional output(Q) produced when 1 more unit of…

Q: Camplete all missing valucs in table below: Labor Output Fixed Variable Total Average Average…

A: Labor Output(Q) Total Fixed cost VC($) TC=FC+VC($) AFC=TFCQ($) AVC=VCQ($) ATC=TCQ($)…

Q: The table below gives the number of workers and their possible daily output for a company. The wage…

A: Marginal Product is the change in output due to one unit change in input or worker. Marginal cost…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Labor and Capital are two factors of production, whereas in short run, Capital is assumed to be…

Q: Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: 15) In a competitive labour market, firms will hire labour up to the point where the marginal…

A: Competitive labor market: A perfectly competitive labor market is a market structure where the firms…

Q: Labor Output 0 1 10 4 5 6 100 250 350 Marginal Variable Product Cost $5 $5 $5 $5 $5 $5 $5 Use the…

A: Labor Output MP VC FC 0 0 0 5 1 100 100 5 5 2 250 10 5 3 350 15 5 4 50 20 5 5…

Q: Economics Corner Coffe sells coffee at $2 and can rent espresso machines at $500 per month. It has…

A: Corner coffee sells coffee at $2 Rent of 1 espresso machine is $500 Formula to calculate Marginal…

Q: Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00,…

A: Given: Price of product (P)=GH 2 Cost of labor=GH 10

Q: what is the marginal product?

A: The objective of the question is to calculate the marginal product of labor, which is the change in…

Q: Question 2. Using below information to fill in the table below. The table sets out Sue's Surfboards'…

A: A total product schedule is a table that shows the relationship between the quantity of a variable…

Q: nts per question) 1a0od it produces is constant, than it NAME: NT A QUIZ ABC Limited sells its…

A: The correct answer to the above-mentioned question is option (e).

Q: Marginal cost is given by 12 e0.5Q. Fixed cost is 56. What is the total cost? O a. 6e0.5Q + 56 O b.…

A: Given MC = 12e0.5Q FC = 56

Q: Which proposal gives the most money to the workers over the term of the contract? Proposal 1 1st…

A: Let us assume interest rates in economy be '10% ' . The proposal providing highest discounted value…

Q: Labour 0 1 2 3 4 5 6 7 Total Product 0 10 25 37 42 45 45 42 Marginal Product (pots per day) 0 10 15…

A: 1. Total Product (TP): Total Product refers to the overall output or production of goods or services…

Q: (A) Calculate the marginal product of labor for each level of labor use. (B) Assume the price of the…

A: The marginal product of labor measures the change in total output due to a change in labor. i.e.,…

Q: Marginal Variable Fixed Product Cost Cost Labor Output $0 $5 100 100 $5 250 $10 3 350 $15 4 50 $20…

A: In a market, total output and total Product are same thing and it can be computed with the help of…

Q: Labor Total Marginal Product Average Product Input Product 7.0 2 15 7.5 124 3 24 8.0 4 32 8 8.0 10 5…

A: Marginal product of labor refers to change in the total production due to change in the one unit of…

Question

KE
in the table, if the marginal factor cost is $480, how many workers would be hired?
OA. 6
OB. 5
OC. 4
OD. 3
Quantity of
Workers
2
3
5
6
Total Product
18
30
40
48
52
Price of Final
Product
$100
90
80
70
60
50

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: Define Production function:

VIEW

Step 2: Calculate the quantity of workers

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

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

pls solve question for microeconomic theory
0 Labor Output 0 Marginal Product Variable Fixed Cost Cost -- $0 $5 1 100 100 $5 $5 2 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 3. What is the marginal product of the second worker? Show your work.
Diminishing marginal productivity sets in after the hiring of which worker?
Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Hours Used 1 2 3 45 6 98 7 8 Marginal Product Machine 15 18 21 18 15 12 9 3 Worker 8 10 10 10 8 8 6 6 4 42 2 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570 ? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine?
Ch07. ppt (Compatibility Mode] - Microsoft PowerPoint SIGN ANIMATIONS SLIDE SHOW TRANSITIONS REVIEW VIEW -|24 - AA E-E-E . lh Text Direction Align Tert- Shape Fil- 7 Shape Outline- Convert to SmAn- } Stvles - O Shape Effects Layout Reset BIUS A- Aa A Arrange Quick Section- es Font Paragraph Drawing Optimal Level of Variable Input Usage • Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = ATRP A(Q P) P•AQ = P• MP AX AX AX • Total Labor Cost (TLC) =w•X ATLC = W • Marginal Labor Cost (MLC) = AX 2003 Prentice Hall Business Publishing Managerial Economics, 4/e Keal/Young NOTES COMMENTS Mehwish Bhatti's screen
A textile worker in the city of Londo n earns dollar 3500 per month. The cost of living index for a particular month is given as 136. Using the fo llowing data, find out the amounts he spent on house rent and clothin g. Group Food Group Index 180 150 Еxpenditure 1400 Clothing House Rent ? ? 100 Fuel and Lighting Miscellaneous 560 110 630 80
4
Baghiben
39
Table 3 Gallo Cork Factory Number of Workers 1 2 3 4 5 6 7 Number of Machines 2 2 2 2 2 2 2 Output (corks produced per hour) 5 10 20 35 55 70 80 Select one: O a. the fifth worker O b. the fourth worker O c. the third worker O d. the sixth worker Marginal Product of Labor Cost of Cost of Workers Machines Total Cost Refer to Table 3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker?
MC Qu. 41 If the variable cost curve is a straight... If the variable cost curve is a straight line, then the marginal cost curve will be horizontal. marginal cost curve is upward sloping. Omarginal cost curve will be U-shaped. Omarginal cost curve may be U-shaped.
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