**Labor and Production Cost Analysis**The table below displays the relationship between labor, output, fixed costs, and variable costs in a production setting. | Labor (Number of workers) | Output (Units) | Fixed Cost (Dollars) | Variable Cost (Dollars) ||---------------------------|----------------|----------------------|-------------------------|| 0 | 0 | 30 | 0 || 1 | 100 | 30 | 15 || 2 | 180 | 30 | 30 || 3 | 240 | 30 | 45 || 4 | 280 | 30 | 60 || 5 | 300 | 30 | 75 |**Explanation:**- **Labor**: Represents the number of workers employed.- **Output**: Shows the total units produced.- **Fixed Cost**: Remains constant at $30 regardless of the number of workers.- **Variable Cost**: Increases as more workers are hired, starting from $0 and reaching $75.**Marginal Product Calculation:**To determine the marginal product of hiring additional workers from 2 workers to 3 workers:- Output with 2 workers: 180 units- Output with 3 workers: 240 units**Marginal Product** = Output with 3 workers - Output with 2 workers = 240 - 180 = 60 The marginal products of hiring additional workers from 2 workers to 3 workers is **c. 60**.

The additional output or productivity generated by employing one more unit of a specific input,…

Labor (Number of workers) 0 1 2 3 4 5 Output Fixed Cost Variable Cost (Units) (Dollars) 0 100 180 240 280 300 30 30 30 30 30 30 (Dollars) 0 15 30 45 60 75 The marginal products of hiring additional workers from 2 workers to 3 workers are a. 100 O b. 80 O c. 40 d. 60

Labor (Number of workers) 0 1 2 3 4 5 Output Fixed Cost Variable Cost (Units) (Dollars) 0 100 180 240 280 300 30 30 30 30 30 30 (Dollars) 0 15 30 45 60 75 The marginal products of hiring additional workers from 2 workers to 3 workers are a. 100 O b. 80 O c. 40 d. 60

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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