Part 1Total product(houses per week)Labor(students)1327312416519621Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie'stotal product schedule. What is the marginal product of the fifth student and the averageproduct when Lizzie hires five students? The marginal product of the fifth student is 3houses a week.The average product of 5 students ishouses a week ?Part 2TotalTotal variableTotalproduct(workers (body boards per-day)Laborcostcostper day)(dollars per day)2841324.1725204Peter's body board factory rents equipment for shaping boards and hires students.Peter pays $120 a day for equipment and $80 a day for each student hired. The tableshows Peter's total product schedule.Construct Peter's total variable cost and total cost schedules. Fill in the columns in thetable.

Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie's total product schedule. What is the marginal product of the fifth student and the average product when Lizzie hires five students? The marginal product of the fifth student is 3 houses a week. The average product of 5 students is houses a week ? Part 2

Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie's total product schedule. What is the marginal product of the fifth student and the average product when Lizzie hires five students? The marginal product of the fifth student is 3 houses a week. The average product of 5 students is houses a week ? Part 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A Moving to another question will save this response. Question 5 Labor (workers) Output 0. 0. 1 20 50 3 70 4. 80 85 The table shows daily output for small pizzeria based on the number of workers hired. Suppose fixed costs are $20 and labor costs are $40 per worker. The average total cost of producing 80 units equals $2.25 per unit. $0.75 per unit $0.25 per unit. $1.50 per unit. A Moving to another question will save this response. MacBook Air E o o OO
4. The daily total product schedule for ACME Ltd. Is given below: Labor (workers) Total Product (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 labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.
Question 2. Using below information to fill in the table below. The table sets out Sue's Surfboards' total product schedule. Sue's Surfboards hires workers at $500 a week and its total fixed cost is $1,000 a week. Labor Output AP MPL TVC TFC TC 6 7 2 4 S 1 3 30 70 120 160 190 210 220 30 35 40 40 38 35 31,42 40 0 50 40 30 20 10 ATC AFC AVC MC
The table provides information about the relationships between labor and various product measures The amount of labor that maximizes the marginal product of labor is Total product Marginal Average Labor (workers) (units) product product O. 3. 2. 45 3. 14 4. 19 Select one a. 2 units of labor b. 4 units of labor C3 units of labor. s units of labor.
2. Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output during a given day: Workers Output Marginal Product. Total Cost Average Total Cost Marginal Cost 0 0 1 20 2 50 3 90 4 120 5 140 150 7 155 (a) Fill in the column of marginal products. What pattern do you see? Why? (b) The firm's only variable cost is labor. A worker costs $100 a day, and the firm has other fixed costs of $200. Use this information to fill in the column for total cost. (c) Fill in the average total cost column (HINT: ATC TC/Q). What pattern do you see? (d) Now fill the marginal cost column (HINT: MC = ATC/AQ). What pattern do you see? (e) Compare the column for marginal product with the column for marginal cost. Explain the relationship. (f) Compare the column for average total cost with the column for marginal cost. Explain the relationship.
What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 85 270 90 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
Avg and Marginal Cost 2 Output 4 10 B 9 30 20 15 10 Total Product Curve 2 3 1 5 6 7 Labor Avg and Marginal Product Curves 1 2 3 4 5 Labor 6 7 8 MP AP TA What do the graphs above tell us about the relationship between the Total Product and the Marginal Product of Labor? At what point do diminishing returns to labor begin?
First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?
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Quèstion 24 One of these intersects the horizontal axis and may reach the negative area: O Total product O Marginal product O Average product O Fixed cost
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