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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