2 of 20MacmiWhat is the average product of the second worker? Roundyour answer to the nearest whole number.Second worker's average product:unitsWhat are diminishing marginal returns, and with whichworker do they set in for this firm?O Diminishing marginal returns occur in the short runwhen variable inputs are added to a fixed input, andmarginal product declines. In this case, diminishingreturns set in with the fourth worker.O Diminishing marginal returns occur in the short runwhen variable inputs are added to a fixed input, andaverage product declines. In this case, diminishingreturns set in with the fourth worker.O Diminishing marginal returns occur in the short runwhen fixed inputs are added to a variable input, andmarginal product declines. In this case, diminishingreturns set in with the fourth worker.O Diminishing marginal returns occur in the short runwhen variable inputs are added to a fixed input, andmarginal product increases. In this case, diminishingreturns set in with the second worker.MacBook Pro Macmillan LearningConsider the table, which reports production information fora firm that uses a fixed amount of capital and varyingamounts of labor. Use this information to answer thequestions. Do not round answers.What is the marginal product of the third worker?Third worker's marginal product:unitsWhat is the average product of the second worker? Roundyour answer to the nearest whole number.Second worker's average product:unitsWhat are diminishing marginal returns, and with whichworker do they set in for this firm?Diminishing marginal returns occur in the short runwhen variable inputs are added to a fixed input, andmarginal product declines. In this case, diminishingreturns set in with the fourth worker.O Diminishing marginal returns occur in the short runwhen variable inputs are added to a fixed input, andproduct declines. In this case diminishingWorkers1234Output (total product)23273337

Marginal product of labor is the change in total product from hiring one more worker.

Ⓒ Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and Quorogo product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37

Ⓒ Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and Quorogo product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How does the marginal product curve behave when there are diminishing returns to a factor. Give reason also.
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?
Refer to the figure at right. At which point on the total product curve is the average product of labor the highest? A. Point A B. Point B C. Point C D. Point D E. None of the above
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Question 4 The table below describes the production function for a candy maker. Marginal Product Number of Output workers 1 30 65 3 95 4 120 135 6 140 a. Fill in the table with the values for the Marginal Product. b. Explain what diminishing marginal product is and state with which worker it sets in.
Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in the short run?
ASAP!! ANSWER PLEASE Hammas Dadani operates a business and uses the following table for total output or total product as a function of labor units used. LABOR TOTAL OUTPUT 0 0 1 5 2 9 3 12 4 14 5 15 Calculate Marginal Product of Labor and Average Product of Labor? Plot a graph for total product, marginal product and average product separately? Does the graph indicate a situation of diminishing returns? Explain your answer.
Barb's Bakery employs three workers who produce 6 cakes per hour. After Barb hires a fourth worker, production increases to 12 cake per hour. Which of the following statements is TRUE? a. b. C. d. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is less than the average product of three workers, the average product must fall Because the marginal product of the fourth worker is less than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must fall.
Multiple choices One reason why in the short run, the marginal product of labor might increase initially as more workers are hired is that? the first workers hired get to use the best equipment specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. the best workers are hired first and later hires are not as skillful. beyond some point, a firm has hired too many workers. In the short run, which of the following costs will not change as output changes? marginal cost. total variable cost. average variable cost. average fixed cost. total fixed cost. If your overall grade point average is 2.0 and you earn a 2.5 GPA this semester, your overall grade point average will increase. This situation demonstrates the general principle that? if average value is greater than marginal value, marginal value will increase. if average value is greater than total value, total value will increase. if marginal value is greater than…
Pls explain in simplest way how the marginal product of labor and the average product of labor change as the quantity of labor employed increases (a) initially and (b) eventually