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

See similar textbooks

Similar questions

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.
6. Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus's output in a given day Average Marginal Total Total Marginal Workers Product Cost Cost Cost Output 0 20 2 50 90 4 120 5 140 6 150 7 155 Fill in the column of marginal products. What pattern do you see? How might you a. explain it? b. A worker costs $100 per day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What pattern do c. you see? d. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) Wh 6/8 do you see? Compare the column for marginal product and the column for marginal cost. Explain e. the relationship. f. Compare the column for average total cost and the column for marginal cost. Explain the relationship
1. If diminishing marginal returns will set in after the very first unit of labour is employed? What do the average product, and marginal product curves look like in this case?
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.
Refer to the graph shown. Within which section(s) of the production function is marginal product decreasing? A B C Number of workers O Band C O A O B O A and B Output
Insert the missing numbers in the following tables. number of units of Marginal machinery production production production total average labors 6 5 10 2 10 30 15 70 8 20 85 Q TC TVC TFC ATC AVC AFC MC 80 1 80 2 110 3 70 4 90 3. 00
GM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increases
Number of Plants (K) Number of Workers (L) Total Production (Y) Marginal Product of Labour Average Product of Labour 1 1 200 1 2 83 1 3 64 1 4 54 1 5 47 1 6 0 Calculate and fill in the total Product column Calculate and fill in the Average Product Column With fixed capital, the firm can increase its marginal Product (MP) by increasing its workers infinitely. Do you agree or disagree with the statement and why? When does diminishing marginal return occur in the above table
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…
Variable input labour Fixed input Land Marginal product Total product Average product 1 5acres 9 2 5acres 20 3 5acres 33 4 5acres 48 5 5acres 55 6 5acres 60 7 5acres 63 8 5acres 64 9 5acres 63 10 5acres 60 i. Complete the table above ii. On the same table show the various stages of production. iii. Explain why marginal product of labour is negative.
Use the following to answer questions 5-6: Production Data for Baseball Bat Company Total output (No. of bats) No. of workers 1 20 42 3 66 4 94 124 6. 150 7 170 8. 184 194 200 9. 10 11 204 12 202 13 198 14 190 (Note: disregard the instructions above the table) Using the above table diminishing marginal returns set in after the worker is hired. O 12th 1st 7th 5th
/SMHS Quia - Physical Sc... 0 Multiple Choice New Tab O MC If labor is the only variable input, the marginal product of labor is at a minimum at point b. minimum at point a ATC maximum at point a AVC Lecture Videos -... < Prev Saved 27 of 35 ⠀⠀