Magnificent Blooms is a florist specializing in floral arrangements for weddings,graduations, and other events. Magnificent Blooms has a fixed cost associated with spaceand equipment of $100 per day. Each worker is paid $50 per day. The daily productionfunction for Magnificent Blooms is shown in the accompanying table.Quantity of labor(workers)Quantity of floralarrangements00152931214515a. Calculate the marginal product of each worker.Quantity of labor(workers)1Marginal product23

Marginal product of labor (MPL) tells us about the productivity of labor. It measures the change in…

Answered: Magnificent Blooms is a florist…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Tim runs his own lawn care service and that his firm is competitive in the lawn care industry. He has a fixed number of tools that can be used to maintain a yard, but he needs to determine the productivity gained from hiring various numbers of workers per week. Which of the following statements best represents the idea behind the marginal product of labor ( MPL )? When Tim hires more workers, he can mow more lawns per week, but at a decreasing rate. If Tim hires twice as many workers per week, he can mow twice as many lawns per week. If Tim buys one more lawn mower, he can mow 13 more lawns per week. If Tim hires an additional worker per week, he can mow 11 more lawns per week. The following graph portrays the weekly total product curve for lawn mowing given a fixed amount of capital and varying labor inputs. (Note: Each black point (plus symbol) represents a point on the total product curve.) 100 90 во 70 60 50 40 30 20 10 xxxx_ Total Product ° 0 1 2 4 5 7 8 10 LABOR…
Can you assist in filling out this chart?
what is the marginal product of the third worker Table 1 Labor Production Marginal Product Total Variable Cost Total Fued Cost $0 1 $10 200 200 $20 $10 2. 350 $40 $10 3 470 $60 $10 80 $80 $10 5. 50 $100 $10 $120 $10 6. 630
Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5/day. The company also rents spave where orders are prepared. Rent costs $50/day. To make the deliveries, the business also rents two delivery cars the cost $10/day. The costs of ingredients for preparing different numbers of meals are $50. Maria also has to hire between 0-10 workers to buy ingredients, prepare meals, and deliver the orders. She pays them $120/day. The first two columns of the table below shows how many meals different number of workers can prepare and deliver. Suppose that a minimum wage is introduced. To comply the new law, Maria has to start paying the workers $140/day. How many meals does the business have to deliver to earn the highest possible profit? Answer by filling out the table. Suppose that the price/meal Maria charges…
Suppose a chair manufacturer maintains the existing plant and equipment. The manufacturer has observed the following levels of production corresponding to different numbers of workers: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 28 7 25 a. Calculate the average and marginal product of labor for this production function. APL MPL - 1. 10 2 18 3 24 4 28 5 30 6 28 7 25 b. Does this production function exhibit diminishing returns to labor? Explain. c. Explain intuitively what might cause the marginal product of labor to become negative.
Assume that the average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen. A)marginal product is rising b)marginal product is falling c)average product is rising d)average product is falling
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?
The next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12 80 14 86 Marginal Product when the number of workers increases from 2 to 4 workers is Marginal Product is maximized when the firm hires workers. Average Product is maximized when the firm hires workers. units.
choose a correct answer
Quantity of Labor (workers) Total Product (units per hour) 0 12 34 56 0 259 151817 The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the worker because A) 4th; the average product of labor is also increasing B) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker C) 3rd; the average product of labor is also increasing D) 5th; output declines with the 6th worker E) 5th; output is maximized
The table below shows data for the production of Avocados for an individual firm. Number of workers Number of Avocados 0 0 1 70 2 126 3 168 4 196 5 210 Given this data, what is the marginal product of labor when quantity increases from 1 by one unit?
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.

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