Marginal product is Multiple Choice the output of the least skilled worker. О a worker's output multiplied by the price at which each unit can be sold. the amount an additional worker adds to the firm's total output. the amount any given worker contributes to the firm's total revenue. A firm that hires labor in a purely competitive resource market is a Multiple Choice "price maker." "product taker." О "money maker." о "wage taker."

Labor (Number of workers) 0 1 2 3 4 90 units. 80 units. 20 units. Output Fixed Cost (Units) 85 units. 0 90 170 230 240 (Dollars) Refer to Table 13-3. The marginal product of the second worker is 50 50 50 50 50 Variable Cost (Dollars) 0 20 40 60 80 Total Cost (Dollars) 50 70 90 110 130

a software production firm, average product has started falling and total output indicated diminishing trend. The production manager Mr. Yahya called you and asked you to see the condition of marginal product. You analyzed the situation and reported that marginal product falling more than average product. Mr. Yahya got surprised. In your opinion which situation the firm is heading to?

Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?

Suppose you run a flower-delivery business andemploy college students to drive the vans and makedeliveries. You are considering hiring an additionalworker. What information would you need toknow to decide whether doing so would increaseor decrease your profit?

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을

Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0                 10 $28 32 $14.0                 20 $28 68 $14.0                 30 $28 108 $14.0                 40 $28 144 $14.0                 50 $28 176 $14.0                 60 $28 196 $14.0                 70 $28 212 $14.0                 80 $28 216 $14.0                 90 $28 218 $14.0                 100 $28 214 $14.0                 110 $28 204 $14.0…

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0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profit