nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The table sets out Ann's total product schedule. What is the marginal product of the fourth student and the average product of 4 students? Labor (students) 0 1

nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The table sets out Ann's total product schedule. What is the marginal product of the fourth student and the average product of 4 students? Labor (students) 0 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
▪You have fulfilled your dream by buying a McDonald’s franchise. You start hiring employees and come to realize that the first employees you hired were extremely productive, but every additional person you hired seemed to be less productive. ▪Why does that occur? Are the last people you hired just lazy? ▪The capital is fixed in the short run, but you can change your labor in the short run. ▪You decide to calculate the marginal product and the average product of your business.
A custom motorcycle company can produce more motorcycles if it has more workers. The company has experimented with hiring workers in teams of four and has come up with the following table relating the number of workers to the companies annual production Part1. Using the straight line tool, graph the production function based on the information given. Construct the curve using four line segments joined end to end. Don it graph the individual points. Part 2. Give the numeric answers to tap decimals. A. The marginal product of each of the first four workers is ______ B. The marginal product of each of the second four workers is _______ C. Diminishing returns begin with the _______ worker.
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4. At Tuxi's, tacos cost $2.50 (p=2.5) and the market wage for labor is $12.50. a. Calculate the marginal product of labor (MPE), average product of labor (APE), value of the marginal product of labor (MRPE), and value of the average product of labor (VAPE) in the chart below. Number of Tacos workers 1 15 2 28 3 38 4 47 5 54 6. 59 7 62 8 64 65 b. What's the optimal amount of labor to use? c. What would be the per-hour profits at Tuxi's if capital costs $50 per hour?
4
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18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?
The table gives Sue's Surfboards' total product schedule. Labour Output (workers per week) (surfboards per week) 2 Draw the four points on the average product curve using the information in the table. Draw the average product curve. Label it. O A. 126 OB. 210 O C. 35 3 4 5 If 6 workers can produce 210 surfboards a week, then average product is surfboards per worker. 00 70 120 160 190 O D. 216 41- 40- 39 38- 37- 36- 35- 34- 0 Average product (surfboards per worker) Q Q Labour (workers per week) >>> Draw only the objects specified in the question.