Answered: Please inform which of following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please inform which of following awnsers are correct for the following questions 14 and 15 just tell me the correct ones.Please see graph attached for q 14

Consider this production function.

(SEE PICTURE ATTACHED)

Select one or more:

a. The average product of labour is falling as hours of study increase.

b. The marginal product of labour is constant as hours of study increase.

c. The marginal product of labour is rising as hours of study increase.

d. The marginal product of labour is zero beyond 15 hours.

Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is

24 hours × 7 days − 40 hours = 128 hours per week

Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then:

Select one or more:

a. Your total number of hours will fall by 25%.

b. Your total number of hours will fall by 50%.

c. You will work 25 hours per week.

d. Your free time will increase by 25%.

Study hours
0 1 2
11 12
4
7
8
10
13
14
15 or more
Grade o
20
33
42
50
57
63
69
73
78
81
84 86
88
89
90
100
90
80-
70-
60
50-
40
30-
20어
10
2.
4.
5.
67
2.
Hours of study per day
Final grade
18-
21-
22-
24

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