Productivity isO A. the value of profit divided by the number of production workersO B. the value of output that a worker generates for each hour of workO C. an indicator of how hard workers apply themselves to their tasksO D. a measure of the speed with which inputs can be transformed into products.Productivity varies across countries becauseO A. human capital per worker varies substantially from country to countryO B. the quantity of physical capital that workers can access varies greatly across countriesO C. the level of technology differs across countriesO D. all of the above.O E. A andB only.

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Productivity is O A. the value of profit divided by the number of production workers O B. the value of output that a worker generafes for each hour of work O C. an indicator of how hard workers apply themselves to their tasks O D. a measure of the speed with which inputs can be transformed into products

Productivity is O A. the value of profit divided by the number of production workers O B. the value of output that a worker generafes for each hour of work O C. an indicator of how hard workers apply themselves to their tasks O D. a measure of the speed with which inputs can be transformed into products

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. The short-run production function for a manufacturer Number of Workers (Quantity of Labor) 1. 2. 3. 4. 5. 6. 7. of DVD drives is as follows Total Output of DVD Drives 0 a. Calculate the average product (AP) at each quantity of labor. b. Calculate the marginal product (MP) at each quantity of labor. 42000 90000 135000 160000 175000 174000 c. Which worker(s) are in the region of increasing marginal returns? d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the region of negative marginal returns? f. In the region of diminishing marginal returns, what is happening to marginal cost?
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The following statements are about the relationship between typical total product (TP), averageproduct (AP), and marginal product (MP) curves. Which statement is correct?O If TP is at a maximum, MP must be zero.O If TP is at a maximum, AP must be zeroO If TP is at a maximum, MP must be at a maximumO If TP is at a maximum, AP must be at a maximumO If TP is at a maximum, both AP and MP must be at a maximum.
Refer to the table to answer the question Output Tech 1 Tech 2 Tech 3 K K K 100 14 6 2 8. 15 3 if the firm is operating in a high wage country, where capital cost $150 per unit and labor cost $100 per worker, which technology minimize the production cost ? Select one O a. all O b. Technology 3 O c Technology 2
Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery
Question 6 A production function defines the output that can be produced: O A. as technology changes over time. B. if the firm is technically efficient. O C. for the average firm. O D. in a given time period if no additional inputs are hired. O E. at the lowest cost, given the inputs available.
Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 83 90 3 270 4 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -15
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The short run is defined as the period of time: Select one: O a. in which all inputs are fixed O b. in which at least one input is fixed O c. O d. none of the answers provided is correct in which no inputs are fixed
Labor (workers) Output 0 20 50 70 80 85 OAN 345 0 The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals O less than $5. O more than $5 and less than $110. O more than $110 and less than $120. O more than $120 and less than $150. DIS O more than $150.
1. In production, the short run is best defined as a time period is Figl. Short-run production function for Tony's Cookies Labor Output 10 18 24 4 28 5 30 2. The marginal productivity of labor for the fourth worker is 3. At what level of worker did the law of diminishing marginal productivity set in 4. Average productivity will rise as long as is rising.