pters/31004/quizzes/52593/take/questions/1032249Question 1712 ptsUse the information in the table to address this question. If the firm currently employs two workers,and decides to hire a third worker, the marginal production of that third worker will be?Number of Workers Total Output Marginal Product0011,00021,700332,20042,40052,500Less than 500The answer to this question cannot be determined by the information provided in the table.Exactly 500More than 500◄ PreviousNext ->

The marginal product refers to the additional output generated by employing one more worker. In this…

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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What is the marginal cost of labor?
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
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
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The firm’s production data is given in the table below. What is the marginal product for the 4th worker? Number of workers Quantity of Computers Produced (Total Product) 0 0 1 15 2 28 3 38 4 46 5 52
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >
60 50 40 30 20 10F 2 3 4 Number of Workers Employed per Week Refer to Figure 7-1. If this figure represents Total Product per week, what is the marginal product of the fourth worker hired each week? Quantity of Bicycles Per Week
Can you help me with A and B?
A television production firm is able to produce TVs according to the short-run production table below. With the hiring of which worker would the diminishing marginal product begin? Total Output Number of of Televisions Workers per day 0 0 30 2 70 3 125 185 225 250 260 255 240 01 4 5 6789
In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third worker
Question 1 of 20 Use the information in the table to answer the two questions that follow about Monster's Ink, a tattoo shop. Number of workers Tattoos completed Marginal product N/A 1 8 8 18 10 3 25 7 4 28 5 30 2 31 1 What is the marginal product of the fourth tattoo artist? marginal product: tattoos

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