Question 1 The following table describes a daily production function for PINOY A Co., which hires worker: bananas for export. Fill out the blank cells using EXCEL Note: Price of 1 kilo =100, daily wage per w P400 What is the marginal product of each c 3RD & 4TH workers? No. of Total MP (kg) AP (kg) [ Select ] Law of Diminishing marginal returns s after how many workers? Product Workers (kls) per per worker worker [ Select ] 1500 4 4500 10500 8 15000 10 18000 12 19500 14 19500 Next

Question 1 The following table describes a daily production function for PINOY A Co., which hires worker: bananas for export. Fill out the blank cells using EXCEL Note: Price of 1 kilo =100, daily wage per w P400 What is the marginal product of each c 3RD & 4TH workers? No. of Total MP (kg) AP (kg) [ Select ] Law of Diminishing marginal returns s after how many workers? Product Workers (kls) per per worker worker [ Select ] 1500 4 4500 10500 8 15000 10 18000 12 19500 14 19500 Next

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. What should the firm do if the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor and why? Graphically illustrate.
1. If diminishing marginal returns will set in after the very first unit of labour is employed? What do the average product, and marginal product curves look like in this case?
3. We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.The marginal product of labor becomes negative when the slope of the production frontier begins to get shallower as we move toward more labor input.
Exercise: If the fixed Input capital Is K* = 3 and the variable input of labor is from 0 by 2's to 20; and output Is from 0 for 0 labor, 76 for 2 laborers – from 76 Increase for every 25% of output starting for 4 laborers to 20 laborers. Find the change in labor, output, marginal product of labor and average product of labor. Show it in a table. Number of Labor (L) (1) (2) DL Change in Labor (3) (4) Total product or Output (Q) (5) (6) Average product (AP=Q/L) (8) Marginal product (MP-=DQ/DL) (9) (10)
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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
QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal Product of L is equal to K: the Marginal Product of K is equal to L The hourly wage is w = 1; the interest rate is r= 2. Which of the following mixes of inputs could be cost minimizing for some level of production? O a. (K-0, L=100) Ob.(K=100, L-200) OC (K-200, L=100) O d. (K-1, L=3) O e (K=0, L-3)
Question 31 Explain what a production function is. What is the concept of diminishing marginal product?
2 What is the law of diminishing returns? Why does the marginal product of labor eventually diminish?
3. We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.The marginal product of labor is positive so long as the slope of the production frontier is positive.
Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
Which of the following diagrams shows isoquants for a Cobb-Douglas production function? A X1 B X2 X1 X1 D X2 X1 O A OB OC OD