Question 32The following table shows the information about the production function for Dave'sice-cream shop.Quantity of Ice cream (per hour)Quantity of Labor (workers)712023850460a. The marginal product of labor of the second worker isb. Diminishing returns to labor occurs when Dave hires thec. What are the examples of the variable cost and fixed cost in Dave's shop?units of ice cream.worker.

Here, the output level and quantity of labor related to Dave's ice-cream shop is given to explain…

Question 32 The following table shows the information about the production function for Dave's ice-cream shop. Quantity of Ice cream (per hour) Quantity of Labor (workers) 7 1 20 38 50 4 60 a. The marginal product of labor of the second worker is b. Diminishing returns to labor occurs when Dave hires the c. What are the examples of the variable cost and fixed cost in Dave's shop? units of ice cream. worker.

Question 32 The following table shows the information about the production function for Dave's ice-cream shop. Quantity of Ice cream (per hour) Quantity of Labor (workers) 7 1 20 38 50 4 60 a. The marginal product of labor of the second worker is b. Diminishing returns to labor occurs when Dave hires the c. What are the examples of the variable cost and fixed cost in Dave's shop? units of ice cream. worker.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Calculate the value of total cost when average cost is $35 and the no of inputs employed is 5
The following table represents the short-run total cost schedule of a bottled water manufacturer. Study the table below and then answer the question. When output increases from 30 to 80 bottles of mineral water, the marginal cost of producing one of those 50 bottles of mineral water is: Labour (workers per day) Output (bottles of mineral Total cost (R) water per day 0 0 400 1 30 700 2 80 1000 3 120 1300 4 140 1 600 5 150 1900 a) R5 b) R6 이이 c) R12,50 d) R20
GM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increases
Fill in the space (d) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. Number of Amount of Trucks Labor 2 2 2 2 2 2 2 0 1 2 3456 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0