Refer to Figure 8.2. The marginal product of the fifth worker is| 4232120.1 2 3 4 5 6Number of employeesFigure 8.2O eightO tenO fiveO oneTotal product

Marginal product alludes to the additional output, return, or profit yielded per unit by benefits…

Answered: Refer to Figure 8.2. The marginal…

Business

Economics

Refer to Figure 8.2. The marginal product of the fifth worker is 32 12 + 3 4 6. Total product

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 17P

See similar textbooks

Related questions

Q: 7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of…

A: Marginal product of labor (MP) is the additional output that is produced by adding one more unit of…

Q: When the average output reaches its highest level, the average output is . A. is greater than…

A: Average product refers to the output obtained from the per unit of inputs of variable factors. The…

Q: Use the following data to answer the question. 14 Total Product Inputs of Labor 1. 22 2. eBook 3.…

A: Average product is the total quantity of output per unit of labor input.

Q: 1. Fill in the column for Marginal Product of Labor and Average Product of Labor ane Plot the Charts…

A: Total product divided by the quantity of labor employed gives the average product of labor. Change…

Q: Question 6 Table 4-1 below shows the relationships between labor and output for XYZ Inc. Output by…

A: "Total Output indicate the total volume or amount of final output produced by a firm using given…

Q: Which of the following is not possible? When the total product is decreasing, marginal product is…

A: Total product is the summation of the all product produce with the help of factors of production.…

Q: The average product of labor for three workers is 16 and the marginal product of labor for the…

A: Average product of labor refers to the output per labor. Marginal product of labor refers to the…

Q: The table below shows the number of workers and total output. Calculate marginal and average product…

A: Marginal product: It's the addition to the total output when one more worker is hired. It can be…

Q: The table shows the total product schedule at Paula's Ice Cream Parlor. Paula sells ice cream for $2…

A: The marginal product is the change in the output as a result of hiring one additional labour. MP =…

Q: Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is…

A: Economics is a social science that studies how individuals, businesses, governments, and societies…

Q: Total product (meals per hour) 24 20 TP 16 12 4 2 3 5 Quantity of labor (workers) The figure shows…

A: Total product shows the relationship between output produced and number of input hired.

Q: Total product (meals per hour) 24 20 TP 16 12 8. 2 3 4 Quantity of labor (workers) The figure shows…

A: Total product curve shows a relationship Total output and labour inputs.

Q: In the table below, marginal product becomes negative after employing the Input of Labor (no. of…

A: Marginal product of an input is the additional output that results from adding an extra unit of…

Q: Joe’s body board factory pays $60 a day for equipment and $200 a day to each worker it hires. The…

A: Marginal Product = It is the change in total product due to hiring an additional unit of laborTotal…

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: Labor (L) Average Product of Labor (APL) Marginal Product of Labor (MPL) Capital (K) Quantity of…

A: here we fill the table as follow=

Q: nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The…

A: The average product of labour is found by dividing the total product of labour (TPL) by the amount…

Q: If 1 orchard, 7 workers, and 3 tons of fertilizer yield 1,000 bushels of peaches, while 1 orchard, 7…

A: Since you have posted multiple independent questions, according to the guidelines, only the first…

Q: Labor Input Product Total Marginal Product Average Product 147 1 7.0 15 7.5 8.0 12- 3 24 4 32 8 8.0…

A: Note: since you have already done the first two parts I am solving the third part. Answer:…

Q: QUESTION 10 Marginal product is: O B. the increase in total output attributable to the employment of…

A: In a market, the term marginal is significantly used by the firms andd policymakers because marginal…

Q: In the example presented by this graph, what is total output when the fifth worker is added? The…

A: when the 5th worker added, the total output is 52.

Q: 1. When Linda's dress factory hires two workers, the total product is 50 dresses. When she hires…

A: The marginal product is characterized as the additional product that outcomes from adding one unit…

Q: Quantity of Labor Output (units) 1 80 170 3. 240 300 350 6. 390 7 420 Refer to the table above. The…

A: The total product (TP) is the amount of total goods and services produced from the given inputs and…

Q: Input Product Product Product 14 7.0 15 24 32 39 7.5 8.0 12 3 4 8.0 10 5 7.8 45 7.5 50 7.1 Jaing the…

A: LABOR INPUT TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 1 7 7 7.0 2 15 8 7.5 3 24 9 8.0 4…

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to the additional output or production that is generated by using one…

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to change in total product or output by adding one more unit of input.

Q: Use the table to answer the following questions Output of labor Quantity of output 0 0 1 300…

A: The marginal product of labor for the nth worker is calculated as MPn=TPn-TPn-1 Where TP denotes…

Q: Use the data below to calculate MP and AP. On a separate piece of paper, graph the total product…

A: Before plotting the graphs, we summarize the given information in the following table.

Q: The firm’s production data is given in the table below. What is the marginal product for the 4th…

A: The objective of the question is to calculate the marginal product of the 4th worker. In economics,…

Q: The table provides information about the relationships between labor and various product measures…

A: Answer: Labor TP MP AP 0 0 0 0 1 3 3 3.00 2 9 6 4.50 3…

Q: Total product (meals per hour) 24 20 .... TP 16 12 8 4.

A: TP -> total production MP -> marginal product AP -> Average product…

Q: 33. Refer to Table 13-2. What is the marginal product of the first worker? a. 50 units b. 300 units…

A: The labor demand curve is the value of marginal product curve. Marginal product is the change in…

Q: Number of Workers Units Produced Marginal Product Average Product 0 0 —– —- 1 20 2 35 3 45 4 50 5 45

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: Weekly production for a potter varies with the number of workers employed, as shown in the table…

A: Ans. Total Product is the total output produced by using the factor of production i.e. workers and…

Q: Answer the question on the basis of the following information. Marginal Product Number of Workers 0…

A: The total output produced with a given amount of input over a period. It is also known as the total…

Q: Output per worker (S, thousands) Production lunction (ater technological proge Production function…

A: Diminishing marginal product of capital states that as more and more capital is used for production…

Q: Quantity otTabor (workers) Total product (lawns mowed per hour) 0. 0. 3 4. 15 22 6. 26 28 table…

A: Marginal productivity of labor measures change in productivity after hiring an additional unit of…

Q: 1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of labor

A: We are going to use Marginal rate of technical substitution concepts to answer this question

Q: 2. The short-run production function for a manufacturer Number of Workers (Quantity of Labor) 1. 2.…

A: Given Quantity of labor The total output of DVD Drives 1 0 2 42000 3 90000 4 135000 5…

Q: Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 ? 120 30

A: Marginal product is the addition to output generated by an additional unit of labor employed.

Q: Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The…

A: a.The marginal product of labor is the change in the output due to a change in the quantity of labor…

Q: Course: Microeconomics - Theory of Production A field produces wheat. Land is a fixed factor, so the…

A: 1. Before we fill in the blanks in the table, we should know the definitions and relations between…

Q: TOTAL AND MARGINAL PRODUCT tal Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10…

A: Total product (TP) and marginal product (MP) are concepts used in economics to analyze the…

Q: Question 4 The table below describes the production function for a candy maker. Number of Marginal…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Refer to the table below. The average product when three workers are employed is:

A: Total Product is the total output produced when one input alone is varied while all other inputs…

Q: What is the difference between marginal revenue product(MRP) and value marginal product (VMP)?

A: Marginal revenue product , together remarked because the marginal value product, is that the…

Question

Refer to Figure 8.2. The marginal product of the fifth worker is
| 42
32
12
0.
1 2 3 4 5 6
Number of employees
Figure 8.2
O eight
O ten
O five
O one
Total product

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is a production technology?
What is the difference between a fixed input and a variable input?
What are the factor payments for land, labor, and capital?
Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04
Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.
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
Total # of Pots Produced Per Day 0, Number of Workers ut of 1 6. 13 18 21 5 23 6. 22 From the above table, the diminishing marginal return begins with. employee. Select one: O A. Second O B. Fifth O C. Fourth O D. First O E. Third MacBook Air F10 & * 5 7 8 9. 9| 0 Y 01 ق K J .つ 6 ).
Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
1. Optimal Use of a Single Input. Julian Smyth manages production at Taffy Apple Inc., a company that produces a variety of taffy/fruit candies. Over the last several months, he has varied the number of employees on his caramel apple production line from 5 to 12, and found the following relationship. Labor S67∞a 5 8 9 10 11 12 TP 50 90 150 200 240 270 290 300 MP VMP a. In the column labeled MP, calculate the marginal product of labor. b. Suppose the apples sell for $6 per (dozen) box. Calculate the Value Marginal Product (VMP) c. If labor costs $200 per day, how many laborers should the firm hire? Number
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?
Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.