Refer to the production table for jeans to answer several questions. Capital Input (Sewing Machines per Day) 0 1 2 3 4 Capital Input (Sewing Machines per Day) 3 Marginal Physical Product 0 units 0 0 0 0 0 (Click to select) V 0 1 0 0 15 222 20 21 21 /1 Labor Input (Workere per Day) 2 3 4 5 21 Jeans Output (Pairs per Day) 0 0 50 78 92 94 0 34 3862 46 50 52 0 44 64 73 78 50 48 72 83 86 Suppose a firm has three sewing machines and can vary only the amount of labor input. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Compute the marginal physical product. Labor Input (Workers per Day) 2 4 5 3 Jeans Output (Paire per Day) 83 92 73 c. Is total output still increasing when MPP begins to diminish? 6 0 d. What is the value of MPP when output no longer increases? 51 81 99 101 6 7 99 0 51 82 103 104 7 8 103 0 47 80 103 104 b. At what amount of labor input does the law of diminishing returns first become apparent in the table of marginal physical product? 8 103

Refer to the production table for jeans to answer several questions. Capital Input (Sewing Machines per Day) 0 1 2 3 4 Capital Input (Sewing Machines per Day) 3 Marginal Physical Product 0 units 0 0 0 0 0 (Click to select) V 0 1 0 0 15 222 20 21 21 /1 Labor Input (Workere per Day) 2 3 4 5 21 Jeans Output (Pairs per Day) 0 0 50 78 92 94 0 34 3862 46 50 52 0 44 64 73 78 50 48 72 83 86 Suppose a firm has three sewing machines and can vary only the amount of labor input. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Compute the marginal physical product. Labor Input (Workers per Day) 2 4 5 3 Jeans Output (Paire per Day) 83 92 73 c. Is total output still increasing when MPP begins to diminish? 6 0 d. What is the value of MPP when output no longer increases? 51 81 99 101 6 7 99 0 51 82 103 104 7 8 103 0 47 80 103 104 b. At what amount of labor input does the law of diminishing returns first become apparent in the table of marginal physical product? 8 103

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?
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4 Long Run Production Capital labor Units Qty $3,000 5 32 outputs % inputs % change - change returns to Scale - $5,000 10 40 100 25 increasing $7,500 12 90 20 125 decreasing $8,000 13 110 8.33 22.22 decreasing $9,000 15 125 15.38 13.636 increasing $11,000 16 130 6.66 4 increasing $11,700 18 320 132 12.5 1.54 increasing 300 280 260 240 220 200 edited 180 160 140 120 100 80 60 For my long run production I wanted to see the different out comes if I my and capital variable After doing so! was able to calculate my output & input % change using the formula (original-new) original Х labor cost per duvet cover 40 20 10 20 30 40 50 60 70 80 90 100 120 130 140 150 160 qty of duvet covers (per month 100
ictions: (1) Use the tools provided 'AP' and 'MP' to draw the average product (AP) and marginal product (MP) curves. (2) To earn edit for this graph, you must plot all required points (L = 1, 2, 3, 4, 5, 6, 7, and 8) for each curve. Total Product Average and Marginal Product 20 Tools TP 15 AP MP 10 -5 1 2. 3 4 5 6 7 8 9 2 3 4 5 6 7 8 9 Labor input Labor input 8%%5品万刀的88899 Marginal and average product
9:15 AM O Y O 65 Micro15 - Saved d. Righiward A_ 15. When returns to scale are decreasing, total output a. Increases b. Deсreases c. Does not change d. Varies IV. Match The term (column B) that best fits the phrases (Column A below. Column A Column B a. Marginal product A_1. Describe the functional relationship of input and output v_2. Production function b. Least-cost combination _C_3, Infinitesimal change c. Isocost line 4. Output yielded from the last unit of input d. isquant 5. TP divided by the number of variable inputs e. Production function 6. Refers to the declining trend to MP f. Counterproductive conditions 7. Illustrates the varied combinations of inputs at the same level of plant capacity g Finite change 8. Contains combinations of inputs that the same budget can purchase given constant prices h. Marginal rate of substitution 9. Price of labor inputs over price of capital inputs i. Economies of scale 10. Ration between output and input j. Diseconomies of scale k. Maximum…
Refer to the graph below: y2 The graph above illustrates a production set of a firm. (a) Which assumption(s) do(es) the production set violates? Explain. (b) Suppose the firm decided to scale all inputs up or down by some amount t > 0. What will happen to the level of output?
10.Which of the following is an example of a fixed cost? A. cost of employees who work overtime B. cost of machinery C. cost of flour at a bakery D. cost of employees who work standard hours
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