Suppose a firm did riveted a useful production technique. We can expect:  a. The firm to hire fewer workers  b. The firms labour demand curve to shift right  c. The firms labour demand to shift left d. The firms labour curve to remain unchanged

Q: According to the above production table, diminishing marginal productivity sets in after the hiring…

A: Diminishing marginal productivity occurs when the marginal product of a product diminishes when…

Q: The marginal product of labour tells us A. which employee is the most productive. B. the average…

A: A measure of the effectiveness of workforce performance in producing output is labour productivity.…

Q: Answer true, false or uncertain and explain briefly with reference to carefully labelled…

A: In the intricate interaction of policy objectives, the job market is crucial. The ebb and flow of…

Q: 1. Explain the relationship between the shape of the marginal cost curve and the marginal produ of…

A: The relationship among the shape of the marginal price (MC) curve and the marginal product of hard…

Q: Suppose the isoquant represents the production of 120 pencils. What will happen to the isocost and…

A: A. If labour become more costly than the isocost line will pivot towards left from horizontal axis…

Q: What is the marginal physical product for Jenny to go from one to two workers? Answer here

A: Marginal Physical Product (MPP) is a concept used in economics to describe the additional output or…

Q: The producer is in equilibrium at a point where the cost line is Above the isoquant

A: To find : When producer is in equilibrium at point

Q: A firm uses capital and labour to produce widgets . In the short run capital is fixed ,while labour…

A:

Q: Isorevenue lines What does the graph above indicate? Choose Isocost lines 4 Labor An Isoquant The…

A: The Isoquant refers to the different combination of two inputs that produce the same level of…

Q: In the long run * O all inputs are variable. O all inputs are fixed. O some inputs are variable and…

A: The long run is a concept in which there is equilibrium in all the markets and prices and quantities…

Q: In the long-run, a firm may only employ capital and labor neither capital

A: The long run refers to period when all factor of production or cost are variables. There is no…

Q: Suppose that the price of capital decreases. Explain how the firm adjusts its use of capital and…

A: We will answer this question by assuming that the firm have the cobb-Douglas production function…

Q: The marginal product of labor (MPL) is defined as

A: The firm would result in profit maximisation by maximising the revenue which would be earned by the…

Q: Suppose a firm has two plants, A and B, each producing the same product but using different…

A: As per economics, the marginal product of capital or MPK is the additional production that a firm…

Q: Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation

A: The figure provided shows the total product curve for different levels of a variable input,…

Q: When you have diminishing marginal returns to labor A. variable costs fall as more output is…

A: Labor is the physical, mental, and social effort used for producing goods and services in the…

Q: Please answer ALL questions below: 1.The marginal revenue product gives a. the additional…

A: 1) The correct answer is a. the additional revenue obtained when an additional unit of a variable…

Q: □ A firm hires two people and output increases by 20 units. The firm adds one more person and output…

A: Marginal value is the value derived from the additional unit of variable.  Marginal product of labor…

Q: The figure shows the total product curve for different levels of a variable input, labor. Output…

A: The Law of diminishing marginal returns is adding each unit of a factor of inputs leads to a…

Q: If the marginal value of some variables is above the average value of the variable:* the marginal…

A:

Q: rm uses machines, labor and output to produce output. Labor is a variable input and costs he hours…

A: According to the question, given information given :Cost : $25 hourExtra unit of output required $…

Q: A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If…

A: Variable Inputs exist both in the short run and long run. Variable inputs changes with the changes…

Q: Explain the difference between the short and long run

A: Short run It represents the time period in which input quantity of at least one input is fixed…

Q: Consider the following table showing short run production:

A: Marginal product of labor or MPL is described as the increase in total production when labor is…

Q: Diminishing returns occurs in the short run because: A.There are variable inputs to production in…

A: According to the law of diminishing marginal returns, the marginal product decreases as more and…

Q: The marginal product of an input is defined to be:   A. the additional output that can be produced…

A: Answer: C The additional output that can be produced by increasing the input by one unit, holding…

Q: What should he recommend as a short-run remedy?

A: Marginal product of labour in plant B is higher than Plant A

Q: The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200-…

A:

Q: D D Question 1: Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital,…

A: A short-run production function is a function that demonstrates the connection between the quantity…

Q: Avg and Marginal Cost 2 Output 4 10 B 9 30 20 15 10 Total Product Curve 2 3 1 5 6 7 Labor Avg and…

A: Total Product Curve (TP) Analysis:Increasing Returns: The TP curve rises initially, indicating…

Q: Consider a firm that uses only labour and capital as inputs. At the present use of labour and…

A: When a firm that uses only labour and capital as inputs. At the present use of labour and capital,…

Q: What is the  Short run and long run period in the production function of the economics

A: In simple words we can say that the Short run period in the production function of the economics…

Q: Refer to the figure at right. At which point on the total product curve is the average product of…

A: Total product refers to total output produced by the firm. Average product refers to total product…

Q: QUESTION 18 An input that cannot vary in the short run is called, a. Fixed input b. variable input…

A: In short run the firm adjust theirs variable cost and labour as they required as a output increase…

Q: The average product of labor will reach a maximum where the marginal product of labor is maximized…

A: By labor, economists refer to the human effort which goes into producing goods and services in an…

Q: According to microeconomic theory, an input factor may be: a. Fixed in the short run, but will…

A: The time horizon that is being considered determines how input factors are classified in…

Q: A firm in a competitive market should hire workers up to the point where the value of the marginal…

A: Competitive market refers to a market scenario in which there are large/huge number of buyers and…

Q: The fast food company Schnabb uses labor and capital to produce its product. Holding the production…

A: Profit maximisation is a firm's financial goal. If its total output remains fixed in the near run…

Q: For a profit-maximizing competitive firm, the value of marginal product curve is   A. always…

A: Marginal product refers to the additional output gain from production when employing one additional…

Q: What economic factor explain the marginal product and average product of labour curve

A: Marginal product is the ratio of change in total product to change in quantity. Average product is…

Q: Short answer Explain the fixed cost and the variable cost with examples

A: In the field of economics, it is assumed that firms work towards maximizing their profits. The firms…