Quantity of labor(workers)Total product(hair stylings per day)1025456070The above table shows the total product schedule for Hair Today, a hair styling salon.Based on the table, the marginal product for Hair TodaySelect one:O a reaches a maximum with the 5th worker.O b. reaches a maximum with the 4th worker.O c reaches a maximum with the 3rd worker.O d. never reaches a maximum.e. decreases after the 1st worker.HUAWEI Nova 3AI CAMERA00= to search234ir

The marginal product measures the change in the total product when the one additional unit of labor…

Answered: The above table shows the total product…

The above table shows the total product schedule for Hair Today, a hair styling salon. Based on the table, the marginal product for Hair Today

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

Webby Inc. is a web development company. Webby's monthly production function for developing websites is given in the table below. a. Fill in the marginal product column. Instructions: Enter your answers as a whole number. Programmers 0 Websites 0 Marginal Product 1 2 44 2 7 3 15 4 20 5 24 6 26 es b. Marginal product diminishes after the (Click to select) programmer.
The table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs Cars Washed per Hour Total Cost (dollars) Marginal Cost (dollars) 1 $2 $2 2 4 3 12 4 8 5 10 6 42 Instructions: Enter your answers as a whole number. Complete the missing values in the table.
Note: The answer should be typed.
The table shows the production of inpatient services at Newton-Wellesley Hospital. The hospital pays $100 a day for each medical equipment it rents and $500 a day for each doctor it hires. Labor Output (Inpatient services per day) doctors per Clinic 1 Clinic Clinic Clinic 2 40 60 day 1 3 55 75 90 100 3 4 20 40 65 75 1 65 85 100 110 3 4 Medical equipment A. Calculate ATC curves for each clinic and graph four of them on one chart. B. Draw hospital's long-run average cost curve. 75 85 2 4
Labor (mechanics) 0 1 2 3 4 Output (bikes) 0 20 50 60 64 Total fixed costs (dollars) 220 Alberto's marginal cost of producing the 20th bike is $ [Round your answer to two decimals.] Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Alberto's Bike Shop. While Alberto is a bike enthusiast, unfortunately, Alberto's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the marginal cost of producing the 20th bike?
The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24
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?
the various measure of the cost
4. A decision at the margin Raphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages…