The average product of labor for three workers is 16 and the marginal product of labor for the fourth worker is 6. What is the average product of labor for four workers?
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A: The marginal product of labor is the change in the total product when one more additional labor is…
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A: Average product is the total quantity of output per unit of labor input.
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A: Marginal product is the output that is produced by the additional labor in the production process.
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A: Marginal product: It's the addition to the total output when one more worker is hired. It can be…
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A: Marginal product refers to change in total product with respect to change in its variable input.
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A: Marginal product of an input is the additional output that results from adding an extra unit of…
Q: Consider the following production function: y = f(L, K) = L0K5, where L is the amount of labor that…
A: Production function: y = L0.4K0.5 Differentiate y w.r.t L to get MPL MPL = dy / dL => MPL = 0.4…
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: Question 1 of 20 Use the information in the table to answer the two questions that follow about…
A: Marginal product = change in TP / change in labour
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A: Marginal cost refers to the change in total cost that arises from producing one additional unit of…
Q: True or False: The marginal product of labor is increasing for the first 4 workers. After that…
A: The marginal product of labor measures the change in the total product due to a change in workers by…
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A: The objective of the question is to calculate the average product of labor when there are two…
Q: The marginal product of labor is the additional:
A: Marginal product of labour is the change in output that results from employing an added unit of…
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A: The marginal product of labor shows the addition to the total production due to each extra unit of…
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…
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A: The total product (TP) is the amount of total goods and services produced from the given inputs and…
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A: Marginal product refers to the additional output or production that is generated by using one…
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A: The Law of diminishing marginal returns is adding each unit of a factor of inputs leads to a…
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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.
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A: The marginal product of labor for the nth worker is calculated as MPn=TPn-TPn-1 Where TP denotes…
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A: The firms and businesses are the entities who make various goods, and services, and then sell them…
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.
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A: Here, the given table shows the total no.of cars washed by the workers as the units of workers…
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A:
Q: A worker's Marginal Product of Labor (MPL) depends on
A: The marginal product of labor measures the change in total output due to the change in labor by a…
Q: Number of workers 0 4 8 12 16 Number of motorcycles per year 0 9 16 21 23
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Q: In the table below, the average product of labor at -3 is 3. 15 20 3 a.8 b.0.2 Od3 Oes
A: The average product of labor is the measurement that identifies the productivity of laborers.
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…
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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…
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- Question 4 The table below describes the production function for a candy maker. Marginal Product Number of Output workers 1 30 65 3 95 4 120 135 6 140 a. Fill in the table with the values for the Marginal Product. b. Explain what diminishing marginal product is and state with which worker it sets in.This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed. Number of workers Total output (number of cars washed per hour) 0 0 2 10 4 26 6 40 8 50 10 58 12 62 Use this table to find the marginal product of labor for the following workers:marginal product of labor for the 4th worker: marginal product of labor for the 6th worker: marginal product of labor for the 10th worker:The following table depicts the weekly output of a firm that manufactures computer printers. The printers sell for $100 each. Calculate the marginal product and the marginal revenue product, and then fill in the blanks in the table below. Instructions: Enter your answers as a whole number. Labor Input (Workers per Week) Total Output Marginal Revenue Product Marginal Product |(Printers per Week) 10 200 11 218 12 234 13 248 14 260 15 270 16 278 If the weekly wage paid to workers is $1,600, the optimal number of workers hire is
- Which of the following describes the law of diminishing returns to labor? A. When one more worker got hired their marginal product was negative B. When one more worker got hired total product of the firm went down C. When one more worker got hired their marginal product was lower than the marginal product of the previous workerLabor (workers per day) Total product (bicycles per day) 0 0 1 4 2 10 3 18 4 25 5 30 The above table shows the relationship between labor input and total product of producing bicycles. The marginal product of the 5th worker is equal to 5 bicycles. 6.25 bicycles. 30 bicycles. 6 bicycles.Barb's Bakery employs three workers who produce 6 cakes per hour. After Barb hires a fourth worker, production increases to 12 cake per hour. Which of the following statements is TRUE? a. b. C. d. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is less than the average product of three workers, the average product must fall Because the marginal product of the fourth worker is less than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must fall.
- Complete the table: Number of Workers per Day Movie Tickets Produced per Day Average Product Marginal Product Average Price of Movie Tickets Total Value Product Average Value Product Marginal Value Product Price of Worker per Day 0 0 $10.00 $120.00 1 227 $10.00 $120.00 2 615 $10.00 $120.00 3 935 $10.00 $120.00 4 1,185 $10.00 $120.00 5 1,427 $10.00 $120.00 6 1,631 $10.00 $120.00 7 1,788 $10.00 $120.00 8 1,800 $10.00…The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/4. What is the marginal product of labor?Labor(workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.
- Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37The following picture represents a production function after an increase in total factor productivity z. What marginal happens to the product of labor? Y=zF(K,N) Labor (N) O It increases O It decreases O It increases from some levels of labor, it decreases for some others O Not enough informationworkers 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?