The fisherman caught 40 kilogram of fish by fishing for 3 hours while he caught 60 kilogram for fishing for 2 hours. What is the marginal productivity of increasing the fishing hours from 2 to 3 hours? A. 20 B. 30 C. 40 D. 60 E. no correct answer

The fisherman caught 40 kilogram of fish by fishing for 3 hours while he caught 60 kilogram for fishing for 2 hours. What is the marginal productivity of increasing the fishing hours from 2 to 3 hours? A. 20 B. 30 C. 40 D. 60 E. no correct answer

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 36CTQ: Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal...

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Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?
A manufacturing company leases a building for $100,000 per year for its manufacturing facilities. In addition, the machinery in this bullding is being pald for in Installments of $20,000 per year. Each unit of the product produced costs $15 in labor and $10 in materials. The product can be sold for $40. Using this information, answer the follwoing questions. 1. 8,000 2. $30,000 3. 4,800 How many units per year must be sold for the company to breakeven? 4. 5,019 If 10,000 units per year are sold, what is the annual profit? 5. 6,667 Sheridan 6. $50,000 7. $80,000 8. $100,000
22.5 Recall that Touchie McFeelie's production function for comic books is .1J1/213/4. Suppose that Touchie can vary both jokes and cartoonists' labor. If old jokes cost $2 each and cartoonists' labor costs $18 per hour, then the cheapest way to produce comics books requires using jokes and labor in the ratio J/L= (a) 9. (b) 12. (c) 3. (d) 2/3. (e) X+ PC X4.0 Show Transcribed Text 000 please explain this question and the correct answer is 6. Thanks.
Inefficient production is represented by which point(s)?
Question 5 Consider a corn farmer with one acre of land. In addition to land, other factors include quantity of seeds, fertilizer, water, and labor. Assume the farmer has already decided how much seed, water, and labor he will be using this season. He is still deciding on how much fertilizer to use. Units of Fertilizer Total Ears of Corn Marginal Ears of Corn 100 250 425 550 600 525 1 2 3 4 5 6 a) Determine the marginal ears of corn and complete the table. b) At what point does diminishing returns set in for the farmer? Justify your response.
Refer to Table 7.2 above. At what point does diminishing marginal productivity kick in? Explain.
Input regulations in a fishery such as wider mesh sizes for fishing nets, reducing vessel size, and/or limiting the number of fishing days in a season are economically inefficient because: O They reduce the opportunity for commercial fishers to remain employed. O It is impossible to catch the same number of fish as in an unregulated fishery. O All of the available answers. O They reduce the level of harvesting below MSY. The total cost of fishing effort is increased and net benefits may be reduced or eliminated. (The answer that was selected was incorrect.)
Pls answer all
QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)
A clothing company can use one of the following four production processes to produce 5,000 garments per month. Which production process is the most productively efficient? One that involves 30 workers and 50 machines One that involves 20 workers and 20 machines One that involves 30 workers and 20 machines O One that involves 20 workers and 50 machines
The My Phuong plant produces 500 pine jewelry boxes in two 10-hour shifts. Due to higher demand, they have decided to operate three 8-hour shifts instead. They are now able to produce 600 jewelry boxes per day. What has happened to productivity? O It has increased by 20%. O It has decreased by 8.3%. O It has not changed. OIt has increased by 37.5 boxes/hr. It has decreased by 9.1%.
Briefly explain (b) Why Law of diminishing return is more applicable in agriculture sector?