The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourlyoutput of coffee varies with the number of workers hired, as shown in the accompanyingtable. Each cup of coffee sells for $2.Number of workers Coffee (cups/hour)001252453.60470575678The value of marginal product of the first worker isSelect one:a. $2.00b. $25.00c. $1.50d $37.50per hour.

we need to determine the additional revenue generated by hiring the first worker. Calculate the…

Answered: The ingredients required to make each…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 6P

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Similar questions

Are fixed costs also sunk costs? Explain.
What is the difference between a fixed input and a variable input?
What is the marginal cost of labor?
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?
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Question 10
Daily production for Pot-Works, a flowerpot maker, varies with the number of workers employed, as shown in the table below. a. Fill in the table. Include a minus sign (-) for any negative values entered below. (1) Labour (workers per day) (2) (3) (4) Total Product Marginal Product| Average Product (pots per day) (pots per day) (pots per day) 1 80 2 220 405 4 440 425 b. In which employment range is marginal product rising? falling and positive? negative? Marginal product is rising when the first, second, and third workers are hired and total product in this range is rising fairly quickly Marginal product is falling and positive when the fourth worker is hired v, and total product in this range is rising at a slower pace v Marginal product is negative when the fifth worker is hired , and total product in this range is falling C. Draw the total product curve on one set of axes and the average product and marginal product curves on he other set of axes below. In the left graph, use the…
Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >
The maximum number of workers that a firm would hire is A. 3. B. 4. C. 5. D. 6. E. 7.
The table below shows the total product schedule for plastic bags. Each unit of labor costs $25 and the total cost of capital is $100. The selling price of the plastic bags in the market is $8. LabourTotal product (plastic bags per day) 1 2 15 3 35 4 50 15 60 16 65 What is the total costs (TC) of producing 65 plastic bags a day?
The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.
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