The next 3 questions refer to the following:LabourOutput00of2104stion26646865107212801486Marginal Product when the number of workers increases from 2 to 4 workers isMarginal Product is maximized when the firm hiresworkers.Average Product is maximized when the firm hiresworkers.units.

Total product is the total output produced by a firm using the factors of production. The average…

Answered: The next 3 questions refer to the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. Labour unit Marginal Marginal Revenue Tetal Total Average Product Total TRP-TLC MRP-MLC Marginal Labour Cost Labour Cost Product Product Revenue Product Product 10 10 20 25 30 45 40 60 50 70 60 75 70 78 80 80 00:15 1 2 3 4 56 70
Question 15 of 20 Output Marginal Labor (Q) Product 15 1 2 50 15 4 70 5 60 In the table above, when the firm produces with 3 units of Labor, its Output (Q) is: 65 75 80 60
Table 13-2 Number of Workers Total Output Marginal Product 0 0 -- 1 200 2 450 3 600 4 650 Refer to Table 13-2. What is the marginal product of the fourth worker? Group of answer choices 250 units 200 units 150 units 50 units
2. Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output during a given day: Workers Output Marginal Product. Total Cost Average Total Cost Marginal Cost 0 0 1 20 2 50 3 90 4 120 5 140 150 7 155 (a) Fill in the column of marginal products. What pattern do you see? Why? (b) The firm's only variable cost is labor. A worker costs $100 a day, and the firm has other fixed costs of $200. Use this information to fill in the column for total cost. (c) Fill in the average total cost column (HINT: ATC TC/Q). What pattern do you see? (d) Now fill the marginal cost column (HINT: MC = ATC/AQ). What pattern do you see? (e) Compare the column for marginal product with the column for marginal cost. Explain the relationship. (f) Compare the column for average total cost with the column for marginal cost. Explain the relationship.
Production costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, find out the marginal cost of the 46th book produced, in dollars.
Number of Workers Total Output Marginal Product 0 012345 Refer to the table. What is the total output when 4 workers are hired? 160 units 200 units 10 units 50 60 50 40 30 40 units
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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.
The maximum number of workers that a firm would hire is
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Use the following information to answer question 22-23. Number of Workers Hired 4 5 6 7 8 Question 22 Diminishing marginal returns set in when the process.... a) fourth b) sixth c) seventh d) eighth Number of Meals Sold 300 320 worker is added to the production Question 23 Average product will fall above marginal product when the a) fourth b) sixth c) seventh d) eigth worker is hired.

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