Homework Help is Here – Start Your Trial Now!
Business
Economics
The number of oil changes conducted by a service station depends on the number of workers as shown in the table below. Assume that all inputs (service bins, telephone, and utilities) other than labor are fixed in the short run. In the table below, enter the marginal product and average product for each number of workers. (Round your responses to two decimal placss.) Number of Number of Oil Marginal Product Average Product Workers Changes 1 2 24 3 48 4 64 5 72 6 76 7 78 Over what range of labor input are there increasing returns to labor? diminishing returns to labor? negative returms to labor? O A. Returms to labor are increasing for workers 1 through 7 (with no diminishing or negative returns to labor). O B. Retums to labor are increasing for workers 1,2, and 3, diminishing for workers 4, 5, and 6, and negative for worker 7. C. Retums to labor are increasing for workers 1,2, 3, and 4, while diminishing for workers 5 through 7 (with no negative retums to labor). O D. Returns to labor are increasing for workers 1,2, and 3, while diminishing for workers 4 through 7 (with no negative returns to labor). OE. Returns to labor are increasing for workers 1 and 2, while diminishing for workers 3 through 7 (with no negative returms to labor). Over what range of labor Input is marginal product greater than average product? What is happening to average product as employment Increases over this range? Marginal product is greater than average product from worker to worker which causes the average product of labor to (Enter your responses as whole numbers.) Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range? Marginal product is less than average product from worker to worker which causes the average product to (Enter your responses as whole numbers.)

The number of oil changes conducted by a service station depends on the number of workers as shown in the table below. Assume that all inputs (service bins, telephone, and utilities) other than labor are fixed in the short run. In the table below, enter the marginal product and average product for each number of workers. (Round your responses to two decimal placss.) Number of Number of Oil Marginal Product Average Product Workers Changes 1 2 24 3 48 4 64 5 72 6 76 7 78 Over what range of labor input are there increasing returns to labor? diminishing returns to labor? negative returms to labor? O A. Returms to labor are increasing for workers 1 through 7 (with no diminishing or negative returns to labor). O B. Retums to labor are increasing for workers 1,2, and 3, diminishing for workers 4, 5, and 6, and negative for worker 7. C. Retums to labor are increasing for workers 1,2, 3, and 4, while diminishing for workers 5 through 7 (with no negative retums to labor). O D. Returns to labor are increasing for workers 1,2, and 3, while diminishing for workers 4 through 7 (with no negative returns to labor). OE. Returns to labor are increasing for workers 1 and 2, while diminishing for workers 3 through 7 (with no negative returms to labor). Over what range of labor Input is marginal product greater than average product? What is happening to average product as employment Increases over this range? Marginal product is greater than average product from worker to worker which causes the average product of labor to (Enter your responses as whole numbers.) Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range? Marginal product is less than average product from worker to worker which causes the average product to (Enter your responses as whole numbers.)

Principles of Economics 2e
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 13RQ: What is the difference between a fixed input and a variable input?
See similar textbooks
icon
Related questions
Question

6

The number of oil changes conducted by a service station depends on the number of workers as shown in the table below. Assume that all inputs (service bins, telephone, and utilities) other than labor are fixed in the short run. In the table below, enter the marginal product and average product for each number of workers. (Round your responses to two decimal places.) Number of Number of Oll Marginal Product Average Product Workers Changes 8 24 48 64 72 76 78 Over what range of labor input are there increasing returns labor? diminishing returns to labor? negative retums to labor? O A. Relums to labor are increasing for workers 1 through 7 (with no diminishing or negative returns to labor). O B. Retums to labor are increasing for workers 1,2, and 3, diminishing for workers 4, 5, and 6, and negative for worker 7. OC. Retums to labor are increasing for workers 1,2, 3, and 4, while diminishing for workers 5 through 7 (with no negative retums to labor). O D. Returns to labor are increasing for workers 1,2, and 3, while diminishing for workers 4 through 7 (with no negative retums to labor). O E. Returns to labor are increasing for workers 1 and 2, while diminishing for workers 3 through 7 (with no negative retums labor). Over what range of labor Input is marginal product greater than average product? What is happening to average product as employment Increases over this range? Marginal product is greater than average product from worker to worker , which causes the average product of labor to V. (Enter your responses as whole numbers.) Over what range of labor input is marginal product smaller than average producl? What is happening to average product as employment increases over this range? Marginal product is less than average product from worker to worker. which causes the average product to V. (Enter your responses as whole numbers.)
Transcribed Image Text:The number of oil changes conducted by a service station depends on the number of workers as shown in the table below. Assume that all inputs (service bins, telephone, and utilities) other than labor are fixed in the short run. In the table below, enter the marginal product and average product for each number of workers. (Round your responses to two decimal places.) Number of Number of Oll Marginal Product Average Product Workers Changes 8 24 48 64 72 76 78 Over what range of labor input are there increasing returns labor? diminishing returns to labor? negative retums to labor? O A. Relums to labor are increasing for workers 1 through 7 (with no diminishing or negative returns to labor). O B. Retums to labor are increasing for workers 1,2, and 3, diminishing for workers 4, 5, and 6, and negative for worker 7. OC. Retums to labor are increasing for workers 1,2, 3, and 4, while diminishing for workers 5 through 7 (with no negative retums to labor). O D. Returns to labor are increasing for workers 1,2, and 3, while diminishing for workers 4 through 7 (with no negative retums to labor). O E. Returns to labor are increasing for workers 1 and 2, while diminishing for workers 3 through 7 (with no negative retums labor). Over what range of labor Input is marginal product greater than average product? What is happening to average product as employment Increases over this range? Marginal product is greater than average product from worker to worker , which causes the average product of labor to V. (Enter your responses as whole numbers.) Over what range of labor input is marginal product smaller than average producl? What is happening to average product as employment increases over this range? Marginal product is less than average product from worker to worker. which causes the average product to V. (Enter your responses as whole numbers.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
Economics
ISBN:
9781285635101
Author:
MCEACHERN
Publisher:
Cengage
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS