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- ▪You have fulfilled your dream by buying a McDonald’s franchise. You start hiring employees and come to realize that the first employees you hired were extremely productive, but every additional person you hired seemed to be less productive. ▪Why does that occur? Are the last people you hired just lazy? ▪The capital is fixed in the short run, but you can change your labor in the short run. ▪You decide to calculate the marginal product and the average product of your business.The production function for Good X: MMarginal Proluct of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 6. 10 57 5.7 5.70 6. 20 324 26.7 16.20 9. 30 657 33.3 B 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1.976 45.2 3293 70 2,391 41.5 34.16 9. 80 2,724 33.3 34.05 2.991 33.23 100 3,048 5.7 30.48 3,016 2.945 T10 -3.2 27.42 6. 120 -7.1 24.54 2) The marginal product of capital of producing 2,991 units of outout (find point A) in the above table is equal to what?The table shows total production of a firm. If units of labour (L) increase, find below. Units of Labour Total Product (TP) Marginal Product (MP) Average Product (AP) 0 0 1 80 2 200 3 330 4 400 5 450 6 480 7 490 8 480 Compute the marginal product of labour (MP) and the average product (AP) of the various quantities of labour and enter them into table. There are increasing return to labour from the first through the ---------------- units of labor and decreasing return from the --------------through eighth units. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------
- OFair,%20Sharon%20E.%200ster%20-%20Principles%20of%20Econo.. Page view AN Read aloud I Draw E Highlight Erase 2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product (Haircuts Per Day) Marginal Product of Labor Average Product (Employees) of Labor 7. 7.00 17 10 8.50 3 31 14 10.33 4 44 13 11.00 55 11 11.00 64 9. 10.67 69 9.86 69 8.63 9. 65 -D4 7.22 10 59 5.90 2.7 Assume that we have a production process that exhibits increasing and then decreasing marginal productivity. That is, as we increase output, the marginal product of labor starts at some level above zero, rises to a maximum, and then eventually falls to zero. Which of the following statements is truc? Briefly explain 6:07 PM Desktop d) ENG 4/23/2021The production function for Good X: MMarginal Product of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 26.7 33.3 20 324 16.20 9. 30 657 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1,976 45.2 3293 6. 70 2.391 41.5 34.16 2.724 2.991 9. 80 33.3 34.05 33.23 100 3.048 5.7 30.48 T10 3,016 3.2 27.42 120 2,945 -7.1 24 54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer.What is meant by production function. Why it is so significant.
- What is the impact of a fall in productivity on costs. Explain further.Explain the term Experience curve?The table below shows some of the costs incurred at Betty's Bakery. Complete the boxes in the table. >>> Answer to the same number of decimal places as other numbers in the same column. ТР TVC TC AFC AVC ATC MC 1 80 600 1,800 7.50 4.00 2 230 1,200 5.22 5.22 10.44 530 3,000 2.26 3.40 5.66 3.00 3.
- using classical production function explain the stages of production of a firm and advise on the best stage for a firm to operate.illustrate with relevant diagramsa.Calculate the total and the average productivity from the following information. b.Plot the total productivity curve as well as the marginal and the average productivity curves. Number of workers Marginal product 1 5.0 2 8.0 3 12.0 4 14.0 5 13.5 6 12.0 7 10.0 8 8.0 9 5.0 10 3.5 11 1.5 12 0.0he production of Fresh Milk at the University of Ghana's LIPREC is characterized by the following production function: 1.75K^1.4 L^0.6 a Compute the factor intensity ratios and comment on each. b. The Fresh Milk production function is characterized by decreasing returns to scale.Do you agree with this statement? Why? c. Compute the marginal product of capital (MPk) and the Marginal product of labour (MPl) d. Compute the MRTS l,k e. What is the magnitude in the efficiency parameter of the Fresh Milk production technology? What does this efficiency parameter imply.
