The production function for Good X:AP, = (O/KAverageProduct ofCapitalMarginalProduct ofLaborCapital OuiputCapital9.6.10575.75.702032426.716. 209.3065733.3401,07241.526 80501.52445.230.48601.97645.23293702,39141.534.1634.0533.239.802.72433.36.2,9911003,0485.730.481103,0161.227 421202.945-7.124.541) Is the production function for good X exhibited in the above table for the long run or the short run?Explain your answer.2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table isequal to what?3) The production function for good X in the above table exhibits increasing marginal returns to capital overwhat outout range?4) The production function for good X in the above table exhibits negative marginal returns to capital overwhat outout range?5) The production function for good X in the above table exhibits decreasing marginal returns to capitalover what output range?The average product of capital of producing 2,991 units of outout (find point B) in the above table isequal to what?*Note: this question may be worded incorrectiy / may need correction

The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital Labor Capital Ouiput 10 57 5.7 267 5.70 20 324 16.20 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 1,976 45.2 3293 70 2391 2.724 41.5 34 16 80 33.3 34.05 2.991 33 23 100 3,048 3.7 30.48 T10 3,016 -3.2 27 42 6. 120 2945 -7.1 2454 1) is the production function for good Xexhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout find point Aj in the above table is equal to what? 5) The production function for good Xin the above table exhibits increasing marginal returns to capital o what outout range? 4) The production function for good Xin the above table exhibits negative marginal returms to capital ove what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of capital of producing 2.991 units of outout (find point B) in the above table is equal to what? Note: this question may be worded incorrectiy / may need corection

The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital Labor Capital Ouiput 10 57 5.7 267 5.70 20 324 16.20 30 657 33.3 40 1,072 41.5 26 80 50 1.524 45.2 30.48 1,976 45.2 3293 70 2391 2.724 41.5 34 16 80 33.3 34.05 2.991 33 23 100 3,048 3.7 30.48 T10 3,016 -3.2 27 42 6. 120 2945 -7.1 2454 1) is the production function for good Xexhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2991 units of outout find point Aj in the above table is equal to what? 5) The production function for good Xin the above table exhibits increasing marginal returns to capital o what outout range? 4) The production function for good Xin the above table exhibits negative marginal returms to capital ove what outout range? 5) The production function for good X in the above table exhibits decreasing marginal returns to capital over what outout range? 6) The average product of capital of producing 2.991 units of outout (find point B) in the above table is equal to what? Note: this question may be worded incorrectiy / may need corection

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bozo is a clown. He wants to start a clowning business where he sends other clowns out to birthday parties. Use the graph to Birthday parties answer the questions. 20 19 18 17 16 15 14 13 12 What is the marginal product of the third worker? O 2 11 10 6. 8. 7. 3.0 9. 3. 2. I 2 3 9 10 4 56 8. This production function demonstrates Workers diminishing marginal costs. a negative marginal product of labor. diminishing marginal returns to labor. diminishing output.
ull touch LTE 10:11 PM @ O 35% Done A docs.google.com AA C account * Required Section C Which of the following statements is true? * If average product equals marginal product, average product decreases. If marginal product equals average product, marginal product is a maximum. If marginal product equals average O product, average product is a maximum. If marginal product exceeds average product, marginal product increases.
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.
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Ch07. ppt (Compatibility Mode] - Microsoft PowerPoint SIGN ANIMATIONS SLIDE SHOW TRANSITIONS REVIEW VIEW -|24 - AA E-E-E . lh Text Direction Align Tert- Shape Fil- 7 Shape Outline- Convert to SmAn- } Stvles - O Shape Effects Layout Reset BIUS A- Aa A Arrange Quick Section- es Font Paragraph Drawing Optimal Level of Variable Input Usage • Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = ATRP A(Q P) P•AQ = P• MP AX AX AX • Total Labor Cost (TLC) =w•X ATLC = W • Marginal Labor Cost (MLC) = AX 2003 Prentice Hall Business Publishing Managerial Economics, 4/e Keal/Young NOTES COMMENTS Mehwish Bhatti's screen
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Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
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