The table below shows output data for hiring workers to produce movie tickets. Use the given information to fine theMarginal Product of Labor.Workers Total Output0017OYesONOONot enough information123+533486275Marginal ProductIs the Law of Diminishing Marginal Product illustrated in this example?

The technological relation between input and output is called production function. The greatest…

The table below shows output data for hiring workers to produce movie tickets. Use the given information to fine the Marginal Product of Labor. Workers Total Output 0 0 OYes ONO ONot enough information. 1 2 3 4 5 17 33 48 62 75 Marginal Product Is the Law of Diminishing Marginal Product illustrated in this example? 1. 1. "

The table below shows output data for hiring workers to produce movie tickets. Use the given information to fine the Marginal Product of Labor. Workers Total Output 0 0 OYes ONO ONot enough information. 1 2 3 4 5 17 33 48 62 75 Marginal Product Is the Law of Diminishing Marginal Product illustrated in this example? 1. 1. "

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04
Fill in the missing value in the table below. 01 0-1 ● 16 15 O-2 Number of workers 2 3 Number of sodas 15 17 16 Marginal product 2
65. A technological improvement that causes an increase in the marginal product of a resource will: A. Decrease the demand for the resourceB. Increase the demand for the resourceC. Decrease the marginal revenue productD. Increase the marginal resource cost
Quantity of labor Marginal product (cli ents per hour) (trainers) 1 2 3 3 2. 4 1 Kevin owns a personal training gym in Laredo, Texas. He charges $41 per session. The above table shows the marginal product of trainers in Kevin's gym. If Kevin hires one trainer, the value of the marginal product of this trainer equals O A. 4 clients. O B. $41. O C. $410. O D. $164. O E. None of the above answers is correct.
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Carolyn owns a soda factory and hires workers in a competitive labor market to bottle soda. Her company's weekly output a bottle soda varies with the number of workers hired, as shown in the following table. Complete the following table before answering: Number Of Workers Cases Per Week Total Revenue $ per week VMP $ per worker 0 0 1 200 2 360 3 480 4 560 5 600 A. If each case sells for $10 more than the cost of the materials used in producing it in the competitive market wage is $1000 per week how many workers should Carolyn hire? How many cases will be produced per week?…
Question 2. Using below information to fill in the table below. The table sets out Sue's Surfboards' total product schedule. Sue's Surfboards hires workers at $500 a week and its total fixed cost is $1,000 a week. Labor Output AP MPL TVC TFC TC 6 7 2 4 S 1 3 30 70 120 160 190 210 220 30 35 40 40 38 35 31,42 40 0 50 40 30 20 10 ATC AFC AVC MC
2.back to Barry's ice making plant described in problem 1, the price of party ice falls to 25¢ a bag but bagger's wages remain at $10.00 an hour. a. What happens to Barry's marginal product? b. What happens to his value of marginal product? c. What happens to his demand for labour curve? d. What happens to the number of baggers that he employs? 3. Back at Barry's party ice shop described in problem, 1, bagger's wages increase to $20 an hour, but the price of ice remains at 50¢ a bag. a. What happens to his value of marginal product? b. What happens to Barry/s demand for labour curve? c. How many baggers does Barry employ? 4. What is discounting? What is present value? How do the two relate?
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.
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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 4/23/2021