The table provides information about the productionfunction for Lindsay's Farm, which uses labor and landto produce its produce. The price of labor is $50 perworker per week and the price of land is $20 per acre.Quantityof Land(acres)101010Quantityof Labor(workers)01235Quantityof Produce(bushels)050100Table 55-4: Lindsay's Farm.170190When Lindsay increases output from 50 units of produce to 100 units ofproduce, her marginal cost per unit is equal to:

The objective of the question is to calculate the marginal cost per unit when Lindsay increases…

Answered: The table provides information about…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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18. This is a 3 part question.What is the relationship between the marginal product of labor and the value of the marginal product of labor?Does history suggest that most technological progress is labor-saving or labor-augmenting?A highly-paid research scientist works 12 hours a day, while a common laborer works only 5 hours a day. Offer a likely explanation, using the concept of opportunity cost.
Suppose that Tim runs his own lawn care service and that his firm is competitive in the lawn care industry. He has a fixed number of tools that can be used to maintain a yard, but he needs to determine the productivity gained from hiring various numbers of workers per week. Which of the following statements best represents the idea behind the marginal product of labor ( MPL )? When Tim hires more workers, he can mow more lawns per week, but at a decreasing rate. If Tim hires twice as many workers per week, he can mow twice as many lawns per week. If Tim buys one more lawn mower, he can mow 13 more lawns per week. If Tim hires an additional worker per week, he can mow 11 more lawns per week. The following graph portrays the weekly total product curve for lawn mowing given a fixed amount of capital and varying labor inputs. (Note: Each black point (plus symbol) represents a point on the total product curve.) 100 90 во 70 60 50 40 30 20 10 xxxx_ Total Product ° 0 1 2 4 5 7 8 10 LABOR…
The figure below shows the production function for a particular firm. suppose the firm pays a wage equal to $160 per unit of Labor and sells its output at $10 Per unit. How many units of labor should the firm higher to maximize profit A. 2 units B. 3 units C. 4 units D. 5 units
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Quantities Produced 225 220 215 210 205 200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 0 1 2 3 Number of Workers units of output. productivity. The graph above shows the relationship between the daily quantities of a good produced by a small firm and the number of workers hired, given all the other resources available to the firm. For example, one worker can produce 30 units and two workers can produce 55 units. Such a relationship between a production factor (here labor) and the amount of output produced is called a production function. Currently the nominal wage rate is W = $200 per worker per day and the price of the product is P = $10 per unit. Of the amount of increase in production noted above, 4 Now suppose that the firm installs some new machines and offers the workers some rigorous training and as a result the productivity of the workers increases. In particular, the marginal product of each worker…
4. Ariel's T-shirt company hires labor at a rate of $8 per hour and rents capital (sewing machines) at a cost of $128 per machine per day. Throughout this question, you can think of Ariel renting fractions of sewing machines if necessary. Her production function is given by q = 6LK where q measures the number of T-shirts produced each day, L measures the total number of hours worked by all employees in a day and K measures the number of sewing machines. (a) Using the Lagrangian technique, find the cost-minimizing combination of labor and capital for the production of q T-shirts per day. (b) Write down an equation for Ariel's long-run expansion path. (c) Find Ariel's long-run total, average, and marginal cost as a function of the number of T-shirts she produces each day. (d) Sketch Ariel's long-run total expansion path in a diagram. Sketch at least two isoquants with the associated isocost lines. Using your diagram, determine how Ariel's long-run expansion path will shift if the cost of…
Use the following information to answer the question below: Study Hours Grade O 1 3 17 124 124 124 4 10 11 12 13 14 15 16 18 19 20 O 25 42 57 69 79 96 103 109 114 118 121 123 124 124 124 124 The marginal product of the 7th hour of study is: Select one: O a. 88 O b. 9 O. 96 O d. 8
1. The farmer produces 115 pounds of oranges at a total cost of $1.38 per pound. He sells all of the oranges to Firm F for $1.71 per pound. Firm F produces 60 gallons of orange juice at a total cost of $3.81 per gallon (including the amount paid to the farmer for the oranges). Firm F sells 55 gallons of juice to consumers for $5.71 per gallon There are no other firms in this simple economy. What is the value added by Firm F? Enter a whole number with no dollar sign. 2. A farmer grows wheat and sells it to the miller for $1.25. The miller turns the wheat into flour and sells it to the baker for $2.00. The baker turns the flour into bread and sells it to consumers for $3.80. What is the value added by the baker? Group of answer choices $3.80 $7.05 $1.80 $0.55
8.8
Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
2 Quantity of Books Suppose the solid line in the graph above illustrates Michael's budget line. Which of the following statements are correct regarding Michael's budget line: Michaela could afford to buy 8 movie tickets and 1 book. if Michaela's income is $40, the price of movie tickets must be $4. if Michaela's income is $80, the price of books must be $80. if Michaela's income is $80, the price of movie tickets must be $12. None of these options are correct. Quantity of Movie Tickets

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