The table shows the daily production of Papaya Co., that suppliespapayas to hotels and restaurants in ManilaPrice of 1 kg. =P50, Daily wage perWhat is the marginal productworker P500of each of the 6th to 10thworkers?MPNo. ofTotalAP (kg)[Select](kg)Law of Diminishing marginalreturns sets in after how manyworkers?Workers Product (kg)per perworker worker[Select]051015202530350150045001050018000240002700028000

MP(marginal product) is the change in TP(total product) when an extra unit of labor is employed.…

The table shows the daily production of Papaya Co., that supplies papayas to hotels and restaurants in Manila Price of 1 kg. =P50, Daily wage per What is the marginal product of each of the 6th to 10th worker P500 = workers? MP No. of Total AP (kg) [Select] (kg) Law of Diminishing marginal returns sets in after how many workers? per per Workers Product (kg) worker worker [Select] O 5 10 15 20 25 0 1500 4500 10500 18000 24000

The table shows the daily production of Papaya Co., that supplies papayas to hotels and restaurants in Manila Price of 1 kg. =P50, Daily wage per What is the marginal product of each of the 6th to 10th worker P500 = workers? MP No. of Total AP (kg) [Select] (kg) Law of Diminishing marginal returns sets in after how many workers? per per Workers Product (kg) worker worker [Select] O 5 10 15 20 25 0 1500 4500 10500 18000 24000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

9.
Bob wins a lottery and receives $20,000 per year until he retires. As a result, he decides to work 35 hours per week instead of 40 hours per week. The annual income effect on a 50-week year is: O A. $20,000 O B. 0.0125 O C. -0.0125 O D. $400
acroeconómic Policy and Natural Resources (10)|| Sp Time left 1:23:57 estion When a par ar firm is fully utilizing its capital, its output is given by Y = 10 × LO5. The cost of labour is OMR1 per unit. To maximize profit, how many units of labour should this firm use? wer saved -ked out of Flag O a. 50 estion O b. 100 О с. 5 O d. 25 O e. 3.16 CLEAR MY CHOICE NEXT PAGE PREVIOUS PAGE CET 0001 A 人 hp
Output per worker ($ thousands) 0 Select one or more: 0 Capital equipment per worker ($ thousands) Which TWO of the following statements are correct? O a. The slope of the function is the marginal product of capital. b. The figure shows that each extra $ of capital per worker raises output per worker by an equal amount. ✔ C. The function is "convex" (L.e. it has a slope which increases as capital per worker rises). Od. The figure shows that higher capital per worker increases output per worker. Production function
Question 42 solve
capital (k) per period 236 0 295 labor (1) per period Please refer to the graph above. Assume 11, 12, and i3 are all isoquants. What is labor if inputs are used in some degree of substitutability? 94 O 177 O236 O 295 O 94 177
Question 19 widget-manufacturing The production function for a firm is given by q = 9K0.5L0.5, where q is the number of widgets produced each hour, K is the number of specialized staplers (which is fixed at 4 in the short run), and L is the number of employees. What is the marginal product of labor at L = 9? O 18 O 3 none of the above
From the following data Total orders (Q) 8 13 18 21 26 O Q=L+4K O Q = 3L + 5K O Q = 3L + 3K # of workers (L) O Q = 8LK 1 1 1 2 Which is the correct corresponding production function? NIN 2 # of machines (K) 1 2 3 3 4
Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product O 1 2 3 4 O Four employees O One employees O Three employees O OTwo employees 9 24 36 43 O 9 If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximize their profit? 15 12 7
3. Total and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT (Sandwiches per worker) 20 18 16 14 12 10 4 2 0 0 1 O 2 3 LABOR (Workers) O MP 5 When labor increases from two to three workers, total product increases by ? per hour.
A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? O 8PK O 4L O 4PK O PL
if marginal product is given by 500 - 5Q4 find the value of Q where marginal product is at its maximum. Select one: O 1000. O 1/5 O 500. O5. O 100.