rUse the table below to answer the following questions. Show yourwork and briefly explain your answers.Q (total product)MPL----1102040854a. What is the marginal product of labor for the 1st worker?b. What is the total product when the 4th worker is hired?c. At which worker does diminishing marginal returns set in?

Name: rUse the table below to answer the following questions. Show yourwork
Uploaded: 2022-11-18T18:07:42.000Z
Channel: Bartleby
Description: rUse the table below to answer the following questions. Show yourwork and briefly explain your answers.Q (total product)MPL----1102040854a. What is the marginal product of labor for the 1st worker?b. What is the total product when the 4th worker is

Total Product(TP):- Total product refers to the total quantity of goods produced by firm during a…

Business

Economics

Use the table below to answer the following questions. Show your work and briefly explain your answers. Q (total product) MPL ---- 1 10 20 3 40 4 8. 54 a. What is the marginal product of labor for the 1st worker? b. What is the total product when the 4th worker is hired? c. At which worker does diminishing marginal returns set in?

Use the table below to answer the following questions. Show your work and briefly explain your answers. Q (total product) MPL ---- 1 10 20 3 40 4 8. 54 a. What is the marginal product of labor for the 1st worker? b. What is the total product when the 4th worker is hired? c. At which worker does diminishing marginal returns set in?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 2ST

See similar textbooks

Similar questions

LaborOutput (Pizzas)1302553754905100 The table above shows a pizza restaurant's short-run production of pizzas with different amounts of labor. The law of diminishing marginal product Group of answer choices has not yet appeared for any amount of labor. first appears with the second worker. first appears with fourth worker. first appears with the fifth worker.
Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0 10 $28 32 $14.0 20 $28 68 $14.0 30 $28 108 $14.0 40 $28 144 $14.0 50 $28 176 $14.0 60 $28 196 $14.0 70 $28 212 $14.0 80 $28 216 $14.0 90 $28 218 $14.0 100 $28 214 $14.0 110 $28 204 $14.0…
A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
#ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.
What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30
Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.
Baghiben
Quantity of Labor (workers) Total Product (units per hour) 0 12 34 56 0 259 151817 The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the worker because A) 4th; the average product of labor is also increasing B) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker C) 3rd; the average product of labor is also increasing D) 5th; output declines with the 6th worker E) 5th; output is maximized