Weekly production for a potter varies with the number of workers employed, as shown in the table below.Number ofTotal product(units of pots) Marginal product Average productworkers252.100ces31354152120a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negativevalues.b. Marginal productO rises when the first three workers are hired, falls and is positive when the next worker is hired, and is negative when the lastworker is hiredO rises when the first worker is hired, falls and is positive when the next three workers are hired, andts negative when the lastworker is hired.O rises when the first worker is hired, falls and is positive when the next two workers are hired, and is negative when the last twoworkers are hired.O rises when the first two workers are hired, falls and is positive when the next two workers are hired, and is negative when thelast worker is hired.McGrawHill< Prev10 of 12Next >MacBook AirDII20888FBF4F3&23$%@46.713ERYQWKDFCVcomacommandB c. Enter the values for average product at each employment level in the table above.d. For this potter, marginal product and average product are related as follows.Average product equals marginal product when (Click to select)Marginal product is greater than average product when | (Click to select)Marginal product is less than average product when (Click to select)e. Average product varies based on its relation to marginal product.When an additional worker is hired if the new marginal product is above the previous average product, then average productO rises, which occurs when the second worker is hired.O rises, which occurs when the second and third workers are hired.O falls, which occurs when the second and third workers are hired.O falls, which occurs when the last three workers are hired.When an additional worker is hired, if the new marginal product is below the previous average product then average productO rises, which occurs when the second worker is hired.O rises, which occurs when the second and third workers are hired.O falls, which occurs when the second and third workers are hired.O falls, which occurs when the last three workers are hired.< Prev10 of 12Next >

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Weekly production for a potter varies with the number of workers employed, as shown in the table below. Number of Total product (units of pots) Marginal product Average product workers 25 2 100 3 135 4. 152 5. 120 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values. b. Marginal product O rises when the first three workers are hired, falls and is positive when the next worker is hired, and is negative when the last worker is hired. O rises when the first worker is hired, falls and is positive when the next three workers are hired, andts negative when the last worker is hired. O rises when the first worker is hired, falls and is positive when the next two workers are hired, and is negative when the last two workers are hired. O rises when the first two workers are hired, falls and is positive when the next two workers are hired, and is negative when the last worker is hired.

Weekly production for a potter varies with the number of workers employed, as shown in the table below. Number of Total product (units of pots) Marginal product Average product workers 25 2 100 3 135 4. 152 5. 120 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values. b. Marginal product O rises when the first three workers are hired, falls and is positive when the next worker is hired, and is negative when the last worker is hired. O rises when the first worker is hired, falls and is positive when the next three workers are hired, andts negative when the last worker is hired. O rises when the first worker is hired, falls and is positive when the next two workers are hired, and is negative when the last two workers are hired. O rises when the first two workers are hired, falls and is positive when the next two workers are hired, and is negative when the last worker is hired.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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