What is it called when each additional worker hired contributes successively smaller amounts of output?

Q: Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50. What is the…

A: In the labour market, the firms are the ones who demand labour and the workers are the ones who…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub parts…

Q: 1 3 Consider the production function f (x,,x,) = x+x; . Derive the marginal products of factor 1 and…

A: The given production function, fx1,x2= x114x234 The marginal products are determined by derivating…

Q: AFC Q (workers) (units) MPL FC VC TC AVC ΑTC MC (units) (S) ($) (S) (S) (S) (S) (S) 1 90 210 3 320 4…

A: The table is filled below using the following formulas MPL= Change in Q/ Change in L TC= VC+FC ie…

Q: Suppose that a shoe manufacturer that employs 6 workers is able to increase the average product of…

A: Marginal product is the change in the output because of employing additional labor.

Q: please help

A: Profit maximization requires price of inputs to be equal to value of Marginal product of inputsP *…

Q: If the Marginal Rate Technical substitution (MRTS) of labor (L) for capital (K) equal * (0.5), then…

A: The Marginal Rate of technical substitution(MRTS) is the rate at which one input is substituted with…

Q: If a firms hires one additional worker its output would increase from 50 to 60 units. In this…

A: Meaning of Marginal Product: The term marginal product refers to the situation when there is an…

Q: To save money, some fast food chains are now having their customers place their orders at computer…

A: The introduction of the computer kiosks and the people ordering food using those kiosks only will…

Q: Please help

A: Production technologies or production function defines a relationship between the output and inputs.…

Q: Q = 4L + 8K Q = 50K04L0.6 Q = [K0.5L0.5]3 i) Calculate the marginal products of labor and capital

A: Marginal product is the change in total product with an additional unit of input hired. Marginal…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Total product(TPP) is the total output produced by the firm given the units of labor and capital…

Q: Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of…

A: Production function shows different combinations of labor and output produced using labor

Q: output using a typica course, and that hires workers in a competitive labor market. 1. Explain what…

A: A firms optimal level of input choices are achieved at the point where the value of marginal product…

Q: When a firm hired it tenth worker, its factory output increase by four units per month. Would you…

A: There are two forms of inputs in the short-run: fixed and variable inputs. The fixed inputs are the…

Q: A small consulting firm is only interested in hiring graduates (denoted by S), but it does not know…

A: Please find the answer below.   PRODUCTION FUNCTION: Production function, in economics, expresses…

Q: Using the figure below, if Company X hires 12 workers what will their marginal product be?

A: The creation of additional output as a result of the additional input that is being placed into the…

Q: The amount of fish caught per week on a trawler is a function of the crew size assigned to operate…

A: Maximizing profits is the point where the total revenue is higher than the total cost incurred by…

Q: please help

A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…

Q: Derive the labor hiring rule for a profit maximizer firm in the short-run and give a graphical…

A: In the short run, a profit maximizing firm will hire an extra labor as long as each additional…

Q: Maria's Umbrellas has a production function given by Q = L0.SKO.5. The wage (W) is $80 per day and…

A: Maximization occurs when the following relation is fulfilled  MPL/MPK = w/r

Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…

A: The marginal product of labor denotes the additional output that a firm is able to produce by…

Q: Derive the output elasticity of labour in the following alternative production function: Y = c +…

A: We have the production function in which the labor is in logarithmic.

Q: In the table below, the average product of labor at -3 is 3. 15 20 3 a.8 b.0.2 Od3 Oes

A: The average product of labor is the measurement that identifies the productivity of laborers.

Q: The marginal product of labor for a firm is given by: MPL = 176 - 4H, where H is the number of hours…

A: Introduction The marginal productivity of labour shows an increase in the output due to employing…

Q: Explain how decrease in non-labor income might affect the optimal labor supply decision? Use graphs.

A: The labor market explains the wage rate determination and the equilibrium units of labor in the…

Q: Explain how the marginal cost of labor (MCL) curves differ between a firm in a perfectly competitive…

A: The Marginal Cost of labour curve differs between a firm in a perfectly competitive input market and…

Q: How can an upward-sloping labor supply curve for an individual employer become horizontal? What are…

A: As the salary increases​, the alternative expense of leisure increases​, inducing people to dedicate…

Q: It is easy to conclude that when hiring workers in the short run whose marginal productivity rises,…

A: The short-run is the time period in which fixed factors like buildings, machinery, etc. can not be…

Q: What is the firm's average fixed cost of producing 1,500 gadgets?

A: Fixed cost refers to the cost incurred by a firm irrespective of the level of output produced by a…

Q: on. What is the marginal revenue product of the fifth worker?

A: Marginal revenue is the addition to total revenue. So we need to find total revenue.

Q: Consider a firm that employs capital and labour and uses the production technology Q = min[K, L]…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Can you Solve the solution below A. Complete the Column for MRS. Show your solution for each…

A: The required labour-capital function is shown in the next step.

Q: Suppose the hourly wage is $25, the price of each unit of capital i $50, and the price of output is…

A: Given information: Q = (EK)0.5 Wage rate (w) = $25 Cost of capital (r) = $50 Price of output (P) =…

Q: If more and more labor is employed while keeping all other inputs constant, the marginal physical…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: In some extreme cases, an individual’s labor supply curve may be downward sloping at higher hourly…

A: Given The question is In some extreme cases, an individual’s labor supply curve may be downward…

Q: average produc

A: The output per unit of inputs of variable factors depicts the average product (AP). The additional…

Q: Derive the labor hiring rule for a profit maximizer firm in the short run and give a graphical…

A:

Q: 6.12. Suppose the production function is given by the following equation (where a and b are positive…

A: The utility function shows L and K are perfect substitutes and MRTS for perfect substitutes is…

Q: Consider an economy with 20 workers. If the marginal product of labor (MPL) is 13 and the market…

A: Value of marginal product (VMP) is a measure to calculate a firm's revenue which is contributed by…

Q: Suppose that the process of producing mozzarella sticks is described by the following production…

A: