Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production.(?201816144, 1112MP106.234LABOR (Workers)When labor increases from two to three workers, total product increases byper hour.MARGINAL PRODUCT (Sandwiches per worker) Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, UndergroundSandwiches does not have any output.Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.8072Production Function6456484032241684QUANTITY OF LABOR (Workers)

total production is the production produce by producer by using resources at particular period of…

Answered: When labor increases from two to three…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 7P

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What is a production function?
Labor (workers per day) Total product (bicycles per day) 0 0 1 4 2 10 3 18 4 25 5 30 The above table shows the relationship between labor input and total product of producing bicycles. The marginal product of the 5th worker is equal to 5 bicycles. 6.25 bicycles. 30 bicycles. 6 bicycles.
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
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?
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The table below shows the total product schedule for plastic bags. Each unit of labor costs $25 and the total cost of capital is $100. The selling price of the plastic bags in the market is $8. LabourTotal product (plastic bags per day) 1 2 15 3 35 4 50 15 60 16 65 What is the total costs (TC) of producing 65 plastic bags a day?
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
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Jerry owns a snowboard factory in Big Bear and employs workers to teach children how to snowboard. The table below shows Jerry's total product schedule. Compute the marginal product and average product.
Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 1 70 2 120 3 160 4 190 200
TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
Total product (meals per hour) 24 20 TP 16 12 2 Quantity of labor (workers) The figure shows the total product curve for the Fruit Bowl food truck. If the food truck increases production from 10 to 17 meals per hour, the marginal product is in the range where it and the marginal product is the average product. O A) increases; greater than B) decreases; greater than C) increases; is equal to D) does not change; is equal to O E) increases; less than 4.

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When labor increases from two to three workers, total product increases by per hour.