MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
11th Edition
ISBN: 9781264207718
Author: Colander
Publisher: MCG CUSTOM
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Question
Chapter 11, Problem 12QE
(a)
To determine
Determine the marginal product and average product at each level of production.
(b)
To determine
Illustrate graphically MP and AP.
(c)
To determine
Determine the areas of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute poverty.
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Students have asked these similar questions
A production process uses two inputs, labor and capital. If the
marginal product of labor per dollar is higher than the
marginal product of capital dollar, what should the firm do to
lower costs?
Select an answer and submit. For keyboard navigation, use the up/down
arrow keys to select an answer.
a
Increase output
b
Decrease output
C
Increase the amount of capital
d
Increase the amount of labor
Graph the following table.
Number of Workers
Total Output
0
0
1
20
2
60
3
150
4
260
5
350
6
420
7
455
8
420
9
375
10
300
What is the marginal product and average product at each level of production?
Graph marginal product and average product.
Label the areas on the graph of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute productivity.
Among the three stages of production, until what point should one produce considering the law of diminishing marginal product?
Chapter 11 Solutions
MICROECONOMICS (LL)-W/ACCESS >CUSTOM<
Ch. 11.1 - Prob. 1QCh. 11.1 - Prob. 2QCh. 11.1 - Prob. 3QCh. 11.1 - Prob. 4QCh. 11.1 - Prob. 5QCh. 11.1 - Prob. 6QCh. 11.1 - Prob. 7QCh. 11.1 - Prob. 8QCh. 11.1 - Prob. 9QCh. 11.1 - Prob. 10Q
Ch. 11 - Prob. 1QECh. 11 - Prob. 2QECh. 11 - Prob. 3QECh. 11 - Prob. 4QECh. 11 - Prob. 5QECh. 11 - Prob. 6QECh. 11 - Prob. 7QECh. 11 - Prob. 8QECh. 11 - Prob. 9QECh. 11 - Prob. 10QECh. 11 - Prob. 11QECh. 11 - Prob. 12QECh. 11 - Prob. 13QECh. 11 - Prob. 14QECh. 11 - Prob. 15QECh. 11 - Prob. 16QECh. 11 - Prob. 17QECh. 11 - Prob. 18QECh. 11 - Prob. 19QECh. 11 - Prob. 1QAPCh. 11 - Prob. 2QAPCh. 11 - Prob. 3QAPCh. 11 - Prob. 4QAPCh. 11 - Prob. 5QAPCh. 11 - Prob. 1IPCh. 11 - Prob. 2IPCh. 11 - Prob. 3IPCh. 11 - Prob. 4IPCh. 11 - Prob. 5IP
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Similar questions
- b. Describe the relationship between the marginal product and the total product of a firmarrow_forwardWhen examining the costs faced by a business, explain how economists distinguish between the short run and the long run. Why is it that Diminishing Marginal Product applies in the short run but not the long run?arrow_forwardDraw the production function graph illustration the three stages (diminishing returns) in the production and the relationship between TP ,MP and AP . Explain how the production of one commodity leads to less production of others .arrow_forward
- Name Time Started Time Finished Variable input (Labor) 0 10 20 1. Define the following terms: production function, average product, marginal product, law of diminishing marginal returns, constant returns to scale, increasing returns to scale and decreasing returns to scale. 2. Complete the table below: 30 40 50 60 THEORY OF PRODUCTION Activity No. 6 70 80 90 100 110 120 130 140 Total Product 0 250 600 1200 1900 2700 3600 4400 5000 5425 5700 5825 5900 Course & Year Date Performed 5925 5875 Average Product Marginal Product With the values in the above table, plot Total Product (TP), Average Product (AP) and Marginal Product (MP) in a single graph with units of product at the vertical axis and labor units at the horizontal axis. You can also use two (2)graphs (TP above AP and MP curves) Label your graphs properly. Use graphing paper for your curves if you do not have computer/laptop access but insert graph is recommended. 3. Describe the shapes of the curves drawn. What relationship can…arrow_forwardMicroeconomics - Production FunctionA firm produces shoes using labor (L) and machinery (K) as factors of production. Its production function is Q = K1/3 * L2/3. Answer:(a) is the marginal product of labor (MPL) decreasing?b) is the average product of labor (APL) decreasing?c) what is the relationship between the average product (AP) and marginal product (MP) curves?d) what type of returns to scale does Q exhibit?arrow_forwardThe law of diminishing marginal returns states: Select one: a. As a firm uses more of a variable factor of production, total product (TP) eventually decreases. b. As the size of a plant increases, marginal product (MP) eventually decreases. c. As a firm uses more of a variable factor of production, its average cost (AC) eventually decreases. d. As a firm uses more of a variable factor of production, with a given quantity of the fixed factor of production, the MP of the variable factor eventually decreases.arrow_forward
- 24. A specific production process can be represented by the production function, f(x1, x2) = (x 1/2 + x 1/3) 3. A. How much x₁ could the firm give up if it wanted to use 1 extra unit of x2 and still wanted to produce an identical level of output? B. Labeling everything and being precise, draw the isoquant corresponding to q = 4. = 9. C. On the same graph, draw the isoquant corresponding to q D. Between the isoquants you just drew, does the production technology display decreasing, increasing, or constant returns to scale? E. Analytically determine whether the production process has global returns to scale that match your local results from part D. Recall that in order to claim global returns to scale, your result must hold for ALL possible values of x1 and x2.arrow_forwardhi Suppose you build bird houses. One day, you double the time you spend building and double the wood, nails, paint, and all the other inputs in order to build twice as many bird houses. What kind of production function is this? options: increasing returns to scale constant returns to scale decreasing returns to scale zero returns to scalearrow_forwardQuestion attahed in imagearrow_forward
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