Determine the marginal product and average product at each level of production.

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Answer 1

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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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

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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Answer 3

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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Answer 4

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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Answer 5

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.

Answer 6

Chapter 11, Problem 12QE

(a)

To determine

Determine the marginal product and average product at each level of production.

Answer 7

Chapter 11, Problem 12QE

(a)

To determine

Determine the marginal product and average product at each level of production.

Answer 8

(b)

To determine

Illustrate graphically MP and AP.

Answer 9

(b)

To determine

Illustrate graphically MP and AP.

Answer 10

(c)

To determine

Determine the areas of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute poverty.

Answer 11

(c)

To determine

Determine the areas of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute poverty.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 11.1 - Prob. 1Q Ch. 11.1 - Prob. 2Q Ch. 11.1 - Prob. 3Q Ch. 11.1 - Prob. 4Q Ch. 11.1 - Prob. 5Q Ch. 11.1 - Prob. 6Q Ch. 11.1 - Prob. 7Q Ch. 11.1 - Prob. 8Q Ch. 11.1 - Prob. 9Q Ch. 11.1 - Prob. 10Q

Determine the marginal product and average product at each level of production.

Solution Summary: The author illustrates the values of MP and AP at different levels of output produced using Equation 1.

Determine the marginal product and average product at each level of production.

Illustrate graphically MP and AP.

Determine the areas of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute poverty.

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Chapter 11 Solutions