Microeconomics
11th Edition
ISBN: 9781260507041
Author: Colander, David
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 11, Problem 6QE
To determine
Determine how studying for an exam is subject to the law of diminishing marginal productivity.
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Students have asked these similar questions
At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?
Assuming the firm is minimizing its cost and the
price of labour is $10 per unit and the price of
capital is $20 per unit. the marginal product of
labour is 50, what must the marginal product of
capital be?
What is the marginal product of labor?
the average output of a unit of labor
the total output obtained by using one more unit of labor
the average output obtained by using one more unit of labor
the extra output obtained by using one more unit of labor
Chapter 11 Solutions
Microeconomics
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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- Given that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?arrow_forwardUse the following table to answer the questions below. Number of chefs Number of pizzas produced per day 1 5 2 25 3 40 4 50 5 55 6 58 7 58 Find the marginal product (MP) for each value of L. The firm is experiencing increasing returns with how many workers? At what number of workers will diminishing marginal returns begin?arrow_forwardAaron has been spending five nights studying for his math tests and his current grade in the course is 90 percent. He decides to take a part-time job and study only four nights for his next test. As a result, after his next test, his grade falls to 70 percent. What is Aaron's marginal cost of working one night a week? Aaron's marginal cost of working one night a week is OA. 20 percentage points OB. greater than 70 percentage points and less than 90 percentage points OC. 70 percentage points OD. 90 percentage pointsarrow_forward
- Submit Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Average Product Marginal Product Product 1 (Estella) 13 22 es 3 27 4 28 24 a. Complete the average product and marginal product columns in the table above. b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself? glasses c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her? glasses d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends…arrow_forwardYou are the owner of a puppet manufacturing company. Suppose that labour is the only variable input to the production process. If the marginal cost of production is diminishing as more units of output are produced, what can you say about the marginal product of labour?arrow_forwardThe firm’s production data is given in the table below. What is the marginal product for the 4th worker? Number of workers Quantity of Computers Produced (Total Product) 0 0 1 15 2 28 3 38 4 46 5 52arrow_forward
- You own a landscaping company. You currently have 3 employees and are considering hiring a fourth. Hiring a fourth employee will increase the number of lawns your company can mow from 18 to 20. What is the marginal product of labor of the fourth employee? A) $5 B) 20 lawns C) 2 lawns D) 5 lawnsarrow_forwardBarb's Bakery employs three workers who produce 6 cakes per hour. After Barb hires a fourth worker, production increases to 12 cake per hour. Which of the following statements is TRUE? a. b. C. d. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is less than the average product of three workers, the average product must fall Because the marginal product of the fourth worker is less than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must fall.arrow_forwardExplain why the marginal cost of production must increased if the marginal product of the marginal resource is decreasing.arrow_forward
- What is marginal product, and what does it mean if it is diminishing?arrow_forwardHow does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output? Share personal experiences where additional labor either helped or hurt productivity.arrow_forwardWhen a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shapedarrow_forward
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