To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

1. Suppose that the two nations face the following benefits of pollution, B, and costs of abatement, C: BN = 10, Bs = 7; CN = 5, Cs = 4. Further assume that if the nation chooses to abate pollution, it still receives the benefits of pollution but now must pay the cost of abatement as well. a. Identify the payoffs that accrue to each nation under the four different possible outcomes of the game and present these payoffs in the normal form of the game. b. Recall that the term dominant strategy defines the condition that a player in a game would prefer to play that strategy (in this case either pollute or abate) regardless of the strategy chosen by the other player in the game. Does either nation have a dominant strategy in this game? If so, what is it? c. Identify the Nash equilibria, or non-cooperative equilibria, of this game.

agrody calming Inted 001 and me 2. A homeowner is concerned about the various air pollutants (e.g., benzene and methane) released in her house when she cooks with natural gas. She is considering replacing her gas oven and stove with an electric stove comprising an induction cooktop and convection oven. The new appliance costs $900 to purchase and install. Capping the old gas line costs an additional $150 (a one-time fee). The old line must be inspected for leaks each year after capping, at a cost of $35 for each inspection. a. If the homeowner plans to remain in the house for four more years and the discount rate is 4%, what is the minimum present value of the benefits that the homeowner would need to experience for this purchase to be justified based on its private net sub present value? b. While trying to understand how she might express the value of reduced exposure to indoor air pollutants in dollar terms, the homeowner consulted the EPA website and found estimates provided by…

After the ban is imposed, Joe’s firm switches to the more expensive biodegradable disposable cups. This increases the cost associated with each cup of coffee it produces. Which cost curve(s) will be impacted by the use of the more expensive biodegradable disposable cups? Why? Which cost curve(s) will not shift, and why not? Please use the table below to answer this question. For the second column (“Impacted? If so, how?”), please use one of the following three choices: No shift; Shifts up (i.e., increases: at nearly any given quantity, the cost goes up); or Shifts down (i.e., decreases: at nearly any given quantity, the cost goes down). $ Cost Curve Impacted? If so, how? Explanation of the Shift: Why or Why Not AFC No shift. Fix costs stay the same, regardless of quantity. Fixed cost is calculated as Fixed Cost/Quantity. Since fixed costs remain unchanged, AFC stays the same for each quantity. MC Shifts up. Since the biodegradable cups are more expensive, the…

Answer 2

Question

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Answer 6

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

Answer 7

Chapter 7, Problem 1E

a)

To determine

To evaluate the value of total product and marginal product and average product of labor of the Dmining company in the given table.

Answer 8

a)

Expert Solution

Explanation of Solution

Labor input L	Total product TP	Marginal product MP	Average product AP
1	3	-	3
2	6	3	2
3	16	10	5.33
4	29	13	7.25
5	43	14	8.6
6	55	12	9.16
7	58	3	8.28
8	60	2	7.5
9	59	-1	6.5
10	56	-3	5.6

From the given data Average Product, Total Product, and marginal product has been calculated. Capital is set at 500. The total product is production, the marginal product contributes to the overall output, and the average labor product is the overall labor dividedproduct. Thus from 1-6 shows increasing rate, decreasing rate from 6-8 and negative rate of production from 9-10.

Answer 9

a)

Expert Solution

Answer 10

a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Introduction: Production functions play a significant role in determining the price of the output. It helps the producer to calculate how much inputs are needed to generate a particular amount of output. So, the producer can make decision based on cost minimization.

Answer 13

b)

To determine

To ascertain the total product, marginal product and average product functions.

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

Answer 14

b)

To determine

To ascertain the total product, marginal product and average product functions.

Answer 15

b)

Expert Solution

Explanation of Solution

Bundle: Managerial Economics: Applications, Strategies And Tactics, 14th + Mindtap Economics, 1 Term (6 Months) Printed Access Card, Chapter 7, Problem 1E

Answer 16

b)

Expert Solution

Answer 17

b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Introduction: Development is aimed at producing goods and services that satisfy people's needs as per their demand. Four considerations for goods and services development are as follows: land and other natural resources, such as water, trees, minerals etc.

Answer 20

c)

To determine

To evaluate the boundaries of the three stages of production.

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.

Answer 21

c)

To determine

To evaluate the boundaries of the three stages of production.

Answer 22

c)

Expert Solution

Explanation of Solution

Stage 1 from point 0-5 shows increasing rate in total production of output, stage 2 from point 5-9 shows decreasing rate in total production and in the stage 3 from point 9-11 shows negative rate in total production of output.

Answer 23

c)

Expert Solution

Answer 24

c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Introduction: Economists accept three distinct stages of development identified by a principle known as the law of rising marginal returns. This law states that if you add more workers to the manufacturing process, the output will increase but the scale of that increase will be smaller for each worker.