(a) The point at which the marginal return of labor begins to diminish is to be determined. Concept Introduction: Diminishing Marginal Return: Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

Question

1. Explain the relationship between the shape of the marginal cost curve and the marginal product of labor curve.

Answer 1

Question

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

To determine

(d)

To determine:

The wage rate per day is to be determined.

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1. Explain the relationship between the shape of the marginal cost curve and the marginal product of labor curve.

Answer 2

Question

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

To determine

(d)

To determine:

The wage rate per day is to be determined.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

To determine

(d)

To determine:

The wage rate per day is to be determined.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

To determine

(d)

To determine:

The wage rate per day is to be determined.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

To determine

(d)

To determine:

The wage rate per day is to be determined.

Answer 6

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

Answer 7

Chapter 7, Problem 8P

To determine

To determine:

(a)

The point at which the marginal return of labor begins to diminish is to be determined.

Concept Introduction:

Diminishing Marginal Return:

Is defined as the decrease in the marginal output of a production process with an increase in the amount of a single factor of production, while all other factors of production are kept as constant.

Answer 8

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

Answer 9

To determine

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

Answer 10

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

Answer 11

To determine

(c)

To determine:

The firm’s fixed cost is to be determined.

Answer 12

To determine

(d)

To determine:

The wage rate per day is to be determined.

Answer 13

To determine

(d)

To determine:

The wage rate per day is to be determined.

Answer 14

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Answer 25

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

Solution Summary: The author explains that the marginal return of labor decreases with an increase in the amount of a single factor of production, while all other factors are kept as constant.

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

(c)

To determine:

The firm’s fixed cost is to be determined.

(d)

To determine:

The wage rate per day is to be determined.

Chapter 7 Solutions

Solution Summary: The author explains that the marginal return of labor decreases with an increase in the amount of a single factor of production, while all other factors are kept as constant.

(b) To determine: The average variable cost when the quantity is 24 units is to be determined.

(c) To determine: The firm’s fixed cost is to be determined.

(d) To determine: The wage rate per day is to be determined.

Chapter 7 Solutions

(b)

To determine:

The average variable cost when the quantity is 24 units is to be determined.

(c)

To determine:

The firm’s fixed cost is to be determined.

(d)

To determine:

The wage rate per day is to be determined.