What is the average product of labor at point A? show work
- 6
- 8
- 10
- 15
- None of the above
Homework Answers
Answer
at point A, Q=20 units =total product
where from labor axis 2 labors are employed
average product =total product /number of labors
=20/2
=10 units
Option c
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What is the average product of labor at point A? show work
6
8
10
15...
Suppose that the isocost line that runs from 14K to 7L corresponds to a total cost...
Suppose that the isocost line that runs from 14K to 7L
corresponds to a total cost outlay of $280. Which of the following
statements is true? show work
The rental rate of capital is $20 per unit
It will not be possible for the firm to produce output of 20
units with a total cost outlay that is less than $280.
If capital is fixed at 2 units in the short run, the firm will
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8. Suppose that the following graph shows a few of the isoquants for a firm's production...
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Question 15 (1 point) $ s 12 11 10 9 8 7 5 4 3 2...
Question 15 (1 point) $ s 12 11 10 9 8 7 5 4 3 2 D 1 Q 10 20 30 40 50 60 70 80 90 Refer to the graph above. Suppose there is a unit tax t=3, the equilibrium quantity will be: 40 25 30 50
A. L=3; K=6 B. L=10; K=6 C. L=7; K=9 D. L=8; K=7 The graph below shows...
A. L=3; K=6
B. L=10; K=6
C. L=7; K=9
D. L=8; K=7
The graph below shows a firm's isoquants and isocosts. The firm is initially producing Q=20 with the cost minimizing combination of K and L, where Q is output, Kis capital and L is labor. Suppose the owner decides to expand production to Q=40. However, he signed a lease on the capital necessary to produce Q=20, which he cannot get out of in the short run. In order to...
my answers do not feel right to me 6. (10 points) in the last problem set...
my answers do not feel right to me
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8) The production function and the diminishing average product of labor a) Complete the following table...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the...
21. Refer to the above graph. It shows the marginal product of labor (MP) and the average product of labor (APL). At which point above does diminishing marginal returns set in? A. Point A B. Point B C. Point C D. Point D Assume that the only variable resource used to produce output is labor. Amount of Labor Total Product 6 1 16 2 24 3 30 4 34 36 22. Refer to the above table. The marginal product of...
consider the following short-run production function for a firm: show work &n...
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6. From the production function given in the following table, draw a figure showing (a) the...
6. From the production function given in the following table, draw a figure showing (a) the isoquants for 8, 12, and 16 units of output and (b) the ridge lines. Capital (K) 6 4 14 16 13 11 8 5 6 12 16 18 15 14 4 7 13 16 20 18 16 Output (Q) 16 16 14 3 8 12 14 2 47 12 13 12 8 5 3 7 6 1 1 6 1 2 3 4 5...
#6 6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect...
#6
6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect substitutes and the production function is Q-2K+IL a. Derive and graph the isoquants for Q-20 and 0-40 units of output (not all units of K will be whole numbers) (20 - 2K+ILK -10-0.5L.) 0-20 LK 040 LK 10 b. Suppose the price of labor is w 51 and the price of capital is for a total cost of $10 and $15. 51. Graph the...
Suppose that the isocost line that runs from 14K to 7L
corresponds to a total cost outlay of $280. Which of the following
statements is true? show work
The rental rate of capital is $20 per unit
It will not be possible for the firm to produce output of 20
units with a total cost outlay that is less than $280.
If capital is fixed at 2 units in the short run, the firm will
need $400 in total cost...
8. Suppose that the following graph shows a few of the isoquants for a firm's production function for producing park benches. The firm's production function is Q = 20KVL. Suppose that the firm's goal is to produce Q= 160 in the cost minimizing way. The cost of a unit of capital (K) is $32 (r=$32) and the cost of a unit of labor is $32 (w=$32). a. Show the firm's cost minimizing isocost on the graph when the firm is...
Question 15 (1 point) $ s 12 11 10 9 8 7 5 4 3 2 D 1 Q 10 20 30 40 50 60 70 80 90 Refer to the graph above. Suppose there is a unit tax t=3, the equilibrium quantity will be: 40 25 30 50
A. L=3; K=6
B. L=10; K=6
C. L=7; K=9
D. L=8; K=7
The graph below shows a firm's isoquants and isocosts. The firm is initially producing Q=20 with the cost minimizing combination of K and L, where Q is output, Kis capital and L is labor. Suppose the owner decides to expand production to Q=40. However, he signed a lease on the capital necessary to produce Q=20, which he cannot get out of in the short run. In order to...
my answers do not feel right to me
6. (10 points) in the last problem set you graphed the isoquants for using coal (L) or wood (K) to produce heat. One unit of coal produces 5 units of heat and one unit of wood produces 2 units of heat. The Isoquants for Q=20 and Q-40 units of heat are shown below. K(wood) 30 20 IZ 10 12 16 L (coal) Q=20 Q=40 $7.50 Suppose that the price of coal is...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
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#6
6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect substitutes and the production function is Q-2K+IL a. Derive and graph the isoquants for Q-20 and 0-40 units of output (not all units of K will be whole numbers) (20 - 2K+ILK -10-0.5L.) 0-20 LK 040 LK 10 b. Suppose the price of labor is w 51 and the price of capital is for a total cost of $10 and $15. 51. Graph the...
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