The below table shows the weekly relationship between output and number of workers for a factory...
- The below table shows the weekly relationship between output and number of workers for a factory with a fixed size of plant.
|
Number of Workers |
Output |
MPL |
APL |
|
0 |
0 |
||
|
1 |
50 |
||
|
2 |
110 |
||
|
3 |
300 |
||
|
4 |
450 |
||
|
5 |
590 |
||
|
6 |
600 |
||
|
7 |
575 |
||
|
8 |
540 |
- Calculate the marginal product of labor and the average product of labor.
- At what point (in terms of the number of workers) does diminishing returns set in?
- At what point (in terms of the number of workers) does
APL
is maximized? At what point does
MPL
becomes
negative?
Homework Answers
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The below table shows the weekly relationship between output
and number of workers for a factory...
The following table shows the relationship between workers and output for a small factory in the...
The following table shows the relationship between workers and output for a small factory in the short run, with capital held constant. Find the marginal product of labor (MP) MPL Output 0 20 Workers 70 91 100 4
The data below show the relationship between number of workers hired and cost and revenue for...
The data below show the relationship between number of workers
hired and cost and revenue for a small competite farm in
Alberta.
a.) Calculate the marginal product of labour (MPL), value of
marginal product of labour (VMPL), and marginal profit (MP) when
the farm hires 1st, 2nd, 3rd, and 4th workers.
b) If the farm decides to maximize its profit, how many
workers will hire? Explain.
c.) At what point do diminishing returns set in for the farm?
Explain.
d.)...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Lauren owns a factory that produces softball gloves. The table below represents her factories productivity and...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
Please answer the two sub-parts Question 4 (20 points) A firm has the following short-run production...
Please answer the two sub-parts
Question 4 (20 points) A firm has the following short-run production function as follows: Q = 15L +18L2-0.5L, where Q = total products per period and L = number of workers employed per period. 4.1) (3 points) Derive the marginal product of labor (MPL). At what number of workers (L) does the law of diminishing returns begin? MPL = f(L) = Law of diminishing return begins when L = workers. . 4.2) (3 points) Derive...
Suppose that a firm is producing in the short run when machine number is fixed. It...
Suppose that a firm is producing in the short run when machine number is fixed. It knows that as the number of workers used in the production process increases, the number of output changes according to the following table: # of workers # of output 0 0 1 10 2 17 3 22 # of workers # of output 4 25 5 26 6 25 7 23 1. Calculate the marginal and average products of labor for each additional worker....
The following table shows the level of output given different numbers of workers in a small...
The following table shows the level of output given different numbers of workers in a small picture frame factory. Number of Workers 1 2 Total Number of Picture Frames Produced 100 180 240 280 300 3 4 5 At which number of workers does diminishing marginal product start? 5 2 4 3
Question Help Mat Concept Question 2.12 The following table shows the relationship between workers and output...
Question Help Mat Concept Question 2.12 The following table shows the relationship between workers and output for a small factory in the short run, with capital hold constant. Find the marginal product of labor (MP) estic Workers MP NO Whi shor risin Ans See Whi shot loss ans. See Con : QUE OL See
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170...
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the...
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4
The following table shows the relationship between workers and output for a small factory in the short run, with capital held constant. Find the marginal product of labor (MP) MPL Output 0 20 Workers 70 91 100 4
The data below show the relationship between number of workers
hired and cost and revenue for a small competite farm in
Alberta.
a.) Calculate the marginal product of labour (MPL), value of
marginal product of labour (VMPL), and marginal profit (MP) when
the farm hires 1st, 2nd, 3rd, and 4th workers.
b) If the farm decides to maximize its profit, how many
workers will hire? Explain.
c.) At what point do diminishing returns set in for the farm?
Explain.
d.)...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
Please answer the two sub-parts
Question 4 (20 points) A firm has the following short-run production function as follows: Q = 15L +18L2-0.5L, where Q = total products per period and L = number of workers employed per period. 4.1) (3 points) Derive the marginal product of labor (MPL). At what number of workers (L) does the law of diminishing returns begin? MPL = f(L) = Law of diminishing return begins when L = workers. . 4.2) (3 points) Derive...
The following table shows the level of output given different numbers of workers in a small picture frame factory. Number of Workers 1 2 Total Number of Picture Frames Produced 100 180 240 280 300 3 4 5 At which number of workers does diminishing marginal product start? 5 2 4 3
Question Help Mat Concept Question 2.12 The following table shows the relationship between workers and output for a small factory in the short run, with capital hold constant. Find the marginal product of labor (MP) estic Workers MP NO Whi shor risin Ans See Whi shot loss ans. See Con : QUE OL See
Table B Number of Workers 0 1 2 Output Fixed Cost O $50 90 $50 170 $50 230 $50 240 $50 Variable Cost $0 $20 $40 $60 $80 Total Cost $50 $70 $90 $110 $130 Refer to Table B. At which number of workers does diminishing marginal product begin? 1 O2 03 04
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4
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