Homework Answers
| Number of Worker | Number of Chairs | Marginal Product | Average Product |
| 1 | 36 | 36 | 36 |
| 2 | 60 | 24 | 30 |
| 3 | 72 | 12 | 24 |
| 4 | 78 | 6 | 19.5 |
| 5 | 81 | 3 | 16.2 |
| 6 | 78 | -3 | 13 |
| 7 | 72 | -6 | 10.29 |
Marginal Product at Lth unit of Worker = TNumber of Chairs at Lth unit of Worker - Number of Chairs at (L-1)th unit of Worker
Average Product = Number of Chairs / Number of Worker
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Exercise 2 Question Help Suppose a chair manufacturer is producing in the short run (with its...
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....
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}Where L denotes the number of workers.1. Find the size of the workforce that maximizes output.2. Find marginal product of labor (M PL)3. Find the average product of labor (APL)4. Find the size of the workforce which maximizes the average product of labor. Calculate M PL and A PL at this value. What do you observe.6) Find and classify the critical (stationary) points of the following function and state...
QUESTION 49 A firm is currently producing where MC-55 and MR-$10. This firm is profit-maximizing under-producing...
QUESTION 49 A firm is currently producing where MC-55 and MR-$10. This firm is profit-maximizing under-producing over-producing no conclusion can be made QUESTION 50 2 poin A firm should increase its production when marginal revenue rises and marginal cost stays the same marginal cost rises and marginal revenue stays the same both marginal cost and marginal revenue are falling both marginal cost and marginal revenue are rising Question Completion Status: If the firm produces 120 units of output with 12...
Q9. A perfectly competitive firm operates in the short-run with labor as its only variable factor....
Q9. A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $324 and the product sells for $3.24 per ton. (a) At what weekly output is marginal cost equal to average variable cost? (b) What is the minimum product price...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run....
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and...
Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and that K is fixed at K = 36. If the price of Labor, w = $12 per unit of Labor, what is the firm’s Marginal Cost of production when the firm is producing 48 units of output? MC = ________________________
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output or Marginal Product Product Labor Average Product Given a specific equation for production: 0 249 9 =...
Question 1 (1 point) 1. The short run is a period of time in which the...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
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...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}Where L denotes the number of workers.1. Find the size of the workforce that maximizes output.2. Find marginal product of labor (M PL)3. Find the average product of labor (APL)4. Find the size of the workforce which maximizes the average product of labor. Calculate M PL and A PL at this value. What do you observe.6) Find and classify the critical (stationary) points of the following function and state...
QUESTION 49 A firm is currently producing where MC-55 and MR-$10. This firm is profit-maximizing under-producing over-producing no conclusion can be made QUESTION 50 2 poin A firm should increase its production when marginal revenue rises and marginal cost stays the same marginal cost rises and marginal revenue stays the same both marginal cost and marginal revenue are falling both marginal cost and marginal revenue are rising Question Completion Status: If the firm produces 120 units of output with 12...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Output or Marginal Product Product Labor Average Product Given a specific equation for production: 0 249 9 =...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
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...
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