Q1)
Answer - 4th worker.
In the above table you can clearly see that till 3rd worker output is increasing at increasing rate but with the addition of 4th worker it started increasing at decrease rate indicating diminishing return in effect.
Q2)
Answer - 6th worker.
Marginal physical product = change in output/change in number of workers
MPP = ∆Q/∆L
At 6th worker, MPP = (58 - 60) /(6 - 5) = -2/1= -2
Therefore, with addition of 6th worker marginal physical product became negative.
Total Input (Labour) Total Product (Televisions) 1 2 3 4 5 6 7 8 12 25...
Number of Workers Mushrooms per Day (pounds) 1 12 2 30 3 45 4 50 5 54 6 56 The table above shows the technology of production at the Matsuko's Mushroom Farm for the month of May. a. What is the marginal product of the 4th worker? What is the average product of labor when the farm hires 5 workers? Diminishing marginal returns sets in when the ________ worker is hired.
tab Labor Total Product MP AP 12 21 31 40 48 54 57 57 54 17 6 9 7 7.75 10 6 7 6 7.71 7.12 6.33 54 3 10 -3 63. (Figure: Determining Marginal Returns) Referring to both the table and the figure, if a tenth worker is added, this leads to: A) increasing marginal returns. C) constant marginal returns. B) diminishing marginal returns. D) negative marginal returns. 64. The assumed goal of any firm is to: A) minimize...
David decides to open a bakery serving fresh bagels. The table below displays the labor and production of bagels. 14. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers David's Labor and Production Costs 0.27 points Total Average Marginal (workers) Product Product Product Labor 50 110 150 160 50 50 60 50 48 32 Print 10 150 a. Complete the missing...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
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...
t of input is added. sixth unit of input is added seventh unit of input is added ninth unit of input is added. 24) Refer to the above unit of input, the marginal product is: (a) 5 and the average product is 8.4 (b) 5 and the average product is (c) 8 and the average product is 8.4. (d) 8 and the average product is 10.0 information. With the addition of the first 25) Refer to the above information. When...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...