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- If the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.A firm's marginal product of labor is 5 and its marginal product of capital is 4. If the firm adds one unit of labor, but does not want its output quantity to change, the firm should: use five fewer units of capital. add 1.25 units of capital. use 0.8 fewer units of capital. use 1.25 fewer units of capital.Suppose the production data of XYZ company mentions labor (L) as a variable input and machine (K) as a fixed input. Complete the table as XYZ increases its number of laborers (L). L TP MP AP 1 100 100 100 2 220 120 110 3 270 1) _____ 90 4 270 2)_____ 3)_____ 6 4)_______ 5)_____ 50 8 180 6) ____ 7) ____
- The term defined by more units of the variable factor of production are added to the fixed quantities of the other factors, the additional output generate by the employment of each additional unit of labour decreasesWhat is the difference between total and marginal product? Total product is the output produced; marginal product is the change in total output with respect to the change in one unit of output. Total product is only related to revenue while marginal product is only related to cost. They are the same; there is no difference. Total product is the change in total output with respect to the change in one unit of output; marginal product is the output produced.define marginal product of labor and value of the marginal product of labor.describe how a competitive,profit-maximizing firm decides how many workers to hire.
- Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.Can you put a solution to this? Instruction: (see other instructions below, for the submission of answer sheet) A. Complete the Column for MRS. Show your solution for each answer, Number each solution that corresponds to each unknown MRS. B. Graph the Labor-Capital function, making sure that Labor units are in the horizontal axis MRS = change in K/ change in L change in K = final K - initial K change in L = final L - initial L MRS = 26-30 /2-1 MRS = -4/1 MRS = - 4 Units of Labor Capital MRS 1 30 0 2 26 -4 3 22.5 (1) 4 19.5 (2) 5 17 (3) 6 15 (4) 7 13.5 (5) 8 12.5 (6) 9 12 (7) 10 12 (8)The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/4. What is the marginal product of labor?
- Assume the total product of two workers is 100 and the total product of three workers is 150. The third workerʹs average product is ________ while her marginal product is ________. a. 150; 100 b. 40; 20 c. 20; 40 d. 50; 50Variable input labour Fixed input Land Marginal product Total product Average product 1 5acres 9 2 5acres 20 3 5acres 33 4 5acres 48 5 5acres 55 6 5acres 60 7 5acres 63 8 5acres 64 9 5acres 63 10 5acres 60 i. Complete the table above ii. On the same table show the various stages of production. iii. Explain why marginal product of labour is negative.The firm employs workers for R100 per day. Each unit sells for R30. The firm’s production function is as follows: Labour Output 1 6 2 11 3 15 4 18 5 20 6 21 Q3.2.1 Re-draw the table above and add two columns one showing the Marginal Physical Product and the other column showing the value of the marginal product of labour MRP) at each input level.