Average and Marginal Product of Labor7,0006,0005,0004,0003,000AP2,0001,000246.8-1,000MP-2,000Num ber of workers(a). Is this observed in reality in production? Yes, or No? Explain.(b). Use graph to illustrate the relationship between marginal product and average product.Average and marginal product Instructions: Type written (font 12 New Roman). No handwritten or screenshot answers.Copying from someone or simply “copy and paste" from a source is a violation.1. The Cost-Minimizing Equilibrium Condition implies that the marginal product per peso forMP. МPeach of the inputs used is equal. i.e.,Px(a). Use specific example to illustrate this equation.(b). If the ratio in # 1 is not equal, then the ratio of marginal product to price would begreater for one product than for others. What does this imply for a firm? Use example toillustrate.2. In the following diagram, we plot typical information about marginal product and averageproduct.

"Since you have asked multiple questions, we will solve the first question for you. If you want…

Average and Marginal Product of Labor 7,000 6,000 5,000 4,000 3,000 AP 2,000 1,000 2 4 6 -1,000 MP -2,000 Num ber of workers (a). Is this observed in reality in production? Yes, or No? Explain. (b). Use graph to illustrate the relationship between marginal product and average product. Average and marginal product 00

Average and Marginal Product of Labor 7,000 6,000 5,000 4,000 3,000 AP 2,000 1,000 2 4 6 -1,000 MP -2,000 Num ber of workers (a). Is this observed in reality in production? Yes, or No? Explain. (b). Use graph to illustrate the relationship between marginal product and average product. Average and marginal product 00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Al's production function for deer is f(x1,x2) = (2x1 + x2)^1/2, where x1 is the amount of plastic and x2 is the amount of wood used. If the cost of plastic is $4 per unit and the cost of wood is $3 per unit, then the cost of producing 5 deer is a) $55 b) $10 c) $50 d) $75
Out of 10000 people in a community, each is willing to pay Ksh 10 for each well dug. The cost of digging the wall is is given by C= Q2+20Q. Calculate the pareto efficiecy number of wells to be dug. If the government want to dug the well at a minimal cost, how many walls will it dig and how much will it spen if the projet is given to a private, profit making organization, how many well would the firm dig?
Use the table to answer questions 1. What is the oppourtonity cost of producing 800 tons of fruit instead of 450?
Ain a community of 10000 people, each is willing to pay Ksh 10 for each well dug. The cost of digging the wall is is given by C= Q2+20Q. Calculate the pareto efficiecy number of wells to be dug. If the government want to dug the well at a minimal cost, how many walls will it dig and how much will it spen if the projet is given to a private, profit making organization, how many well would the firm dig?
Green Bank employs three loan officers, each working eight hours per day. Each officer processes an average of five loans per day. The bank’s payroll cost for the officers is $820 per day, and there is a daily overhead expense of $500. labor and multifactor productivity will be: Select one: a. Non of choices. b. labor productivity 0.630, multifactor productivity 0.0125. c. labor productivity 0.640, multifactor productivity 0.0135. d. labor productivity 0.625, multifactor productivity 0.0113.
Can you please answer parts d & e below only as you have answered the first 3 parts previously: Frank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs add up to be 10000/Q + Q/20000 per cup of tea What is the: a) average fixed cost, b) average total cost c) variable cost and marginal cost (derived from the the variable cost) d) the annula production level such that the average variable cost is minimised e) the difference between the marginal cost and average variable cost at this production level
Define the concept of free disposal of inputs.Does it apply anywhere in this problem?
Mirtha owns an online jewelry store that specializes in earrings. In March, she sells 50 pairs of earrings priced at $15. The cost of materials to create the 50 pairs of earrings was $100. The website she uses to sell her wares costs her $10 a month, and she is also charged 4% on each sale by the company that processes debit/credit card purchases. Which of the following best represents Mirth’s total cost? Group of answer choices A)The $750 Mirtha earned from earring sales minus the materials ($100), online website charge ($10), and payment processing charge (4%) B)The sum of the materials ($100), website charge ($10), and 4% payment processing charge (4%) C)The cost of all the materials used to create the earrings, $100 D)The costs of materials minus the costs it takes to run her business through the online store, in this case the $10 website charges and the 4% payment processing charge
Please answer with work on how to complete this problem.
Problem 1. During your first month as an employee at Greenfield Industries (a large drill-bitmanufacturer), you are asked to evaluate alternatives for producing a newly designed drill bit on aturning machine. Your boss’ memorandum to you has practically no information about what thealternatives are and what criteria should be used. The same task was posed to a previous employeewho could not finish the analysis, but she has given you the following information: An old turningmachine valued at $350,000 exists (in the warehouse) that can be modified for the new drill bit.The in-house technicians have given an estimate of $40,000 to modify this machine, and they assureyou that they will have the machine ready before the projected start date (although they havenever done any modifications of this type). It is hoped that the old turning machine will be able tomeet production requirements at full capacity. An outside company, McDonald Inc., made themachine seven years ago and can easily do the…
10--Two workers work one hour each to obtain 750 grams of yarn from 1.2 kg of cotton. The total cost of the inputs is 100 TL, while the total value of the output is calculated as 120 TL. Accordingly, which of the following is the total efficiency?A) 0.625B) 1.2C) NoneD) 1.6E) 0.833
1. A farmer is deciding whether or not to add fertilizer to his or her crops. If the farmer adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, the farmer should add fertilizer if it costs less than A. $100 per pound. B. $20 per pound. C. $80 per pound. D. $40 per pound. E. $60 per pound. 2. I have previously taken (select all that apply) A. ECN 200 - Contemporary Economic Issues. B. ECN 201 - Principles of Macroeconomics. C. ECN 202 - Principles of Microeconomics. D. None of the above.