By completing this table, diminishing returns appear after employing the worker number - 1 attachment Units produced per worker The marginal product N. of workers Units produced 1 100 ..... 110 325 4 425 ... 100 ..... 6. 540 O A one O B. two C. three OD. four
Q: Use the following table to answer the questions below. Number of chefs Number of pizzas produced…
A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…
Q: When Total Product of labors (TPL) is maximized then: O Average product (APL) is maximized O…
A: Total productivity of labor is maximum when Marginal Product equals to zero. At this point the TPL…
Q: Q2.The hiring of labour with fixed factor of production under short run after sometimes leads to…
A: The law of variable proportion states that as a for increases the quantity of one factor of…
Q: PLEASE ANSWER D Your software company recently instituted a highly regarded training program for…
A: (a). we have a benefit function and in order to find Q that maximizes benefit, we need to use…
Q: is Labour and C is Capital. Find the slope of isoquant. What will be the slope when L= 20 Example 6…
A: An isoquant is a graphical representation of combinations of capital and labor that a firm can use…
Q: If the marginal physical product (MPP) of one additional unit of labor is 5 units per hour, product…
A: Given that, The marginal physical product (MPP) of one additional unit of labor is 5 units/hour.…
Q: Given: Q = -0.0250 L3 + 1.5 L2 a) Derive the AP and MP equations (4 pts) b) What is the level of Q…
A: AP (average product) is defined as the per-unit output of the labour employed. MP (marginal product)…
Q: The following is output data for a firm. Assume that the amounts of all non-labour resources are…
A: The law of diminishing returns states that benefits or advantages acquired from something will…
Q: 2. Given the productivity function Q = 36L2 – 3L3. a) Find the level of laborers that maximizes the…
A:
Q: Identify the truthfulness of the following statements. I. When the marginal product of labor is…
A: Answer: Let us evaluate both the options using the following figure: According to the figure,…
Q: The price of labor is $20 per unit and the price of capital is $40 per unit. Optimal input…
A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…
Q: In this problem a firm's production function depends only on labor, L: outp equals (L – aL²). The…
A: Given:
Q: 1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find…
A: Given information: Q = 50L - 0.01L2 The formula for MPL = aQ/aL 50 - 0.02L2-1 50 - 0.02L
Q: 20. Let a represent labor's share of total output. The Solow residual is represented by A) g,-lag,…
A: The Solow residual is a figure that describes how an economy's productivity grows from year to year…
Q: The marginal rate of technical substitution of labor for capital (MRTSLK) is defined as the rate at…
A: Marginal rate pf technical substitution MRTS is the rate at which one factor say labor can be…
Q: Recently, the Boeing Commercial Airline Group (BCAG) recorded orders for more than 15,000 jetliners…
A: Marginal product (MP) is the one additional input is used to produce extra output. The two factors…
Q: depending on the stages of production(increasing returns, diminishing returns, negative returns) can…
A: Solution: Law of variable proportion: It refers to the increase in quantity of only one input…
Q: Answer the question on the basis of the following Information. Number of Total Marginal Product…
A: Average product is the total output produced with a quantity of the variable input divided by the…
Q: A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the…
A: Labor refers to the amount of work exerted by the people to produce the final goods and services.…
Q: Consider the following production functions: 1. Y = AK23L3 2. Y = AK + BL 3. Y = (AK)4L3/4 4. Y =…
A: Hey, Thank you for the question. Since you have posted multiple questions. As per BNED policy we…
Q: Diminishing marginal returns occur when the marginal product of an additional worker is larger than…
A: In a market, marginal returns refer to the additional revenue or output obtained by the firm when…
Q: Suppose that government wishes to promote more capital intensive agriculture and subsidises…
A: The government promotes capital-intensive agriculture implies that the agriculture sector is a…
Q: The amount of fish caught per week on a trawler is a function of the crew size assigned to operate…
A: The marginal and average product of the worker or labor is useful in calculating the amount of fish…
Q: The firm aims at maximizing its profits in the short run. The wage level is w=140. The production…
A: Labor Price of Output Output MPL MRP Wage 0 5 0 0 0 140 1 5 58 58 290 140 2 5 112 54 270 140…
Q: From the above table, the diminishing marginal return begins with. employee. Select one: O A. Second…
A: The marginal product of labor denotes the additional output that a firm is able to produce by…
Q: 37. If Y = AKOSL°$ and A, K, and L are all 4, then the marginal product of capital is: а. 2. b. 4.…
A: A=4K=4L=4
Q: Q5. The hiring of labour with fixed factor of production under short run after sometimes leads to…
A: According to the ‘Law of variable proportion’ there are three different stages of production:…
Q: Q1 Signaling when education is productive III Now suppose that there are two groups of workers: H…
A: Given information 2 types of worker High ability worker Low ability worker Cost function CL=0.75e2…
Q: Demonstrate the following scenarios with clearly and fully labeled graphs: 1. Starting from an…
A: An isoquant represents various combinations of factor of input which produces same level of output.…
Q: The firm aims at maximizing its profits in the short run. The wage level is w=140. The production…
A:
Q: In the, between what two levels of output does one first observe the law of diminishing returns?…
A: Law of diminishing returns states that when more and more units are added in the process of…
Q: .Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50. What is the…
A: MPL=10 w=50
Q: Which of the following describes the law of diminishing returns to labor? A. When one more…
A: The law of diminishing returns to labour states that as more and more units of labour are hired in…
Q: 3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 8. Marginal product is: the increase in total output…
A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…
Q: 1 diminishing marginal returns vill set in after the very first unit f labour isb employed? What do…
A: According to the given question In simple words we can say that the diminishing marginal returns…
Q: ONLY ANSWER C & D Consider a firm with Total Output function (Production Function) given by Q =…
A: please find the answer below.
Q: Accounting Given the productivity function of a certain firm to be: Q = -4InL - L2+ 6L Find the…
A: The production function of a firm is the link between the inputs and outputs it generates. It…
Q: If output rises from 120 units to 140 units as another worker is hired, and this additional worker…
A: Marginal Cost of Production The marginal cost of production is the difference in total production…
Q: 160 210 240 4 6 Average product is at a maximum when Multiple Choice four worker(s) is/are hired.…
A: The total product (TP) reflects the total output produced with the given resources in a given period…
Q: plene has a production function 4x1 + x2. If the factor prices are £12 for factor 1 and £2 for actor…
A: A production function is a unique relationship between inputs and outputs and shows the maximum…
Q: Which situation best illustrates the concept of division of labor? O A. A business hires employees…
A: Specialization refers to a country's propensity to specialise in such items that it trades for other…
Q: The role of Human Resource Management has declined over the years as technology has taken over many…
A: Human resource management refers to a particular department in an organization that controls,…
Q: if marginal product is given by 50Q - 5Q2 find the value of Q where marginal product is at its…
A: Answer to the question is as follows:
Q: Units of Total Average Marginal Labor Product Product Product 1 100 2 125 3 300 4 20 5 290 the table…
A: Law of Variable proportion shows that as we increase labour the production initially start to rise…
Q: If there are diminishing returns to labor, then as more workers are hired the total amount produced…
A: The law of diminishing return to scale implies that as the number of a variable input is raised…
Q: If q=9L²-L³ marginal product of labor is_________when L=2.
A: An increase in total production when one additional labor unit is being added and all the other…
Q: When Total Product of labors (TPL) is maximized then: OA. Marginal product (MPL) is maximized O B.…
A: The total product is the total units produced by a firm given the inputs and technology of…
Q: If the average output per worker in a firm is 7 units per hour, then th- average output will rise as…
A: The average output or AP is the total (TP) output produced per unit of factor of production. It is…
Step by step
Solved in 2 steps
- (TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.What is the Value of Marginal Product of adding the first worker? Group of answer choices: $1,500 $1,400 $1,200 $1,300At which worker is the marginal product of labor maximized? a) at the 7th worker b) at the 4th worker c) at the 5th worker d) at the 4th and 5th worker Idk if the answer is either a or b?
- In the, between what two levels of output does one first observe the law of diminishing returns? Labor(workers) Total prosucts(units) 0 0 5 1000 10 3000 15 4000 20 4500 Select one. 4000 and 4500 1000 and 3000 0 and 1000 3000 and 4000Follow-up questions. d. Let D be the difference in marginal product between an experienced worker and a new worker (MPe − MPn). Suppose that robust, experienced workers would prefer not to pool with sickly workers at their firm, and so they seek out a new job with an employer who does not offer health insurance. What will be the wage of the robust worker at the new job during the first year there? Keep in mind, these workers will no longer be experienced because they will be adapting to a new firm. Under what conditions will it make financial sense for the robust worker to change jobs? Your answer should be an inequality that includes D, θ, Vr, and Vs. e. D is a measure of job-specific human capital; as workers learn the job, they become more productive so D > 0. However, not every job or industry has the same value for D. In some lines of work D is low, while in others D is high, simply because of the nature of the work. Given the results, you have seen in this problem, in which…hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?
- Suppose that government wishes to promote more capital intensive agriculture and subsidises agricultural capital equipment in order to achieve this. a) Using an isoquant map of the tradeoff between capital and labour, show how the reduced cost of capital will affect the individual farmer’s decision problem. b) Using a production function approach with labour as the variable input, show how the reduced cost of capital will affect the individual farmer’s decision problem. c) What overall effect on agricultural employment would you expect, given your answers in (a) and (b)?Number of workers Total products Marginal product Fixed cost variable cost Marginal cost 0 0 $100 $0 1 900 $100 $100 2 1900 $100 $200 3 2400 $100 $300 (A) The highest productivity level (AP) of worker is achieved at which number of worker? Prove your opinion WIth calculation. (B) At each number of workers, calculate the marginal product (MP) and determined at which level of worker does diminishing marginal product begin? (C) Calculate the total cost used to produce 2400 units of Good Y. (D) Calculate the marginal cost (MC) at each level of worker Leave answers in 2 decimal place.6. A company uses two inputs, unskilled labour (L) and capital (K), to produce itsproduct. The wage rate for a unit of labour is €5, while a unit of capital cost €20.a) Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquantfor an output level Q0 and indicate the optimal input levels of L and K. (Do not forget tolabel the axes).b) Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run,with capital input fixed at K, to keep its output constant at Q0.c) Show graphically and comment shortly on the optimal factor mix that the firm would useto produce Q0 in the long run at the specified minimum wage of €6 per unit
- Diminishing returns begins with the addition of the 2nd,5th,4th or 3rd workerSCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively.13) Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.A) first B) second C) third D) fourth14) Refer to Scenario 7.7. The average product of labor with four workers isA) 3. B) 3.5. C) 4. D) 14.15) If the marginal product of labor is less than the average product of labor, then theA) marginal product must be increasing. B) average product must be decreasing.C) marginal product must be decreasing. D) Both B and C(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 What is the marginal product of the secondworker?