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A:
Labor
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Capital
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Output
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Marginal Product of Labor
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0
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1
|
0
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-
|
1
|
1
|
80
|
|
2
|
1
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240
|
|
3
|
1
|
320
|
|
4
|
1
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360
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5
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1
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380
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- A custom motorcycle company can produce more motorcycles if it has more workers. The company has experimented with hiring workers in teams of four and has come up with the following table relating the number of workers to the companies annual production Part1. Using the straight line tool, graph the production function based on the information given. Construct the curve using four line segments joined end to end. Don it graph the individual points. Part 2. Give the numeric answers to tap decimals. A. The marginal product of each of the first four workers is ______ B. The marginal product of each of the second four workers is _______ C. Diminishing returns begin with the _______ worker.If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers).
- This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed. Number of workers Total output (number of cars washed per hour) 0 0 2 10 4 26 6 40 8 50 10 58 12 62 Use this table to find the marginal product of labor for the following workers:marginal product of labor for the 4th worker: marginal product of labor for the 6th worker: marginal product of labor for the 10th worker:Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 0 0 1 50 2 90 3 120 4 140 5 150 6 155 7 157 The marginal product of labor for the third hour of labor is ...????. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is ......???. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ ......??? worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ ......???? worker(s). (Enter your response as an integer.) If…We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain. For such production technologies, the marginal product of labor is increasing so long as the slope of the production frontier becomes steeper as we move toward more (we are increasing) the labor input.
- Given that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?You are the owner of a puppet manufacturing company. Suppose that labour is the only variable input to the production process. If the marginal cost of production is diminishing as more units of output are produced, what can you say about the marginal product of labour?A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the added output from an additional employee and let MPH be the added output from a one hour increase in the workweek at the firm. MEM and MEH are, respectively, the marginal expense of an added worker and of an added hour of work. At present, the cost of an added unit of output produced by hiring more workers is $5 while the cost of an added unit of output produced by employing existing workers for more hours is $3. Is the firm maximizing profits given its current employment level and workweek? If your answer is yes, explain why. If your answer is no, explain why not and discuss what adjustments the firm should make. It's a general question. There's no given output being produced by added workers and additional hours.
- Digging calms by hand in Sunset Bay requires only labor input. The total number of calms obtained per hour (q) is given by :Q = 100√LWhere L is labor input per hour. A. Graph the relationship between q an LB. What the average productivity of labor in Sunset Bay? Graph this relationship and show that output per unit of labor input diminishes for increase in labor input. C. It can be shown that the marginal productivity of labor in Sunset By is given by:MPL =50√LGraph this relationship and show that labor’s marginal productivity is less than average productivity for all values of L . Explain why this is do.D. Explain the concept of diminishing returns to labor and how this concept related to increasing marginal costs.Assume a firm is trying to produce q0 units of output at the lowest total cost. The wage decreases, rotating the isocost line as shown in the below graph. Make the necessary changes to the graph to show the input combination that will now produce q0 at the lowest total cost. Make sure you show the new levels of labor and capital.The production engineers at Impact Industries have derived the optimal combinations of labor and capital. These are the only two inputs used by Impact. The following chart shows the combinations of labor and capital for three levels of output. Q is the output level. L* is the optimal amount of labor. K* is the optimal amount of capital. The price of labor is $90 per unit. The price of capital is $15 per unit. Q L* K* 120 5 20 180 7 7 240 12 24