Q: The table below describes the production function for a candy maker. Number of Output Marginal…
A: Marginal product is the additional output produced by employing an additional unit of input
Q: The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Use the following data to answer the question. 14 Total Product Inputs of Labor 1. 22 2. eBook 3.…
A: Average product is the total quantity of output per unit of labor input.
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: Question 6 Table 4-1 below shows the relationships between labor and output for XYZ Inc. Output by…
A: "Total Output indicate the total volume or amount of final output produced by a firm using given…
Q: The following schedule shows the diminishing marginal return in respect of labor 01 2 3 4 5678 9…
A: Marginal Product = Change in Total Product / Change in Quantity of Labor Average Product = Total…
Q: Question 10
A:
Q: a. Calculate the average product (AP) at each quantity of labor. b. Calculate the marginal product…
A: Average Product = Total Product / Quantity Marginal Product = Total Productn - Total Productn-1
Q: The average product of labor for three workers is 16 and the marginal product of labor for the…
A: Average product of labor refers to the output per labor. Marginal product of labor refers to the…
Q: Number of workers Total products Marginal product Fixed cost variable cost Marginal cost 0 0…
A: Since you have asked multiple questions, we will provide solution for the first three parts. Average…
Q: Quantity Quantity Marginal Return to Additional Labour Variable Cost Total Cost Fixed Cost ($) of of…
A: The marginal return for second worker is calculated as follows.
Q: Listen Number of Workers Total output 20 1 2 50 Listen 3 90 4 140 190 210 7 200 Where does the…
A: Answer: The formula for the marginal product is given below: MPn=TPn-TPn-1Where,MPn=marginal product…
Q: In the table below, marginal product becomes negative after employing the Input of Labor (no. of…
A: Marginal product of an input is the additional output that results from adding an extra unit of…
Q: The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…
A: Average product refers to total product per unit of labour. Marginal product refers to change in…
Q: 5. What is the average product of labor, given that the level of labor equals 10, total output…
A: Average product of labor is the total product per unit of labor employed Average prouct of labor APL…
Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…
A: Marginal physical product of labour (MPP) is defined as the extra unit of physical product generated…
Q: À. Complete the table below: Units of Labor Average Product 40 Total Product Marginal Product 1 2 48…
A: Given Unit of Labor Total Product Average product Marginal Product 1 40 2 48 3 138…
Q: The production function for Good X: Marginal Product of Capital AP,OK Average Product of Capital…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…
A: Labor and Capital are two factors of production, whereas in short run, Capital is assumed to be…
Q: When the marginal product of labor increases, marginal cost tends to A) increase. B) decrease. C)…
A: A production function illustrates the relationship between the quantity of inputs used and the…
Q: what is the marginal product of the third worker Table 1 Labor Production Marginal Product Total…
A: The measure that depicts the extra return, output, or profit being yielded per unit through taking…
Q: 7. The firm is currently along isocost CE. If the price of capital is 30, then the price of labor is…
A: Given: Price of capital=30 Isocost: CE To find: Price of labor Note: Due to multiple questions being…
Q: If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table…
A: The labor cost per unit is obtained by multiplying the direct labor hourly rate by the time required…
Q: Example # 4 Determine the multifactor productivity for the combined input of the labor and the…
A: Multifactor productivity (MFP) can be calculated by using the following formula.
Q: How does the marginal product curve behave when there are diminishing returns to a factor. Give…
A: # Marginal product is the additional value added to total product with one more unit of labor taken…
Q: QUESTION 4 When Total Product of labors (TPL) is maximized then: O Average product (APL) equals zero…
A: Total product of labor:- The TPL curve depicts how much productivity a company can generate using a…
Q: Dream Line manufacturing has a fixed scale of plant with the levels of total product given in the…
A: AP = TP / L MP = Change in TP / Change in L
Q: Please explain why the marginal cost decreases first and then increases in your own words. Please…
A: Marginal cost is the cost of producing an additional unit of goods. It is a U-shaped curve.…
Q: Table 1 Labour/ Total Cost (TC) Land Average Total Variable Cost (TVC) Total Marginal Output Product…
A: Average Fixed cost (known as rectangular hyperbola curve) is a downward falling curve from left to…
Q: what are role of isocost lines in isoquant?
A: In the production of goods and services, various factors of production or inputs are used in…
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: Refer to the table below. The average product when three workers are employed is:
A: Total Product is the total output produced when one input alone is varied while all other inputs…
Q: If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the…
A: Labor and capital are factors of production to produce total product.
Q: Is it possible to increase the labor productivity (output per unit of labor) in a given production…
A: Answer: Law of diminishing Marginal Productivity states that when one input in the process of…
Q: 66. Which of the following input factor takes risk, innovates and coordinates A. O Capital B. O…
A: Entrepreneurs takes risks in terms of finance, innovate new ideas, and coordinate with their own…
Q: The table below shows the information on labor and total output for a firm. Labor Total output…
A: The production function illustrates the relationship between the quantity of output produced and the…
Q: Khaled’s Pizza production function is shown in the table below. He hires workers at a wage rate…
A: Given: Price of labor per unit=$50 Total fixed cost (TFC)=$150
Q: When the marginal product of an additional worker is less than the marginal product of the previous…
A: In a market, the productivity of the input resources is known as the returns from the inputs used in…
Q: What is the average product of labor, given that the level of labor equals 15, total output…
A: Labor are the people who work in the business organization and get salaries/wages in return. Labor…
Q: Sorry, that is incorrect. The correct answer is: Production Data Workers Cars Washed Economics 11 =…
A: Marginal product of labor refers to the additional output produced with the employment of one more…
Q: 3.2.2 Use the law of diminishing marginal returns to explain the shape of the marginal physical…
A: The law of declining marginal returns is an economics theory that states that once a certain level…
If average product of labor is 16, Number of labor is 4 then the total pproduct is _____________
a. 7
b. 64
c. 4
d. 20
Step by step
Solved in 2 steps
- From the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) Total product(# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8?Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384The profit function is the same as in Question 40 and 41. Profit =200L+100K-10L^2-20K^2+20KL. After determining the profit-maximizing level of Labor (L) 25 and Capital (K) 15 how much are the profits of the firm at the profit-maximizing levels of L and K? Its not 46!.
- 1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of laborL TP AP MP 0 0 1 35 2 80 3 122 4 156 5 177 6 180 1. Compute marginal products and average products of the various quantities of labour! 2. Made coclusions!Apply the the Basic Conditions of Employment Act (Section 83A) to determine whether the person described in the scenario below is an employee or an independent contractor. The following are extracts from Linda Mkhize contract: She is provided with a laptop and the appropriate accounting software. She will report to the finance manager. She will work a 5‐day week and 9‐hours per day.
- If a firm manager has a base salary of $50,000 and also receives two percent of profits, how much will his/her income be if revenues are $8,000,000 and profits are $2,000,000? A. $90,000. B. $210,000. C. $100,000. D. $150,000.labor input product output10 50011 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2. The first 18 items produced can be sold for $100 each, and beyond that production level, the unit selling price is $90. What is the marginal revenue product of labour when labour input is 20? a.6800 b.8000 c.9000 d.7500 e.7200
- 12 true or false The point at which the marginal product of a variable input is at a maximum corresponds to the point at which marginal cost is at a maximumQuestion Recently, the owner of KFC Franchise decided to change how she compensated her top manager. Last year, the manager received a fixed salary of $50,000 and KFC made $110,000 in profits (excluding the manager’s compensation). She feared that her store’s performance was connected to the top manager shirking on the job and expected that changes to her top manager’s compensation structure would improve sales. Therefore, this year she decided to offer him a fixed salary of $40,000 plus 5 percent of the store’s profit. Since the change, the store is performing much better, and she forecasts profits this year to be $300,000 (again, excluding the manager’s compensation). Assuming the change of compensation is the reason for the increased profits, and the forecast is accurate, how much more money will the owner make (net of payment to her top manager) because of this change? Does the manager make more money under the new payment scheme?`Question: Feng is the owner of a small business. When Feng has worked hard (an) during the year, net income before manager compensation has been $1,600 for 60 percent of the time and $400 for 40 percent of the time. More recently, Feng has been ill and has had to shirk (az). Net income has been $1,600 only 30 percent of the time and $400 for 70 percent of the time. Feng realizes that he must hire a manager for one year while he devotes full time to his recovery. Feng is risk-neutral, with utility equal to the amount of net income for the year after manager compensation. Feng is negotiating with Shui for the manager job. He ascertains that Shui is risk-averse, with utility equal to the square root of the dollar compensation received. Shui is willing to work for Feng providing she receives expected utility of at least 6. Shui advises Feng that she is effort-averse, with disutility of effort of 3 if she works hard, and 2 if she does not work hard. Required a. Feng suggests a salary of…
