In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output stru faces is depicted in the table below. Assume the product price is $4. Calculate the marginal revenue product and the marginal resource cost, and then complete the table.

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A: Implicit cost are cost of those input which are owned by producer of good . It does not involve…

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A: 20. According to the question ,  q = (KL)1/2…

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A: (a) Number of workers Output MPL 0 0 NA 1 50 50 2 110 60 3 300 190 4 450 150 5 590…

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A: Answer to the question is as follows:

Q: When average variable cost is at a minimum, Multiple Choice   marginal cost is at a maximum.   the…

A: Option D When AVC is at a minimum, APL is at maximum AVC and AP are inversely related.

Q: The marginal resource cost of a resource measures the extra cost incurred by one more unit of the…

A: Marginal cost is the change in total cost divided by change in output.

Q: Distinguish between the following and show their importance in production theory emphatically a.…

A: Answer: Step 1: The short run is the time period during which some factors of production (input) are…

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A: The correct answer is given in the second step.

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A: Marginal product of labor is the change in output that occurs when an additional unit of labor is…

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A: y = x1ax2b x2b = y / (x1a) x2 = [y / (x1a)](1/b)

Q: Draw a production function that exhibits diminishing marginal product of labor. Draw the associated…

A: The diminishing product of labor refers to the situation where increasing one additional labor…

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A: LMC is the marginal cost which is the change in total cost by producing an additional unit of output…

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Q: Discuss the relationship that exists amongst the three short-run total cost curves. Motivate your…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

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A: Total Cost is the sum of fixed cost and variable cost. TC=FC+VC Fixed cost is that cost which is…

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Q: What should he recommend as a short-run remedy?

A: Marginal product of labour in plant B is higher than Plant A

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Q: The relationship depicted on the graph is called a _______ function. 16. Refer to Figure 18-1. The…

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Q: a. A firm's long-run total cost can be written as LTC = 3000Q - 50Q2 + (1/3)Q3 and its long-run…

A:

Q: When the input price is constant, the slope of the total factor cost function will also be constant.…

A: When the input price is constant, the slope of the total factor cost function will also be constant.…

Q: If a firm's marginal product of labour is less than its average product of labour, then an increase…

A: Average product of labor is the total product divided by the quantity of labor employed.  Marginal…

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A: Following is the given information:

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A: Marginal Product is the change in the total output with the production of one more additional unit…

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A: Hello, thank you for the question. Since there are multiple sub-part questions asked here, only the…

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Q: Which of the following statements best describes the Diminishing Returns to Labor: Select one: Oa.…

A: Diminishing Return to labor:- Diminishing returns to labour, or principle of diminishing marginal…