Part 1Total product(houses per week)Labor(students)1327312416519621Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie'stotal product schedule. What is the marginal product of the fifth student and the averageproduct when Lizzie hires five students? The marginal product of the fifth student is 3houses a week.The average product of 5 students ishouses a week ?Part 2TotalTotal variableTotalproduct(workers (body boards per-day)Laborcostcostper day)(dollars per day)2841324.1725204Peter's body board factory rents equipment for shaping boards and hires students.Peter pays $120 a day for equipment and $80 a day for each student hired. The tableshows Peter's total product schedule.Construct Peter's total variable cost and total cost schedules. Fill in the columns in thetable.

Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie's total product schedule. What is the marginal product of the fifth student and the average product when Lizzie hires five students? The marginal product of the fifth student is 3 houses a week. The average product of 5 students is houses a week ? Part 2

Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the summer to do housecleaning. The table sets out Lizzie's total product schedule. What is the marginal product of the fifth student and the average product when Lizzie hires five students? The marginal product of the fifth student is 3 houses a week. The average product of 5 students is houses a week ? Part 2

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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