Mr. Diddy grows and sells Pineapple. His company is named "Do it Diddy Way!!" uppose that to produce Pineapple, two inputs are required. 1. Land (size of land) 2. Workers (number of workers) iddy has 1.5 acres of land inherited from his late Daddy and he uses the inherited land to produce ineapple. lis company's production function (per day) table is shown below: Quantity of pineapple number of workers 0 0 1 140 180 195 200 203 9 answer the following questions: 1. Is the production considered a short-run or long-run? What is a fixed input? What is a variab input? 2. Draw the total product curve (output on the vertical axis and workers on the horizontal axis) Draw the MPL curve (MPL on the vertical axis and workers on the horizontal axis) 3. 4. What is the quantity of pineapple per day when Diddy hires7 workers? What is the MPL of t 7th worker? 5. After how many workers used does the MPL start to diminish. 6. Suppose that the market price of pineapple is 20 Baht/unit and workers' wage is 90 Baht/da using marginal analysis, how many workers should Diddy hire per day? | | 2 3 4 5 6 7 8

Mr. Diddy grows and sells Pineapple. His company is named "Do it Diddy Way!!" uppose that to produce Pineapple, two inputs are required. 1. Land (size of land) 2. Workers (number of workers) iddy has 1.5 acres of land inherited from his late Daddy and he uses the inherited land to produce ineapple. lis company's production function (per day) table is shown below: Quantity of pineapple number of workers 0 0 1 140 180 195 200 203 9 answer the following questions: 1. Is the production considered a short-run or long-run? What is a fixed input? What is a variab input? 2. Draw the total product curve (output on the vertical axis and workers on the horizontal axis) Draw the MPL curve (MPL on the vertical axis and workers on the horizontal axis) 3. 4. What is the quantity of pineapple per day when Diddy hires7 workers? What is the MPL of t 7th worker? 5. After how many workers used does the MPL start to diminish. 6. Suppose that the market price of pineapple is 20 Baht/unit and workers' wage is 90 Baht/da using marginal analysis, how many workers should Diddy hire per day? | | 2 3 4 5 6 7 8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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