The average product of labour is diminishing when: The marginal product of labour is diminishing. а. b. The production function is concave. The marginal product of labour is smaller than the average product of labour. с. d. The marginal product of labour is negative.

Q: Which of the following is not possible? When the total product is decreasing, marginal product is…

A: Total product is the summation of the all product produce with the help of factors of production.…

Q: Sketch a production function relating output to labour input. You should assume diminishing marginal…

A: Production function is a function which represents the technology which converts the inputs like…

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: Isoquants for producing roller skates B Units of labor(L) a) If isoquant curve moves from isoquant A…

A: a) Answer:- The number of roller skates produced will increase Explanation:- The production of…

Q: When total product is increasing at an increasing rate, marginal product is:  positive and…

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Q: production function Y=F(K,L) = 2K + VI . sa) Write its differential, dF(K,L). Consider the 54) Draw…

A: Given  Y=F(K,L)= L+2K

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: Consider a firm with a given fixed amount of capital. Draw an example Total Product curve of labor…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: A firm's marginal product of labor is 5 and its marginal product of capital is 4. If the firm adds…

A: Marginal product to labor = 5  Marginal product to capital = 1

Q: the total product of two workers is 80 and the total product of three workers is 90, then the…

A: The given information can be summarised in the following table :- Workers TP MP AP 2 80 - 40…

Q: The marginal product of labor is the change in A) total cost from employing one more worker. B)…

A: Marginal product is the additional output produced by employing an additional unit of input.

Q: Consider the production function q = f(L, K) = ALªK®, where A, a, b are positive constants. For what…

A: The production function relays the information regarding the output level produced depending upon…

Q: The marginal product of labor schedule for a firm is given below for alternative levels of labor.…

A:

Q: Assume the total product of two workers is 100 and the total product of three workers is 150. The…

A: Average product is the per unit production and marginal product is the additional production.

Q: What is the difference between total and marginal product?     Total product is the output…

A: To determine the difference between Total Product (TP) and Marginal Product (MP).

Q: The production function in the image uses a variable amount of labor and a fixed a mount of capital…

A: Production function states the functional relationship among input and output produced. In the…

Q: Along an isoquant, The MRTSfork equals the MP of K/ MP of L. Price of L/ Price of K. O the MP of…

A: The marginal rate of technical substitution (MRTS) illustrates the rate at which one of the factor…

Q: The following table gives total output or total product as a function of labor units used.…

A: Total product is defined as the total amount of the output produced by the firm using given amount…

Q: Suppose that output is a function of labor and capital. Assume that labor is the variable input and…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Q = 180√LK^0.8 L=5, K = 10 1)  construct marginal product of labour and marginal product of capital…

A: we have different formulas for different parts of this question  MPL = partial derivative of Q with…

Q: Use the data below to calculate MP and AP. On a separate piece of paper, graph the total product…

A: Before plotting the graphs, we summarize the given information in the following table.

Q: Consider the production function q=5L^(0.3) K^(0.5)  The marginal product of labor is…

A: 1. Given information: Production function q = 5L(0.3) K(0.5)   Marginal product of labor MPL =…

Q: Compute the marginal product of labour (MP) and the average product (AP) of the various quantities…

A: Marginal product(MP) of labor(L) is the increment in the total product(TP) for a unit increase in…

Q: Consider the following production function for an economy; Y=K^2+2K+L. Calculate the Marginal…

A: Given,  The Production Function of the economy is given as : Y=K^2+2K+L Marginal Product of an input…

Q: When a firm experiences diminishing marginal product, what is the shape of the curve that represents…

A: The marginal product of labor is the change in the additional output because of the change in the…

Q: hen a production function exhibits constant returns to scale, it means that: A. a proportional…

A: Constant returns to scale production function means that the production function is…

Q: Refer to the figure at right. At which point on the total product curve is the average product of…

A: Total product refers to total output produced by the firm. Average product refers to total product…

Q: The average product of labor will reach a maximum where the marginal product of labor is maximized…

A: By labor, economists refer to the human effort which goes into producing goods and services in an…

Q: Given the number of labor and the total product in the following table, 1- find the average product…

A: Total product defines the amount of output that a firm can produce from using all of its resources.…

Q: The marginal product of the labor curve shows the change in the total product resulting from a: a.…

A: The change in output that results from using one more unit of a particular input, assuming that the…

Q: F(L, K) = LK^3 and F(L,K) = L+3K for each of these production functions: a) draw the corresponding…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

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…

Q: The total product curve shows the relationship between total product a A) the marginal product. B)…

A: Total product refers to the quantity of output that a firm produces using factors of production.

Q: Elaborate the "concept of homogeneity and Returns to Scale. Mathematically prove the following…

A: Here, we have the production function:- XL,K=δ0LαKβ To prove the homogeneity of this production…

Q: Each additional worker produces two extra units of output for the first three workers, for some…

A: Production function shows the unique relationship between inputs and outputs.

Q: At point "C" in the above figure: Marginal product of labor is positive and rising. Marginal product…

A: From the figure, we can conclude that,

Q: If x₁ = x₂ = 16, the marginal product of input 1 is two inputs is w₁ = 2 and ₂ = 1. When ₁ is…

A: Production function shows the functional relationship between the output and inputs.  The production…

Q: antidades Be the production function Q (K, L) -12 (K + 41, which depends on the quantities Used from…

A: Given,  Production Function : Q(K, L) =23625(k1/4+4L1/4)4 and (K,L) = (2, 4)

Q: Q = A Lx Ky  (Quantity, A, Labor, Capital) If A; X; Y are all positive numbers, does the…

A: The production function exhibits Increasing return to scale, Constant return to scale or Decreasing…

Q: Question 4: Consider the following production function: Q = (3L + K) ¹/4 1. What is the Marginal…

A:

Q: Marginal product is:…

A: Labors are the people who work for the organization and gets wages in return.

Q: Explain what a production function is. What is the concept of diminishing marginal product?

A: Production Function: The function that explains the relationship between the physical inputs and…

Q: The figure shows the total product curve for different levels of a variable input, labor. Output…

A: Total product divided by the quantity of labor employed gives the average product of labor. Marginal…

Q: Q.3 Each extra worker produces an extra unit of output up to six workers. After six, no additional…

A: Total product is the sum of productivities associated with production. Marginal productivity is the…

Q: uming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and…

A: Cobb-Douglas production function: It is one of the forms of production function which is widely used…

Q: Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output…

A: The production function is the technical relation between the amount of input used and the amount of…