plzz explain it properly The data in the table is for a firm in which labour is the only. variable cost and each unit of labour costs the sameregardless of how many units are bought.Units ofTVCMCAVCLabourTPMPAP2$2410118100220345253018.815201612020171018.6181351510130 Refer to the information above to answer this question. As one reads down the MC column, what is the pattern in thenumbers?Select one:A. They rise until the fourth unit of labour used and then fall.B. They fall until the fourth unit of labour used and then rise,C. They continually rise.D. They rise until the fifth unit of labour used and then fall,E. They fall until the fifth unit of labour used and then rise.

Formulas used : TP = AP × Q MP = TPn - TP n-1 AVC = TVC / Q MC = TC n - TC n-1 Also this is given…

The data in the table is for a firm in which labour is the only. variable cost and each unit of labour costs the same regardless of how many units are bought. Units of TVC MC AVC Labour TP MP АР 2$ 24 10 1 100 2 20 3 45 25 4 30 18.8 15 20 6 120 20 7 10 18.6 135 9 15 10 130

The data in the table is for a firm in which labour is the only. variable cost and each unit of labour costs the same regardless of how many units are bought. Units of TVC MC AVC Labour TP MP АР 2$ 24 10 1 100 2 20 3 45 25 4 30 18.8 15 20 6 120 20 7 10 18.6 135 9 15 10 130

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 34CTQ: What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why...

See similar textbooks

Related questions

Q: The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020…

A: Given that the marginal product of each additional worker is 1010 tons of paper per month. A total…

Q: By completing this table, diminishing returns appear after employing the worker number - 1…

A: The average product is the per unit product. This is calculated by dividing the total output by the…

Q: he lable is för à firm in which labour is the only variable cost and each unit of labour costs the…

Q: Refer to Table 13-9. The marginal products of hiring additional workers are a) increasing at an…

A: An additional output produced by an additional worker is known as marginal product (MP).

Q: = A clothing company determines that its marginal cost, in dollars per dress, is given by the…

A: Here, the marginal cost function is given as: C'(x)=-(2/25)x+53, when x is less than and equal to…

Q: A cost minimising firm has labour as its only input, but labour has two components, the number of…

A: The question has several parts and it is not specified which parts are to be solved. As per our…

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: 1. Suppose that a firm has two machines with different production technologies: 0.60.4 f(r1,r2) =…

A: Cost function refers to the minimum cost accrued by a production technology to produce a given level…

Q: A B D Marginal Product Product |(Unit) Total Labour (Unit) 1 10 10 2 14 4 3 22 8 4 26 4 5 30 4 32 2…

A: Marginal Product refers to the change in total product due to the employment of an additional unit…

Q: Number of Returns per Day Number of Accountants 2. 3. 12 17 20 4. in 22 Assuming the quantity of…

A: Given: Number of Accountants (A) Number of returns per day (B) 0 0 1 5 2 12 3 17 4 20…

Q: Suppose a firm uses exactly 1 unit of capital and 1 unit of labor to produce i unit of output. What…

A: The firm uses exactly 1 unit of capital and 1 unit of labor to produce 1 unit of output. It means…

Q: Which of the following profit functions exhibits a linear production function? A.p=Px K0.75L0.50 -…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Given: Q = -0.0250 L3 + 1.5 L2 a) Derive the AP and MP equations (4 pts) b) What is the level of Q…

A: AP (average product) is defined as the per-unit output of the labour employed. MP (marginal product)…

Q: The following is output data for a firm. Assume that the amounts of all non-labour resources are…

A: The law of diminishing returns states that benefits or advantages acquired from something will…

Q: You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory…

A: An average fixed cost (AFC) defines how much it expenses to fabricate one unit. It helps measure the…

Q: 25. Molly operates a factory with a production function given by Q(K, L.) = L+ 4K, where K is…

A: The production function of a firm shows the maximum amount of output a firm is able to produce by…

Q: how that the cost function for a firm with the constant returns Cobb–Douglas production function y =…

A: y = Az1a z21-a C( p, y) = yp1a p11-a B

Q: K L Q 10 10 1 15 10 2 30 10 50 10 4 60 10 65 10 68 If the cost of labor is $20 per L and the cost of…

A: The firms, and businesses are the entities who are involved in the production of goods, and services…

Q: Watchshop is a watch manufacturing company that sells low-end wrist wacthes. They hire labour at the…

A: The total cost incurred by firms operating in a market includes fixed costs and variable costs.…

Q: A bakery operating in competitive markets sells itsoutput for $20 per cake and pays workers $10…

A: We have, Price of output (P) = $20 Wages (w) = $10 In the competitive market, to maximize the…

Q: Number of Workers Hourly Wage Marginal Factor Cost Marginal Revenue Product 10 $5.00 5.10 $6.10/hr…

A: The marginal revenue product (MRP) is the additional revenue collected from the sale of one extra…

Q: Coldbox Corporation hires its workers in a perfectly competitive labor market and produces and sells…

A: Total product shows the total amount of goods produced by labors. Marginal productivity shows the…

Q: 6. Zenande believes the production of a dress requires 10 labour hours and 5 machine hours to…

A: here we calculate the cost of production and choose the correct option which are as follow-

Q: Cost-C-$12,000.00 w=$100.00 per unit of labor r-$100.00 per unit of capital wese data are used to…

A: The labor force, is the total number of individuals who are as of now employed in addition to the…

Q: If MPL=5L*1/3 is a firm’s marginal-product function, where L is the single input labor and output is…

A: Given The marginal product of labor: MPL=5L*1/3or MPL=5L×13 We have to find the production function…

Q: The firm aims at maximizing its profits in the short run. The wage level is w=140. The production…

A: Labor Price of Output Output MPL MRP Wage 0 5 0 0 0 140 1 5 58 58 290 140 2 5 112 54 270 140…

Q: Whoville Marble Works (WMW) produces Bespoke Marble Kits (BMKs) for discerning marble connoisseurs.…

A: The production function shows the relationship between inputs and output. The increase in inputs…

Q: Identify the stages of production in the diagram and explain why the firm still hire labour even…

A: Tp is the total output a firm produces. Ap is the total product divided by the labour which is the…

Q: The total cost (TC) of producing computer software diskettes (Q) is given as TC-200+5Q. When Q=10,…

A: The monetary worth of goods and services purchased by producers and consumers is referred to as cost…

Q: AlphaBee's production function is given by fik.l) = [ min{31,2k} j05, AlphaBee can sell its product…

A: please find the answer below.

Q: A firm uses labour, L and capital K, to produce a single product, X. capital is fixed but labour is…

A: When MC = AVC, we know that MP = AP MP = dX/dL = - 0.6L2 + 36L + 1620 AP = X/L = - 0.2L2 + 18L +…

Q: Watchshop is a watch manufacturing company that sells low-end wrist wacthes. They hire labour at the…

A: Total cost = Fixed cost + Variable cost Marginal cost = Change in total cost / Change in total…

Q: Q2. The production function of a firm is given by Q = min (2VK,VL), where K is amount of capital and…

A: Q = min (2 K0.5, L0.5) -----> Production function The above production function depicts, inputs…

Q: Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is…

A: The average product of labor is calculated by dividing the total product by the number of labor used…

Q: 8. Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of…

A: Answer - Given in the question - Price of extra-large deluxe pizzas - OMR 9.00 Cost of ingredients…

Q: In the, between what two levels of output does one first observe the law of diminishing returns?…

A: Law of diminishing returns states that when more and more units are added in the process of…

Q: A firm's production is as follows: Q = 12K/2L/3, where L is number of workers and K is number of…

A: Profit is calculated by subtracting Total Cost (TC) from Total revenue (TR). The profit function can…

Q: A chair manufacturer hires its assembly-line labor for $20 an hour and calculates that the rental…

A: Suppose that a chair can be produced using 4 hours of labor or machinery in any combination. This…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: We have to calculate The equilibrium wage rate and equilibrium level of labour use.

Q: A television production firm is able to produce TVs according to the short-run production table…

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

Q: 6. Zenande believes the production of a dress requires 10 labour hours and 5 machine hours to…

A: Production cost and Creation costs allude to the costs an organization brings about from assembling…

Q: Accounting Given the productivity function of a certain firm to be: Q = -4InL - L2+ 6L Find the…

A: The production function of a firm is the link between the inputs and outputs it generates. It…

Q: If output rises from 120 units to 140 units as another worker is hired, and this additional worker…

A: Marginal Cost of Production The marginal cost of production is the difference in total production…

Q: q = f(K, L) = 2KO.2L0.8 The cost of labor is w = 1 and cost of capital is r = 0.25. How much does it…

A: Answer: Given, q=fK,L=2K0.2L0.8 Cost of labor (w)=1 Cost of capital (r)=0.25 q=4 units Calculation:…

Q: You've been hired by an unprofitable firm to determine whether it should shut down its operation.…

A: The profit incurred by a firm is the excess of total revenue earned by the firm over the total cost…

Q: Labor Output (units per week) (workers per week) 1. 20 50 3 70 4. 85 5. 95 6. 100 The table above…

A: Marginal cost: - marginal cost is the cost incurred in the production of an additional quantity of…

Q: Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21…

A: The marginal product is the incremental product when one more unit of factor is employed in the…

Question

100%

plzz explain it properly

The data in the table is for a firm in which labour is the only. variable cost and each unit of labour costs the same
regardless of how many units are bought.
Units of
TVC
MC
AVC
Labour
TP
MP
AP
2$
24
10
1
18
100
2
20
3
45
25
30
18.8
15
20
16
120
20
17
10
18.6
18
135
15
10
130

Refer to the information above to answer this question. As one reads down the MC column, what is the pattern in the
numbers?
Select one:
A. They rise until the fourth unit of labour used and then fall.
B. They fall until the fourth unit of labour used and then rise,
C. They continually rise.
D. They rise until the fifth unit of labour used and then fall,
E. They fall until the fifth unit of labour used and then rise.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Property Rights, Bargaining And The Coase Theorem

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?
What is the difference between a fixed input and a variable input?
Are fixed costs also sunk costs? Explain.
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
How does fixed cost affect marginal cost? Why is this relationship important?
Small Mom and Pop firms, like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this?