The following table gives total output or total product as a function of labor units used.                      Labour Total Product 0 0 1 30 2 54 3 72 4 84 5 90   Define diminishing returns. Does the table indicate a situation of diminishing returns? Explain your answer.

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

A: Note: Since the original question has more than three subparts, we are going to answer first three…

Q: For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K…

A: Isoquant curve represents the influence of all inputs on the level of output.

Q: Draw the total physical product curve on graph below. . Beyond what number of workers do diminishing…

A: Here we have to find,  A firm produces good X with just two factors such as capital and labour .…

Q: Is it possible to increase the labor productivity (output per unit of labor) in a given production…

A: Labor is said to be productive when the output per unit labor increases overtime. Diminishing…

Q: An isoquant curve shows All the alternative combinations of two inputs that yield the same maximum…

A: The ‘isoquant curve’ shows all inputs that produces a specific level of output. It helps the firms…

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

A:

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: Units of Units of Labor, L Capital, K 1 2 3 4 1 50.0 66.7 75.5 80.0 2 66.7 100.0 120.0 133.3 3 120.0…

A: Answer: option c (long-run; can both be varied) Explanation: In the long run, both labor and capital…

Q: In this typical production function, where output is increasing at a decreasing rate and has a slope…

A: The markets are the place where the buyers, and sellers of different commodities meet and interact…

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: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: 31. Based on the above figure, for which of the following levels of output at Ike's Ice Cream…

A: Given the cost curves, the relationship between cost and product curves is that when  MC= AVC, Then…

Q: Fill in the blanks in the accompanying table shown at the bottom of page and answer the following…

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

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: 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: In the short term, a firm cannot vary its capital and operates with K = 9.  It can, however, vary…

A: By differentiating the production function with respect to labor, we get the marginal product of…

Q: 2.1 The following table gives total output or total product as a function of labor units used. Labor…

A: The process in which inputs are combined in order to produce or make something to be used as an…

Q: Q1) From the table below illustrate the data in the table by graph:       Table 1. Find ; TP, MPL…

A: Labor  Total Product (TPL) Marginal Product (MPL) Average Product (APL) 0 0 - - 1 15 15 15 2…

Q: Complete the following table by calculating marginal product and average product.       Plot the…

A: INPUTS OF LABOR TOTAL PRODUCT MARGINAL PRODUCT AVERAGE PRODUCT 0 0 0 - 1 15…

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: 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: Complete the following table by finding total product (tp), Average product (ap), Marginal product…

A: Average product (AP) is the product per unit of labor. The formula to calculate AP is:

Q: 12. In the following production function, Y-S(K, NA), suppose A increases by 10%. This increment in…

A: Y(K,L) = f (K, NA)

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: Complete the following table by calculating marginal product and average product from the data…

A: The production function shows the relationships between output that are produced and the inputs that…

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

A: To calculate AVerage Product of labour we use the following formula Average Product of labour =…

Q: Dream Line manufacturing has a fixed scale of plant with the levels of total product given in the…

A: AP = TP / L MP = Change in TP / Change in L

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: A firm’s short-run marginal product of labour function is MP = -3L^2 + 22L - 5. Use indefinite…

A: A production function illustrates the relationship between the quantity of inputs used and the…

Q: Using the information given in the table, draw the isoquant corresponding to an output level of 135.…

A: output of 135 can be produced by following combinations of labor and capital:

Q: For each of the following examples, draw a representative isoquant. What can you say about the…

A: Marginal rate of technical Substitution is the slope of isoquant curve. And it is denoted by  MRTS =…

Q: Draw labeled graph according to the question: The change in the optimal capital-labor ratio if both…

A: If both the inputs(labour and capital) are perfect complements in production, they are to be used…

Q: Refer to the table below. The average product when three workers are employed is:

A: Total Product is the total output produced when one input alone is varied while all other inputs…

Q: The production function of a company is q = 2 KO.5 L 0.5. %3D a) Assuming that capital is equal to…

A: Given Production function: q=2K0.5L0.5           .... (1) “Since you have posted a question with…

Q: Labor  (workers per day) Total product  (bicycles per day) 0 0 1 4 2 10 3 18 4 25 5 30 The above…

A: * SOLUTION :- The OPTION  A (5 bicycles) is correct answer. To calculate the marginal product by…

Q: The table below tracks the total product that results from each level of labor. Units of Labor (L)…

A: Given: Unit of labor (L) Total product(TP) 0 0 1 3 2 10 3 24 4 36 5 40 6 42 7 42…

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: Variable input labour Fixed input Land Marginal product Total product Average product 1  5acres   9…

A:

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: Complete the following table by calculating marginal product and average product form the data…

A: Total Production is the production done by using the input  , Average Product refers the output per…

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: The average product of variable input is the ratio of total output product with respect to the total…