The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What’s your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, justify your answer why it happens with the help of table and diagrams

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

A: Step 1:The general formulas to determine the total output (TP), the marginal production cost of…

Q: Fill in the missing values for a, b and c. Units Total Marginal Average product of product product…

A: MP is the marginal product which is the change in total product by employing one more worker AP is…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

Q: From the production data in the table below, calculate the VMP for the 2nd unit of labor. Assume the…

A: The Value of Marginal Product (VMP) calculates the amount of a firm's revenue that a unit of…

Q: Q2.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The law of variable proportion states that as a for increases the quantity of one factor of…

Q: JayZee is the new sensation in the fashion industry, his cloth line is being appreciated and liked…

A: 1. In order to calculate the value of average product(AP), the formula is: Total product(TP)/Labor…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The effect of the combined efforts of the production factors is production. A fixed factor is one…

Q: A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines…

A: Given  wage for labor w =$200 rent of machine r =$1000 At current level of production, the Marginal…

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: The maximum possible weekly average product of labor in the plant is

A: Formula for average product/output: Average product = Total product / Number of worker

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: Answer the question on the basis of the following Information. Number of Total Marginal workers…

A: Total Product is the total amount of goods and services produced in an economy with given inputs at…

Q: Question 2 Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP) 1 100 250…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 2.1 Discuss the relationship that exists amongst the three short-run total cost curves. Motivate…

A: COST CURVES A cost curve in economics can visualize production costs as a function of total output.…

Q: Calculate the total labor cost and the marginal resource cost, and then fill in the blanks in the…

A: The marginal resource cost is the additional cost incurred by employing one more unit of the input.

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

A: A production function shows a unique relationship between inputs and outputs. Average product of a…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Factors of production are are inputs used in the production process, that results in the output. The…

Q: depending on the stages of production(increasing returns, diminishing returns, negative returns) can…

A: Solution: Law of variable proportion: It refers to the increase in quantity of only one input…

Q: he marginal product of the 14 th worker is 8 and the firm sells its output for $4 per unit. If labor…

A: MP of 14th worker = 8 Output sell  = $4 per output

Q: A common name for fixed cost is “overhead.” If you divide fixed cost by the quantity of output…

A: The average fixed costs AFC curve is downward sloping because fixed costs are distributed over a…

Q: 2. (Short-run costs, Evren wants to go into the donut business. For $500 per month he can rent a…

A: Given information Production function: Q = 5KL Where Q is tons of donuts K is capital  L is labor…

Q: Question 4 Marginal product is NOT... Group of answer choices the change in the total product…

A: "Marginal product indicate the change in total output from employing one more unit of input (keeping…

Q: You are thinking to start your food catering business by making rolled tacos, which are ed taquitos…

A: 1) Given,  MC = Change in TC/Change in tacos 1 2 3 4 5=3+4 6 7 = 4/1 8 = 5/1 Tacos Labor FC VC…

Q: 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept in economics that explains this situation is the law of variable proportions which…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept given in the situation is used in the stages of production in which a firm operates.…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Labor and Capital are two factors of production, whereas in short run, Capital is assumed to be…

Q: Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 100 30 15…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is the cost that remains same at…

Q: Explain who should handle the labor relation in concerned country. Is it the headquarters or…

A: The word "labor relations" refers to the process of making decisions in businesses that involve…

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: Q5. The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: According to the ‘Law of variable proportion’ there are three different stages of production:…

Q: If a firm has a constant returns to scale production function F(K,L), then the break even price does…

A: Return to scale: Returns to scale is a term used in economics that shows when the output level of a…

Q: What is average fixed cost? O the price of a fixed factor of production the total cost divided by…

A: please find the answer below.

Q: “My friend, Mike, is a CPA and owns his own tax business. During tax season, he hires additional…

A: Law of diminishing marginal returns states that as a person goes on increasing the amount of an…

Q: (Explicit and Implicit Costs) Determine whether each of the folowing is an explicit cost or an…

A: Explicit Cost:- Explicit costs are normal business expenditures that appear in general ledger…

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: The data in the table is for a firm in which labour is the only. variable cost and each unit of…

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

Q: Increasing marginal returns to labor A) describe the portion of a total product curve where the…

A: Marginal returns refer to the amount of output generated by the producer when it employed an…

Q: What economic factor explain the marginal product and average product of labour curve

A: Marginal product is the ratio of change in total product to change in quantity. Average product is…

Q: Lisa and Adam started a business that manufactures cutting tools. They sell the tools for $80 each.…

A: Use Formulas:   Total Variable Costs: TVC=VC x X   Total Costs: TC=FC+TVC   Total Revenue: TR=S x X…

Q: Which of the following describes the law of diminishing returns to labor?     A. When one more…

A: The law of diminishing returns to labour states that as more and more units of labour are hired in…

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The Law of diminishing marginal product is a short-run concept where some factors are fixed and some…

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…

Q: Define fixed and variable costs of production. Why do you think bigger firms may have a lower…

A: 1. Variable costs tend to vary based upon the amount of output being produced. They include…

Q: From the given figure Explain the differences between the universities’ cost structures for…

A: Marginal Cost: The marginal cost is the cost incurred by employing an additional unit. It can be…

Q: Question 2.A  From the table below illustrate the data in the table by graph            Table 1.…

A: Marginal product of labor is obtained when the change in total product is divided by the change in…

Q: Bonnie works one hour a week but looks every day for full time work. Roger quit his job now he…

A: Unemployment is a situation where a person is willingly finding a job but is unable to find one. The…

Q: Question attached

A: Total product is the total output produced when a change in the quantity of one variable input alone…

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.