The table provides information about the relationships between labor and various product measures The amount of labor that maximizes the marginal product of labor is Total product Marginal Average Labor (workers) (units) product product O. 3. 2. 45 3. 14 4. 19 Select one a. 2 units of labor b. 4 units of labor C3 units of labor. s units of labor.
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A: Q=300L0.5K0.5 4000=30L+50K
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A: MP(marginal product) and AP(average product) are calculated as: MPn=TPn-TPn-1APn=TPnL
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- Each extra worker produces an additional unit of outputup to six workers. As more workers are added, noadditional output is produced. Draw the total product oflabor, average product of labor, and marginal product oflabor curves in a graph SHOW IN EXCEL PLEASEDraw a total production graph where you indicate how total production changes whenthe number of workers increase. Use the total production graph to explain the differencebetween marginal product and diminishing marginal productWhat is meant by the average physical product (APP) and marginal physical product (MPP) of labour? .................................................................................................................................................... Fill in the table on the previous page to show the values of APP and MPP in columns (3) and (4) respectively. (Remember that the MPP values should be between each unit of labour.) (c.) Draw the APP and MPP curves on the graph below.
- The marginal product of effort, a typical worker in fast-food burger joint, is one- fourth burgers per hour; that is, MPe = .25The price of a burger is $2. The figure graphs Mac’s marginal cost of effort. If Mac increases his effort by one unit per hour, the change in the burger joint’s revenue is $ per hour. That is, what is VMPe , the value of Mac ‘s marginal product of effort ? Plot the VMPe curve in the figure. Mac efficient effort e^ is the solution to what equation? Illustrate the solution in the figure. Mac efficient…Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.4. Considertheproductionfunction f(L;K)=L+K. a. Suppose K is Öxed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). b. Graph the functions in part a.
- Q(A) Use the following information to show the producers equilibrium under the isoquant/ isocost approach. a) Data below shows the combinations of two factor of production. Use the following data and plot the isoquant curve. combinations units of uk unit of l A 18 2 B 12 3 C 9 4 D 6 6 E 4 9 F 3 12 G 2 18 (b) Let the price of labor is Rs 1 per unit and the price of capital is Rs.4. Total expenditure of the firm is Rs.36 then find two bundles to plot isocost line.Suppose that aKC = 5, capital used to produce one yard of cloth. aLC = 8, labor used to produce one yard of cloth aKF = 4. capital used to produce one calorie of food aLF = 6. labor used to produce one calorie of food. Which of the following is True? a. Cloth is labor intensive. b. Food is labor intensive. c. Both food and cloth are labor intensive. d. Both food and cloth are capital intensive.3. Production of taxi rides (15%) GlobalTaxi runs taxi services around the globe. GlobalTaxi uses two inputs in production: capital K and labor L. Capital has a rental cost of r, while labor is paid a wage w. (a) Derive the expression for GlobalTaxi's isocost function with labor on the right-hand side, and explain what it means. (b) Explain what happens to the slope of the isocost function when the wage w increases. How will an increase in w typically affect the choice of inputs for a company that has a smoothly declining marginal rate of technical substitution? Why?
- What Is marginal rate of substitution?Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}. The inputs are perfect complement.If he uses 0.5 kg of wool and 3 hours of labour, he can produce 1 t-shirt. Draw an expansion path on a diagram and derive an expression for the expansion path. How does it depend on the wage and the price of wool?Q3) A chair manufacturer hires its assembly-line labor for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of labor or machinery in any combination. Graphically illustrate the isoquant and the two isocost lines for the current combination of labor and capital and for the optimal combination of labor and capital.