the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.
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If the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________.
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- why is 1-l1 hours worked and not just l1 as it states in the questionQ)What is the difference between the average product of labor and the marginal product of labor? Average product shows all explicit and implicit costs while marginal product shows output per unit of labor. Average product shows the change in output that results from employing one additional unit of labor while marginal product shows total output at some level of employment. Average product shows total output at some level of employment while marginal product shows output that results from employing an additional unit of labor. Average product shows output per unit of labor while marginal product shows output that results from employing an additional unit of labor.If output is produced according to Q = ( KL) 3/4, then this production process exhibits: a.first decreasing and then increasing returns to scale b.first increasing and then decreasing returns to scale c.increasing returns to scale d.decreasing returns to scale e.constant returns to scale Hedge Fun is a landscaping firm that specializes in topiary. Last year, the firm had 60 employees and served 120 customers. This year, it had 70 employees and served 140 customers. The average product of labor is at a maximum when the number of customers is: a.equal to 120 b.greater than 140 c.equal to 140 d.between 120 and 140 e.less then 120
- The information below shows the relationship between the number of workers and the amount of computer chips they can produce. Computer Chip Factory Labor and Production Levels Labor (number of workers) Total Product (computer chips) 0 1 2 3 4 O 100 250 450 550 What is the average product when there are two workers?1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of laborQuestion 5 Q5. Jessie, a pharmacist, is planning on opening her own pharmacy. Jessie Pharmacy is expected to generate yearly revenue of $500,000. Jessie will run the pharmacy herself on fulltime basis. Jessie’s alternative employment options are as follows: - Continue to work as a senior medical representative for $50,000 per year. - Accepts a research position in another company for $70,000 per year. Jessie expects to spend $350,000 per year on purchasing drugs and cosmetics for resale to her customers. She will also need to hire three employees: an assistant, an accountant and a custodian, for whom the total salaries to be paid are expected to be $48,000 per year. Jessie owns the building in which her pharmacy is supposed to be; however, she could rent the pharmacy-store space out for $42,000 per year. Calculate Jessie’s accounting profit and economic profit. In your opinion, should Jessie proceed with opening her own pharmacy? Justify your answer
- Q33 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital and finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is Multiple Choice 32 14. 8 1 5A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).The factor distribution of income: refers to the pattern of income that people derive from different factors of production. shows how much income people get from labor compared to land and capital. hasn't changed substantially in the last century in the United States. All of these are true.
- The table below shows the number of workers and total output. Calculate marginal and average product for each worker. Number of Workers Total Production Marginal Product Average Product 1 100 2 220 3 300 4 340 The marginal product of the third worker is Blank 1 and the average product when three workers are employed is The marginal product of the fourth worker is Blank 3 and the average product when fourth workers are employed isThe __________ is the belief that work is an obligation and that capital should be reinvested for further profits ratherthan used for immediate enjoyment.Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
