Total Product Average Product Workers (Pretzels per hour) (Pretzels per worker) 1 2. 3 In the previous table, fill in the Average Product column. Then, on the previous graph, use the blue points (circle symbol) to plot the average product (AP) curve at 1, 2, 3, 4, and 5 workers. (Hint: Be sure to plot from left to right.) Marginal product (MP) and average product (AP) curves always intersect at the of the curve.

Total Product Average Product Workers (Pretzels per hour) (Pretzels per worker) 1 2. 3 In the previous table, fill in the Average Product column. Then, on the previous graph, use the blue points (circle symbol) to plot the average product (AP) curve at 1, 2, 3, 4, and 5 workers. (Hint: Be sure to plot from left to right.) Marginal product (MP) and average product (AP) curves always intersect at the of the curve.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

See similar textbooks

Similar questions

A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
The average product of labour is the output per employee often called labour productivity. Use the information in table 17.1 to answer the question below. Table 17.1 Output units Number of employees 1 000 10 2 500 20 6 000 30 7 000 40 8 000 50 As the number of employees increases from 10 to 50 the average product of labour: a) Is constant b) Falls then rises c) Rises d) Falls
Labor 2 3 4 5 6 7 8 9 10 11 TP of labor 10 20 38 40 38 34 AP of labor 7 6.8 5 3.4 MP of labor 8 6 2 -6 Fill in the missing values in the table. Based on your answers to (a), draw the total product, average product and marginal product of labor curves. (Please do not use graphing paper) What will happen to the firm’s total product of labor curve if it decides to use more capital. Explain your answer.
Fill in the tableTotal, Average, and Marginal Product of a Soap ManufacturerNumber of Workers Total Output perdayAverage Product Marginal Product1 50 bars2 1253 2204 3205 4106 4907 5608 6109 64010 630A. Using the data in the table, graph and explain the following:a. Total Outputb. Average Productc. Marginal Product
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 is
I need help with econ multiple hw questions asap! 101) Typically, as a firm hires additional workers, what happens to the marginal product of labour and the value of the marginal product of labour? A. The marginal product of labour and the value of the marginal product of labour both decrease. B. The marginal product of labour decreases, and the value of the marginal product of labour increases. C. The marginal product of labour stays constant, and the value of the marginal product of labour decreases. D. The marginal product of labour decreases and the value of the marginal product of labour stays constant. 100) If the price of airline tickets falls, what will happen to the demand curve for flight attendants? A. The slope of the demand curve will decrease. B. It will shift to the left. C. It will shift to the right. D. The slope of the demand curve will increase.
Given the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (AP) and marginal product (MP) of labor curves
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
Complete the following table by finding total product (tp), Average product (ap), Marginal product (mp) and draw a graph of tp, ap, mp and also explain the stage of production input of labor Total Product Average Product Marginal Product (L) (tp) (ap) (mp) 0 0 1 8 2 18 3 25 4 30 5 33 6 34
Pls explain in simplest way how the marginal product of labor and the average product of labor change as the quantity of labor employed increases (a) initially and (b) eventually
The table below shows the information on labor and total output for a firm. Labor Total output Average product Marginal product 0 0 1 6 2 16 3 24 4 28 5 30 6 30 7 28 8 24 Based on the table above, a) find average product and marginal product for every input of labor. b) Draw curve of total product, average product and marginal product for each level of labor. (You can use excel to draw the curve) c) State the relationship between marginal product and total product.
31. Based on the above figure, for which of the following levels of output at Ike's Ice Cream Kitchen does the marginal product of labor exceed the average product of labor? A. at 40 gallons B. at 70 gallons C. all of the above D. at 10 gallons