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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 PLEASEQuestion: Define the isoprofit curve and the isocost curveKnown function is the production of a commodityQ = 40X + 12X2 - 1.2X3a. Calculate how many units of input X in order to achieve maximum total productb. Calculate how many units of input X in order to achieve maximum marginal productc. Calculate how many units of input X in order to achieve maximum average product
- What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?Among the three stages of production, until what point should one produce considering the law of diminishing marginal product?When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shaped
- What shapes would you generally expect a total product curve and a marginal product curve to have?Suppose that output is a function of labor and capital. Assume that labor is the variable input and capitalis the fixed input. Explain the law of diminishing marginal product. How is the law of diminishingmarginalWhat is the law of diminishing marginal product, In which stages of production it manifest and What is the logical justification for the law of diminishing marginal
- Isoquant curves and isocost curves are tools that can explain how a firm might best respond to changes in the production environment. Present an example of an isocost curve where labor and capital are the two inputs, and explain what it is using language someone not trained in economics could understand. Present an example of an isoquant in the same diagram you used for your isocost curve, and draw the isoquant so it cuts the isocost curve twice. Explain what an isoquant is using language someone not trained in economics could understand. Label the two points A and B, where the isocost and isoquant curves intersect. Present a logical argument that explains why the firm should operate neither at point A nor point B, and present a point that would be optimal by drawing a new isoquant curve in the diagram. Add a second isocost curve to your diagram such that the firm is spending more money on inputs. Add a third isoquant to your diagram to show a firm that would become more capital…Explain Isocost line?Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.