You are the owner of a puppet manufacturing company. Suppose that labour is the only variable input to the production process. If the marginal cost of production is diminishing as more units of output are produced, what can you say about the marginal product of labour?

Q: Suppose that hiring a third worker at the campus coffee shop increases sales from $115 per hour to…

A: marginal product of a person refers to the additional output by produced by a person when it…

Q: Suppose that the production of crayons ( qq ) is conducted at two locations and uses only labor as…

A: A production function illustrates the relationship between the quantity of inputs used and the…

Q: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

Q: Given: A farmer raises apples using land (K) and labor (L), and has an output of ?(?,?)= ?0.5?0.5…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: If we assume that labor is the only variable input, the slope of the short run total product curve

A: Marginal Product of labour is defined as the increase in total production of the company when one…

Q: Suppose the machine rental rate decreases from $20 per hour to $10 per hour, while the rental rate…

A: On an isoquant map, isoclines are curves that cross through locations with similar marginal rates of…

Q: Prunella raises peaches where L is the number of units of labor she uses and T is the number of…

A: Given  Production function  f(L,T) = LT

Q: The marginal product of labor for the third hour of labor is ...????. ​(Enter your response as an…

A: 1) Marginal product of labor for 3rd unit is  MPL= TP3-TP2         = 120-90         = 30 2)Value of…

Q: Suppose that labour is the only variable input to the production process. If the marginal cost of…

A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

Q: The marginal product of labor (MPL) is defined as

A: The firm would result in profit maximisation by maximising the revenue which would be earned by the…

Q: Suppose that hiring a third worker at the campus coffee shop increases sales from $115 per hour to…

A: Answer: The marginal product of labor: marginal product of labor refers to the number of additional…

Q: Combination of capital and labor necessary to produce a given level of output is .called

A: Capital and labor are given as inputs here.

Q: You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned…

A:

Q: Assume the total product of two workers is 100 and the total product of three workers is 150. The…

A: Average product is the per unit production and marginal product is the additional production.

Q: In short-run production where labor is a variable input, the relationship between marginal product…

A: We are given, Economy is in short run. Labor is the variable input. Marginal cost of production =…

Q: With a Cobb-Douglas production function of Y= K$L$, What are the marginal product of capital and the…

A: Y = K25L35

Q: If output per per person is .25 and the wage rate is 10,what is the average variable cost?

A: Answer: Given, Output per person=OutputL(units of labor)=0.25Wage rate(W)=10 To find, Average…

Q: 2. Given the production function, Q = 96KL - 3K² - 4L² Find the marginal product of labor and…

A: Marginal product refers to the increase in the total product because of one additional unit of…

Q: What is the total cost when the marginal product of labor is 15? What is the total variable cost…

A: The marginal product of labour can be calculated by dividing change in output by change in labor.…

Q: Consider a firm that produces car repairs. All inputs are fixed except the number of workers hired…

A: Marginal Product = Change in Total Product / Change in Number of Workers The marginal product of…

Q: (v) Find the ratio of the marginal productivities of two inputs, at L =2 and K= 3 when the…

A: Q = 8LK - L2 -K2  MPk= ∆Q / ∆K = 8L - 2K  MPl= ∆Q / ∆L = 8K - 2L

Q: Consider the table below that describes the production function for a good (Q) in terms of inputs…

A: Marginal product is the additional output produced by employing an additional unit of input.

Q: The following figure shows a firm's marginal and average product curves for labor, the only variable…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto…

A: The profit maximizing firm hire the labor at the point where the marginal revenue product of labor…

Q: Assume that the marginal cost of production is less than the average variable cost. Can you…

A: Average Variable Cost refers to the variable cost per unit of output. It can be calculated by…

Q: When the marginal product of labor is increasing marginal cost is decreasing constant increasing at…

A: The marginal cost is the cost of producing an additional one unit of output. Marginal products of…

Q: Show that a firm's marginal product of labor MP(E) intersects the maximum point of its average…

A:

Q: 1. What is the optimal level of Labor that maximize marginal production if the production function…

A: the marginal product or marginal physical productivity of an input is the change in output resulting…

Q: If we have information about workers’ marginal products, then total and average product can be found…

A: Summing the marginal values will give total product.

Q: The following production function describes the production of buttons made of plastic: q = (4K0.5…

A: Production function is given by q = (4K0.5+L0.5) r = 10000 w = 5000   The marginal rate of technical…

Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…

A: The marginal product of labor denotes the additional output that a firm is able to produce by…

Q: Does additional input of labor entail a steady increase in the output of a firm? Why or Why not?

A: "Factors of production are resources that are used to produce goods or services." There are various…

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

A: Fixed cost is independent of output produced. Whereas variable cost varies with the level of…

Q: Item 9 The following graph shows the marginal and average product curves for labor, the firm's only…

A: When L = 60, TVC = 2,000 x 60 = 120,000 AVC = TVC / Q = 120,000 / 3,600 = $33.33

Q: .Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50.  What is the…

A: MPL=10 w=50

Q: Answer the question on the basis of the following output data for a firm. Assume that the amounts of…

A: Marginal product: A marginal product is defined as the change in output as a result of utilizing an…

Q: Con Co. produces a collectible card game. Currently, the price of capital is at $50 and the price of…

A: Marginal product of labor is the output produced when an additional unit of labor is hired in the…

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: is it true that the marginal cost curve is represented by a quadratic equation if the total cost…

A: When a firm generates output to earn revenue, it tries to serve an output level at which it is able…

Q: Assuming the firm is minimizing its cost and the price of labour is $10 per unit and the price of…

A: In economics, the marginal product of labor is the change in output that results from employing an…

Q: What is the average product of labor, given that the level of labor equals 15, total output…

A: Labor are the people who work in the business organization and get salaries/wages in return. Labor…

Q: With appropriate examples explain how marginal cost is related only to total variable cost.

A: Cost Cost refers to the actual expenditure on inputs (i.e. explicit cost) and the imputed value of…

Q: Joe's coffee shop has the production function, q= 4k0.5 L0.5. If the price of labor, L, is 5 and the…

A: q= 4k0.5 L0.5 PL = 5 PK = 20 q=200