A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours (Quantity of fish in pounds) 0 hours 0 lb. 1 10 2 18 3 24 4 28 5 30 a. What is the marginal product of each hour spent fishing? b. Use these data to graph the fisherman’s production function. Explain its shape. c. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 per hour. Graph the fisherman’s total-cost curve. Explain its shape.

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The marginal physical product of labour can be defined as the increase in firms' revenue due to the…

Q: The table below describes the production function for a candy maker. Number of Output Marginal…

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

Q: 1) Consider the long-run production of shirts. The cost of the indivisible inputs used in the…

A: When all inputs are considered variable and production scale is flexible, the long-run average total…

Q: Use the following data to answer the question. 14 Total Product Inputs of Labor 1. 22 2. eBook 3.…

A: Average product is the total quantity of output per unit of labor input.

Q: Question 32 The following table shows the information about the production function for Dave's…

A: Here, the output level and quantity of labor  related to Dave's ice-cream shop is given to explain…

Q: The following table represents data for a salon. Draw a graph showing total product , marginal…

A: Total product refers to the total output produced by the firm with the given input at a specific…

Q: Daad Karim is a fisherman in Gawadar.   Hours  Quantity of fish in Kilograms 0 0 1 5 2 9 3…

A: Marginal product (MP) = Change in Q / Change in L L Q MP 0 0   1 5 5 2…

Q: nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The…

A: The average product of labour is found by dividing the total product of labour (TPL) by the amount…

Q: Daad Karim is a fisherman in Gawadar. Following is the relationship between the hours and he and his…

A: MPL = Change in Q / Change in L L Q MP 0 0   1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: the number of workers increase. Use the total production

A:

Q: The following table gives the output achievable for various combinations of inputs. There are only…

A: Isoquant shows all the possible combinations of inputs that provide the same amount of output.

Q: Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the…

A: Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Q: In the example presented by this graph, what is total output when the fifth worker is added? The…

A: when the 5th worker added, the total output is 52.

Q: Assume that labor and capital are the only inputs used by a firm. Capital is fixed at 5 units, which…

A: Total cost consists of fixed cost and variable cost. Fixed cost is independent of output and…

Q: commercial fisherman notices the following relationship between hours spent fishing and the quantity…

A: Answer and Explanation: A) The MP of every hour spent fishing is provided in the table below. The…

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to change in total product or output by adding one more unit of input.

Q: Question 8

A: The correct solution is option (b).

Q: Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for…

A: Total product is calculated in the below table. When labor increase from two to three workers, the…

Q: 6. The relationship between marginal physical product and margınal cost Hubert's Big Burger is a…

A: Marginal product is the additional output that is generated when one more unit of the variable input…

Q: 2. A firm is using 7 units of labor and 100 units of capital to produce 1000 units of goods. At…

A: Cost of labour is $15 per unit but quantity is less Cost of capital is $2 but quantity is more

Q: 9. If a firm moves from one point on a production isoquant to another point on the same isoquant,…

A: Since you have posted multiple questions, we will solve only the first question for you. If you want…

Q: Homer's Donut Shoppe has the production function q = 3L0.5. What is the average product of labor at…

A: The production function shows relationship between inputs and output, that is how factors production…

Q: 0:54:02 Peter's Pancakes sells various flavoured pancakes. To produce 1,000 pancakes, the firm…

A: Factors of production are needed to produce final goods. The factors of production used to make…

Q: Q2. Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these…

A: Marginal Cost(MC) is defined as an addition to total variable cost(TVC) when 1 extra unit of output…

Q: Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: MP(marginal product) is the change in the TP(total product) when an additional unit of worker is…

Q: Tiva has a crafts store that makes jewelry using beads (B) and copper (C). Her production function…

A: Given  Production function: Q=B0.4C0.4                .... (1) Where B denotes beads and C denotes…

Q: The saying “too many cooks in the kitchen can spoil the stew” can be used to describe the concept of…

A: According to the law of declining marginal returns, adding a new factor of production leads to…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units of…

Q: Grease Tech produces oll changes. The production of oil changes relles on both capital () and labor…

A: Answer-

Q: In the example presented by this graph, at what number of workers does the point of diminishing…

A: Diminishing MP(marginal product) shows that when the labor(number of workers) rise, the MP falls and…

Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…

A: Marginal product of labor is the additional output produced with an additional unit of labor hired.

Q: Complete the following table by calculating marginal product and average product. Instructions:…

A: Formulas which we are going to use in this question are: 1. Marginal Product (MP) = Total Product at…

Q: Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q =…

A: When the inputs are perfect complements, isoquant is L-shaped.

Q: 3. We often work with production technologies that give rise to initially increasing marginal…

A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…

Q: The following table depicts the number of grapes that can be picked in an hour with varying amounts…

A: Number of Pickers (Per hour) Total product (output) Marginal Physical Product (MPP) MPP =…

Q: Consider the following short run production information: Marginal Product Average Product of Labor…

A: Marginal product = Change in total output/change in input

Q: Output Marginal Labor (Q) Product 20 1 20 50 2 100 10 5 130 6 135 In the table above, what is…

A: A production function illustrates the relationship between the inputs used and the output produced…

Q: Question 1 Homework Answered Using the production function Q=(K^(3/2)) (L^(3/2)), what is the…

A:

Q: 3.2.2 Use the law of diminishing marginal returns to explain the shape of the marginal physical…

A: The law of declining marginal returns is an economics theory that states that once a certain level…

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.