PRINCIPLES OF MICROECONOMICS (OER)
2nd Edition
ISBN: 9781947172340
Author: Timothy Taylor, Steven A. Greenlaw
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 7, Problem 5SCQ
If two painters can paint
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
Shan's Dumpling House can produce 100 dumplings, using one worker, and 175 dumpling, using two workers. What is the marginal product of the second worker?
Explain your answer.
This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed.
Number of workers
Total output (number of cars washed per hour)
0
0
2
10
4
26
6
40
8
50
10
58
12
62
Use this table to find the marginal product of labor for the following workers:marginal product of labor for the 4th worker: marginal product of labor for the 6th worker: marginal product of labor for the 10th worker:
Chapter 7 Solutions
PRINCIPLES OF MICROECONOMICS (OER)
Ch. 7 - A firm had sales revenue of 1 million last year....Ch. 7 - Continuing from Exercise 7.1, the films factory...Ch. 7 - The WipeOut Ski Company manufactures skis for...Ch. 7 - Based on your answers to the WipeOut Ski Company...Ch. 7 - If two painters can paint 200 square feet of wall...Ch. 7 - Return to the problem explained in Table 7.13 and...Ch. 7 - Suppose the cost of machines increases to 55,...Ch. 7 - Automobile manufacturing is an industry subject to...Ch. 7 - What are explicit and implicit costs?Ch. 7 - Would you consider an interest payment on a loan...
Ch. 7 - What is die difference between accounting and...Ch. 7 - What is a production function?Ch. 7 - What is the difference between a fixed input and a...Ch. 7 - How do we calculate marginal product?Ch. 7 - What shapes would you generally expect a total...Ch. 7 - What are the factor payments for land, labor, and...Ch. 7 - What is the difference between fixed costs and...Ch. 7 - How do we calculate each of the following:...Ch. 7 - What shapes would you generally expect each of the...Ch. 7 - Are there fixed costs in the lung-run? Explain...Ch. 7 - Are fixed costs also sunk costs? Explain.Ch. 7 - What are diminishing marginal returns as they...Ch. 7 - Which costs are measured on per-unit basis: fixed...Ch. 7 - What is a production technology?Ch. 7 - In choosing a production technology, how will...Ch. 7 - What is a long-run average cost curve?Ch. 7 - What is the difference between economies of scale,...Ch. 7 - What shape of a long-run average cost curve...Ch. 7 - Why will firms in most markets be located at or...Ch. 7 - Small Mom and Pop firms, like inner city grocery...Ch. 7 - A common name for fixed cost is overhead. If you...Ch. 7 - How does fixed cost affect marginal cost? Why is...Ch. 7 - Average cost curves (except for avenge fixed cost)...Ch. 7 - What is the relationship between marginal product...Ch. 7 - It is clear that businesses operate in the short...Ch. 7 - Retune to Table 7.2. In the top half of the table,...Ch. 7 - How would an improvement in technology, like the...Ch. 7 - Do you think that the taxicab industry in large...Ch. 7 - A firm is considering an investment that will earn...Ch. 7 - Return to Figure 7.7. What is the marginal gain in...Ch. 7 - Compute the average total cost, average variable...Ch. 7 - A small company that shovels sidewalks and...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What is the best way to control labor costs? What tools are discussed in the chapter that may be used to help c...
Construction Accounting And Financial Management (4th Edition)
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (11th Edition)
Journal entries, T-accounts, and source documents. Visual Company produces gadgets for the coveted small applia...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Winterfell Products manufactures electrical switches for the aerospace industry. For the year ending 2019, they...
Principles of Accounting Volume 2
Define cost object and give three examples.
Cost Accounting (15th Edition)
When do you use the Bond Discount Account?
Principles of Accounting Volume 1
Knowledge Booster
Similar questions
- What shapes would you generally expect a total product curve and a marginal product curve to have?arrow_forwardGive the three reasons that explain why the division of labor increases an economys level of production.arrow_forwardThe following table contains the relationship between a number of trainers working at a new gym and the number of clients they can train. These clients represent the output of trainers. Clients pay $40 per session. Number of Trainers Clients Trained 1 10 2 50 3 80 4 100 5 110 6 115 a. Find the marginal product of labor (MPL) and the value of the marginal product of labor (VMPL) for each additional trainer hired and record these numbers in columns in the table. b. Premier trainers earn $200 an hour. How many trainers will the gym hire?arrow_forward
- If a fisherman catches fish from river then which factor of production is he using for his production? Explain this factor in detailarrow_forwardSuppose Jerry pays $20 daily fee to operate in the ski resort, $40 a day for equipment need to make snowboards, and $200 a day to each worker. Complete the following table.arrow_forwardConsider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.) Labor Capital Output Marginal Product of Labor 0 1 0 - 1 1 80 2 1 240 3 1 320 4 1 360 5 1 380arrow_forward
- Use a graph to illustrate and explain the individual supply of labour curve. In youranswer, describe the forces that determine the form (shape) of the individualsupply of labour curve.arrow_forwardExplain how a firm’s production function is related toits marginal product of labor, how a firm’s marginalproduct of labor is related to the value of its marginalproduct, and how a firm’s value of marginal productis related to its demand for laborarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxExploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
- Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage LearningPrinciples of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningPrinciples of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning