Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed.   Number of Workers Units of Output 0 0 1 40 2 90 3 126 4 150 5 165 6 180   What is the firm’s average product when three workers are hired?

Q: Use the following table to answer the questions below.   Number of chefs Number of pizzas produced…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Suppose the hourly wage is $20 and the price of each unit of capital is $2. The price of output is…

A: The firm maximizes profit by hiring the number of workers at a point where MPE = w/p

Q: Suppose the marginal productivity of capital is 50 units of output and the marginal productivity of…

A: In financial matters, the marginal product of capital (MPK) is the extra creation that a firm…

Q: Consider a firm who owns capital K and has the following production technology Y = zF(K, N)= 2K³N³,…

A: A production function is a mathematical equation that expresses the relationship between the number…

Q: Capital (K) Labor (L) Output (q) 8 0 0 8 1 6 8 2 13.5 8 3 23.5 8 4 31 8 5 37 8 6 42 8 7 46 8 8 49 8…

A: Given information

Q: If a firm uses labor to produce output, the firm’s production function depicts the relationship…

A: Answer- the number of workers and quantity of output.

Q: q = VKL where q is the produced quantity, K is the level of capital used in production and L is the…

A: 20. According to the question ,  q = (KL)1/2…

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

A: Answer to the question is as follows:

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

A: Diminishing marginal return is the concept which tells about the declining rate of increasing…

Q: A short run production function of a competitive firm is given by Y=6L^(2/3) where Y represents the…

A: Given, Y = 6 L23 P = 3 W = 6

Q: Given the following production function. If the price of the output is $100. What is the Marginal…

A: Answer; Marginal Revenue product of labor = Marginal Product of labor * Price of output produced by…

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A: Marginal product of labor is the change in output that occurs when an additional unit of labor is…

Q: Suppose that capital and labour are perfect complements in a one-to-one ratio in a firm's production…

A: For creation of any good or service, we require inputs and such inputs are Known as factor of…

Q: How is division of labor defined? Select the correct answer below: The average cost of producing…

A: Division of labour is the partition of a work interaction into various errands, with each…

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

A: Marginal product of labor refers to the amount of change in quantity of output that occurs when one…

Q: In the short term, a firm cannot vary its capital and operates with K = 9.  It can, however, vary…

A: By differentiating the production function with respect to labor, we get the marginal product of…

Q: Suppose that a firm's only variable input is labor. The firm increases the number of employees from…

A: The labor market of the economy determines the equilibrium wage rate for the workers in the economy.…

Q: Suppose there are two primary factors of production, labour (L) and capital (K), and there are…

A: Given  Production function  Y=cKL ........ (1)  where c is constant  K denotes capital and L denotes…

Q: Consider the case of a firm that produces output x (sold at price p) using a production function x =…

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

Q: Recently, the Boeing Commercial Airline Group (BCAG) recorded orders for more than 15,000 jetliners…

A: Marginal product (MP) is the one additional input is used to produce extra output. The two factors…

Q: Suppose the marginal productivity of capital is 50 units of output and the marginal productivity of…

A: The Equilibrium condition: MPL/W =MPK/r

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A: Production function, in the study of economics, helps in establishing a relation between maximum…

Q: A firm's production function is: q = 20L1/2K1/2 where q is the firm's total product, L is the…

A: Given firm's production function is: q = 20L1/2K1/2 Price of labor is $25 per unit and the price of…

Q: . Consider the following information of a hypothetical fırm: Q = 100K0.6 L0.8; w = 1; r = 3 %3D A.…

A: Given  Production function: Q=100K0.6L0.8               .... (1) wage rate w=1 and rent r=3

Q: Consider the following set of data that looks at how output changes following changes in inputs.…

A: We can illustrate the definitions of Marginal Product of Labor to answer this question.

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A: A firm, in order to maximize profit, will keep on hiring workers till marginal revenue product of…

Q: Suppose that we are in there long-run and a firm is choosing K and L to cost minimize. Suppose that…

A: Marginal rate of technical substitution shows the ratio of marginal product of labor to marginal…

Q: A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is…

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A: When MC = AVC, we know that MP = AP MP = dX/dL = - 0.6L2 + 36L + 1620 AP = X/L = - 0.2L2 + 18L +…

Q: suppose that we are in there long-run and a firm is choosing K and L to cost minimize. Suppose that…

A: A firm minimizes cost of production by hiring a combination of inputs where marginal rate of…

Q: Q48 If the marginal product of labor divided by the price of labor is less than the marginal product…

A: Marginal product of labor is defined as the change in the output caused by employing additional…

Q: F (L, K) = L0.2K0.7， The wage rate (price per unit of labour) is w = 2 and the capital rental rate…

A: Answer in step 2.

Q: c) Give a formal definition of increasing, decreasing, and constant returns to sale, and determine…

A: Increasing Returns to Scale Increasing our inputs by m increases our output by more than m. Constant…

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A: Please find the answer below.   PRODUCTION FUNCTION: Production function, in economics, expresses…

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: he following are correct descriptions about the concept of Marginal Productivity of Labor (MPL),…

A: The output being produced by a company through employing additional labor units when all of the…

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

A: Average product refers to the total output produced divided by the quantity of the variable input…

Q: The following table shows the relationship between workers and output for a small factory in the…

A: The marginal product of labour (or MPL) alludes to an organization's expansion in absolute…

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A: Marginal Product is the change in the total output with the production of one more additional unit…

Q: A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity…

A:

Q: QUESTION 20 If the first worker produces 10 picture frames a day, and the second worker produces 9…

A: Total Output or Total Product refers to the total quantity produced by the firm using labor, capital…

Q: A short run production function of a competitive firm is given by Y=6L^(2/3) where Y represents the…

A: The production function is defined as the express the relationship between the productive factors…

Q: Based on the table below answer the following questions ( a) are diminishing marginal returns of…

A: Marginal Returns is the additional returns in output due to an additional unit increase in input.…

Q: The short-run production function for a manufacturer of flash memory drives is shown in the table…

A: a) Average product is the output produced per unit of labor.Formula for calculating average product:

Q: A profit maximizing firm produces output using capital, K, and labour, L, in the following…

A: Profit is maximized when the marginal rate of technical substitution is equal to the ratio of prices…

Q: The following is a total-product schedule for a resource. Assume that the quantities of other…

A: Total product is the total output produced using factots of production or resources. Labor, capital…

Q: Suppose the marginal productivity of capital is 50 units of output and the marginal productivity of…

A: In financial matters, the marginal product of capital (MPK) is the extra creation that a firm…