The following are the points on a production function. Units of Labor (L) Total Output 0 100 300 (Q) 0 15000 25000 Consider the graph of the marginal product as a function of labor based on the table above. The marginal product from 0 to 100 units of labor would equal units of labor. and would be drawn as line between 0 units of labor and 100 The marginal product from 100 to 300 units of labor would equal 300 units of labor. and would be drawn as line between 100 units of labor and

Complete the table directly below by calculating MP and AP. Inputs ofL  TP MP AP 0  01 152 343 514 655 746 807 838 82 Plot the TP, MP and AP and explain in detail the relationship between eachpair of curves. Explain why PM first rises, then declines, and ultimatelybecomes negative.

Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.

Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…

1. Fill in the column for Marginal Product of Labor and Average Product of Labor and Plot the Charts for ( a) Production Function and (b) Marginal Product of Labor (4) (2) (3) (1) Total Labor Units Product (Employees) (Sandwiches per Hour) Average Marginal Product of Labor (Total Product Product of Labor Labor Units) 1 10 25 3 35 4 40 42 42

The amount of fish  caught per week an a trawler is a function of the crew size assigned  to operate the boat. Based on past data, consider the following production function identifying  the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L)    Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988

You have been hired by Kia as manager for its Pakistan operations.  Assume following is the short-run production function at their assembly plant outside Karachi:             Q = 10L2 – 0.5 L3      where L is variable input labor, Q is output of Cars assembled   1.Find the ranges of the three stages of production. 2.Demonstrate the relationship between Total Production, Marginal Product and AverageProduct in a hypothetical graph and clearly label the three stages as per the values of Lyou observed in (a) above   3.At the end of the year it is expected that output will double with purchase ofnew equipment and machinery. The production function is estimated to be                           Q = 60L.30K.70    where L is labor and K is capital.   Suppose initial L1 = 1 and K1 = 1. When inputs are in increased to L2 = 2 and K2 = 2, do you observe increasing, decreasing or constant returns to scale?   4.Assume Kia Head Office is considering hiring more laborers either at their Gwadarplant or…

In the example presented by this graph, what is total output when the fifth worker is added? The Production Function and Marginal Product Total Output Total output Number (number of meals of workers served per hour) Marginal product of labor 70 30 10 10 15 15 123456789 10 Number of workers 30 (a) 12 42 Marginal Product of Labor 10 52 15 60 10 65 8. 67 -5 6. 63 -10 456 789 10 Number of workers 10 55 (b) Click to view larger image. a. 52 lawns moved b. 50 lawns moved С. It cannot be determined with the given information d. 54 lawns mowed

The table provides information about the relationships between labor and various product measures The amount of labor that maximizes the marginal product of labor is Total product Marginal Average Labor (workers) (units) product product O. 3. 2. 45 3. 14 4. 19 Select one a. 2 units of labor b. 4 units of labor C3 units of labor. s units of labor.

Microeconomics - Production FunctionA firm produces shoes using labor (L) and machinery (K) as factors of production. Its production function is          Q = K1/3 * L2/3. Answer:(a) is the marginal product of labor (MPL) decreasing?b) is the average product of labor (APL) decreasing?c) what is the relationship between the average product (AP) and marginal product (MP) curves?d) what type of returns to scale does Q exhibit?