1 diminishing marginal returns vill set in after the very first unit f labour isb employed? What do he average product, and marginal roduct curves look like in this case?

Q: 1. True of False: if false, please explain why a. A firm with a small labor force typically…

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

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: a) Why is the marginal product of a variable input like labour likely to increase initially in the…

A: Ans. (a).  Marginal Product is defined as the change in total out total output caused due to an…

Q: a) Determine whether the following production functions exhibit increasing, constant, or decreasing…

A: If Q(tF,tK)=ta Q(F,K), then, when a>1, the firm is earning increasing returns to scale when a=1,…

Q: From the production data in the table below, calculate the VMP for the 2nd unit of labor. Assume the…

A: The Value of Marginal Product (VMP) calculates the amount of a firm's revenue that a unit of…

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

A: ATC = TC/Q Where, ATC = Average total cost TC = total cost Q= Output

Q: is Labour and C is Capital. Find the slope of isoquant. What will be the slope when L= 20 Example 6…

A: An isoquant is a graphical representation of  combinations of capital and labor that a firm can use…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The effect of the combined efforts of the production factors is production. A fixed factor is one…

Q: he lable is för à firm in which labour is the only variable cost and each unit of labour costs the…

A:

Q: Quantity Quantity Marginal Return to Additional Labour Variable Cost Total Cost Fixed Cost ($) of of…

A: The marginal return for second worker is calculated as follows.

Q: Number of Returns per Day Number of Accountants 2. 3. 12 17 20 4. in 22 Assuming the quantity of…

A: Given: Number of Accountants (A) Number of returns per day (B) 0 0 1 5 2 12 3 17 4 20…

Q: Suppose a hole can be dug in one hour with a small shovel and in half an hour with a large shovel.…

A: Iso-Quant Curve (Equal Product Curve) -:…

Q: Labor (L) Average Product of Labor (APL) Marginal Product of Labor (MPL) Capital (K) Quantity of…

A: here we fill the table as follow=

Q: Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is…

A: The functional relationship between the factors of production (inputs) and output is shown by the…

Q: depending on the stages of production(increasing returns, diminishing returns, negative returns) can…

A: Solution: Law of variable proportion: It refers to the increase in quantity of only one input…

Q: he marginal product of the 14 th worker is 8 and the firm sells its output for $4 per unit. If labor…

A: MP of 14th worker = 8 Output sell  = $4 per output

Q: Answer All Questions 1. A firm has the following short run production function Q = 50L + 6L² – 0.5L…

A: We are going to find average product of labour, marginal product of labour and single variable…

Q: A production function is represented by P=f(L), where L is labour. As input L increases, the total…

A: Marginal product is the addition in total product when one more unit of variable factor is employed.…

Q: (a) Calculate the marginal (physical) product of the third worker. (b) Define the law of diminishing…

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

Q: If a firm was interested in determining whether costs were increasing rate or increasing at a…

A: Answer to the question is as follows :

Q: A production function is given by q=4L^( 2/3) k^ ('/?) where L = labour, k = capital. (a) Find…

A: The change in the total output when one additional unit of input is added, is known as the marginal…

Q: A production function is given by q=4L^( 2/a) k^ ('/^) where L = labour, k = capital. (a) Find…

A: Marginal product of an input factor is the change in the output with an additional input factor. The…

Q: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 6 28 7 25 a. Calculate the average and…

A: The average product of labor is derived by dividing the total product by the inputs. It is also…

Q: How does the marginal product curve behave when there are diminishing returns to a factor. Give…

A: # Marginal product is the additional value added to total product with one more unit of labor taken…

Q: onsider a short run production function q = cL+K where the value for c =: sing L units of labour and…

A: Returns to scale measures the proportionate change in output if all inputs are changed by the same…

Q: a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does…

A: Production refers to the process of using inputs to make useful output. The functional relationship…

Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…

A:

Q: Please explain why the marginal cost decreases first and then increases in your own words. Please…

A: Marginal cost is the cost of producing an additional unit of goods. It is a U-shaped curve.…

Q: In the, between what two levels of output does one first observe the law of diminishing returns?…

A: Law of diminishing returns states that when more and more units are added in the process of…

Q: What is the firm's average fixed cost of producing 1,500 gadgets?

A: Fixed cost refers to the cost incurred by a firm irrespective of the level of output produced by a…

Q: Question 4 The table below describes the production function for a candy maker. Number of Marginal…

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

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

A: Production function: It shows a relation between physical output and input of a production process.

Q: L^aK^1-a Suppose labor is fixed at some level -, a = 0.5, and A = 1. Calculate K* )What is T C* ?…

A: The fixed cost does not change with change in the level of output.

Q: If x₁ = x₂ = 16, the marginal product of input 1 is two inputs is w₁ = 2 and ₂ = 1. When ₁ is…

A: Production function shows the functional relationship between the output and inputs.  The production…

Q: Refer to the graph shown. Within which section(s) of the production function is marginal product…

A: Here, the given graph shows the production function of a firm to explain the different phases of the…

Q: If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and…

A: Marginal productivity of labor depicts how there is change in output due to additional unit of…

Q: Consider the followng production function: 3..3 q = x;x: where x1 and x2 measure the employed…

A:

Q: average produc

A: The output per unit of inputs of variable factors depicts the average product (AP). The additional…

Q: Weekly production for a potter varies with the number of workers employed, as shown in the table…

A: Dear student, you have asked multiple sub-part questions in a single post. In such a case, I will be…

Q: 6.12. Suppose the production function is given by the following equation (where a and b are positive…

A: The utility function shows L and K are perfect substitutes and MRTS for perfect substitutes is…

Q: The table shows the total production of a firm. If units of labour (L) increase, find below.…

A: 1) The table below shows the marginal product and average product.  Marginal product= change in…

Q: When the marginal product of an additional worker is less than the marginal product of the previous…

A: In a market, the productivity of the input resources is known as the returns from the inputs used in…

Q: happens to the marginal product labor? Y=zF(K,N) Labor (N) O It increases O It decreases O It…

A: The production function depicts the technical association between the quantities of output (Q) that…

Q: mhich of the following diagrams shows isoquants for a Cobb-Douglas production function? X2 X1 X1 X2…

A: Isoquant- It is the curve that represents different combination of two inputs that produce maximum…

Q: ase quickly!!!!thanks !!!! If a firm used only labor for production, and given current production…

A: The marginal product of labor is the addition to the total product when one additional unit of labor…

Q: uming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and…

A: Cobb-Douglas production function: It is one of the forms of production function which is widely used…