By completing this table, diminishing returns appear after employing the worker number - 1 attachment Units produced per worker The marginal product N. of workers Units produced 1 100 ..... 110 325 4 425 ... 100 ..... 6. 540 O A one O B. two C. three OD. four
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- OFair,%20Sharon%20E.%200ster%20-%20Principles%20of%20Econo.. Page view AN Read aloud I Draw E Highlight Erase 2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product (Haircuts Per Day) Marginal Product of Labor Average Product (Employees) of Labor 7. 7.00 17 10 8.50 3 31 14 10.33 4 44 13 11.00 55 11 11.00 64 9. 10.67 69 9.86 69 8.63 9. 65 -D4 7.22 10 59 5.90 2.7 Assume that we have a production process that exhibits increasing and then decreasing marginal productivity. That is, as we increase output, the marginal product of labor starts at some level above zero, rises to a maximum, and then eventually falls to zero. Which of the following statements is truc? Briefly explain 6:07 PM Desktop d) ENG 4/23/2021Total # of Pots Produced Per Day 0, Number of Workers ut of 1 6. 13 18 21 5 23 6. 22 From the above table, the diminishing marginal return begins with. employee. Select one: O A. Second O B. Fifth O C. Fourth O D. First O E. Third MacBook Air F10 & * 5 7 8 9. 9| 0 Y 01 ق K J .つ 6 ).BUS202 CHO7 05 Numerical Example: TC, TR, profit labor Capital TT, Tetal Mar Cost AVC Cost AFC ATC Price Tot Rev Avg Rev Var Flxed Profit Mar Rev Avg profit Cost Cost 0100100 100 NA NA NA NA 10 00 -100 NA NA 115 20 100 120 4 4 20 24 10 50 10 -70 -14 10 2 1 15 40 100 140 2 2.67 6.67 9.33 10 150 10 10 0.67 10 3 1 23 60 100 160 2.5 2.61 4.35 6.96 10 230 10 70 3.04 10 4 1 27 80 100 180 5 2.96 3.70 6.67 10 270 10 90 3.33 10 5 1 29 100 100 200 10 3.45 3.45 6.90 10 290 10 90 3.10 10 6. 1 30 120 100 220 4.00 3.33 7.33 10 300 10 80 2.67 10 20 Assume Wages $20 per unit 6:52 / 9:13 YouTube E] CC 59. What is the level of output where MR=MC in the video? Select one: a. Q=3 b. Q=4 C. Q=5 d. Q=6
- Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?i Saved Help Save & Exit Sul Instructions: In parts a and b, enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate marginal physical product (MPP). Labor Output(Q) MPP 0 0 10 2 22 3 30 36 5 38 6 37 b. When does marginal productivity first diminish? When worker is hired.Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
- The manager's job in leading the previously mentioned production process is twofold: (1) toguarantee that the company works on the production function, and (2) to ensure that thebussiness employs the appropriate level of inputs. Justify how these two factors contribute tothe company operating at he optimal position the production function.In the, between what two levels of output does one first observe the law of diminishing returns? Labor(workers) Total prosucts(units) 0 0 5 1000 10 3000 15 4000 20 4500 Select one. 4000 and 4500 1000 and 3000 0 and 1000 3000 and 4000Kilogrammes of grain produced (thousands) 12 After the shift from A to B, labour productivity remains the same. Number of farmers 008 008 0000 009 2400 1200 0- 00. 00 00- 00- 009 00- B. 008 00- The diagram below shows an agricultural production function. i2/attempt.php?attempt3D366292&cmid%=1570973
- workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >