If the first 5 units of labour produce 3 units of output each, and the second 5 units of labour produce 11 units each, then total product at 5 and 10 units of labour are Select one: 15 and 55 units 160 and 40 units 5 and 5 units 15 and 70 units
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If the first 5 units of labour produce 3 units of output each, and the second 5 units of labour produce 11 units each, then total product at 5 and 10 units of labour are Select one: 15 and 55 units 160 and 40 units 5 and 5 units 15 and 70 units
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- Labor Total Production Marginal Production Average Production 0 0 2 30 4 10 6 20 8 200 10 25 In the above table, the marginal production and the average production of the 7th and 8th workers (the values in the row for the 8th worker) are, respectively: Group of answer choices 80; 25 20; 25 80; 100 25; 25 40; 25 25; 200If capital and labour are perfect complements then the marginal products of capital and labour are undefined A True Faise Question 16 A firm uses 10 units of labour and 20 units of capital to produce 10 units of output. The marginal product of labour is 0.5. If there are constant returns to scale the marginal product of labour must be 0.25 True B False Question 17 Afirm uses 10 units of labour and 30 units of capital to produce 10 units of output. The marginal product of labour is 05. If there are constant returns to scale the marginal product of labout must be 0.25 A True FalseQuestion 8 of 13 The following diagram depicts the production function of the farmers, where diminishing average product of labour is assumed. At A the average product of labour is 500,000/800 = 625 kg of grain per farmer. At B the average product of labour is 732,000/1,600 = 458 kg of grain per farmer. If you know that for 2,800 farmers the grain output is 894,000kg, then which of the following is/are correct? Kilogrammes of grain produced (thousands) 900 800- 700- 600- 500 400- 300- 200- 100- 0 0 400 800 B 1,200 1,600 Number of farmers 2,000 2,400 2,800 OA. The average product of labour when the labour input is 2,800 is 300. OB. The decreasing slopes of the rays from the origin to the production function along the curve indicate the decreasing average product of labour. OC. If the production function curve is an upward-sloping straight line, then there is no diminishing average product of labour. OD. It is possible that initially there is an economy of scale: for example, going from…
- Each extra worker produces an extra unit of output up to six workers. After six, no additional output is produced. Draw the total product, the average product of labor, and the marginal product of labor curves. (3)Table 3-15 Labor Hours Needed to Make 1 Pound of Meat Potatoes 5 hours/pound Farmer 8 hours/pound Rancher 4 hours/pound 10 hours/pound Amount Produced in 40 Hours Potatoes 8 pounds 4 pounds Meat 5 pounds 10 pounds Refer to Table 3-15. Assume that the farmer and the rancher each has 40 labor hours available. If each person divides his time equally between the production of meat and potatoes, then total production is a. 5 pounds of meat and 4 pounds of potatoes. b. 6 pounds of meat and 7.5 pounds of potatoes. c. 7.5 pounds of meat and 6 pounds of potatoes. d. 10 pounds of meat and 8 pounds of potatoes.If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?
- Given that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?A firm has the production function, Q=15L^1/3 K^2/3 where ? is output, ? is labour units and ? is capital units. Calculate and interpret the degree of homogeneity. If labour and capital units increase by 5%, what is the percentage change in output?The next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12 80 14 86 Marginal Product when the number of workers increases from 2 to 4 workers is Marginal Product is maximized when the firm hires workers. Average Product is maximized when the firm hires workers. units.
- Consider a firm that produces car repairs. All inputs are fixed except the number of workers hired to make repairs. The schedule of output as the number of workers changes is : Number of Workers Repairs Completed(per day) Marginal Product ( per day) of that worker 1 3 3 2 9 ? 3 18 9 4 30 12 5 ? 15 6 52 7 7 58 6 8…6. If the average product at 3 units of labour is 10 units of output and the average product at 4 units of labour is 11 units of output, then what is the marginal product of increasing labour from 3 to 4 units? A) 14. B) 1 C) 11. D) 0.5. E) None of the above.Prof. Smith and Prof. Jones are going to produce a new textbook. The production function for the book is: ?=?1/2?1/2?= is the number of pages in the finished book?= is the number of working hours spent by Smith?= is the number of working hours spent by JonesSmith's labor is valued at 3 TL per working hour and Jones's labor is valued at 12 TL per working hour. After having spent 900 hours preparing the first draft, Smith cannot contribute any more to the book. Jones will revise the Smith's draft to complete the book.a) How many hours will Jones have to spend to produce a finished book of 300 pages?b) What is the marginal cost of the 300th page of the finished book?