Q2.The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What’s your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, and justify your answer why it happens with the help of table and diagrams?

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: 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: 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: Refer to Table 13-9. The marginal products of hiring additional workers are   a) increasing at an…

A: An additional output produced by an additional worker is known as marginal product (MP).

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: Consider a firm with a given fixed amount of capital. Draw an example Total Product curve of labor…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

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

Q: Given the following production function, complete the missing values. Labour Quantity of chicken per…

A: Total Production refers that total production by using the given factor and the average production…

Q: hire any more workers? She estimates that the additional workers would generate the following…

A: The following problem has been solved as follows:

Q: The marginal product of labor is the change in A) total cost from employing one more worker. B)…

A: Marginal product is the additional output produced by employing an additional unit of input.

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

A: Factors of production are are inputs used in the production process, that results in the output. 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: 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: As a firm hires more labor in the short run, the O extra output of an additional worker may rise at…

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

Q: Q1-Select the true or false for the following statement also give the explanation and support your…

A: Meaning of Law of Variable Proportions: The term law of variable proportions refers to the…

Q: 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept in economics that explains this situation is the law of variable proportions which…

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

A: The concept given in the situation is used in the stages of production in which a firm operates.…

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

A: Labor and Capital are two factors of production, whereas in short run, Capital is assumed to be…

Q: Use the data below to calculate MP and AP. On a separate piece of paper, graph the total product…

A: Before plotting the graphs, we summarize the given information in the following table.

Q: Explain who should handle the labor relation in concerned country. Is it the headquarters or…

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Q: Q5. The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: According to the ‘Law of variable proportion’ there are three different stages of production:…

Q: Total Product Average Product (Sandwiches per hour) (Sandwiches per worker) Workers 1 2 3 4 5 In the…

A:

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: Complete the following table by finding total product (tp), Average product (ap), Marginal product…

A: Average product (AP) is the product per unit of labor. The formula to calculate AP is:

Q: Refer to the figure at right. At which point on the total product curve is the average product of…

A: Total product refers to total output produced by the firm. Average product refers to total product…

Q: Which of the following statements is true with regards to the law of diminishing marginal returns…

A: The labor market in the economy determines the equilibrium wage rate and equilibrium employment…

Q: The fast food company Schnabb uses labor and capital to produce its product. Holding the production…

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Q: If a firm's marginal product of labour is less than its average product of labour, then an increase…

A: Average product of labor is the total product divided by the quantity of labor employed.  Marginal…

Q: .Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50.  What is the…

A: MPL=10 w=50

Q: A television production firm is able to produce TVs according to the short-run production table…

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

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The Law of diminishing marginal product is a short-run concept where some factors are fixed and some…

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…

Q: What do economists mean by "deminishing returns" to an input? What causes diminishing returns? Where…

A: Diminishing Returns It means when we employ one additional unit of variable factor then the marginal…

Q: Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP) 0 0 1 100 2 250 3…

A: Labor marker refers to the place where the workers and employers interact and determine the…

Q: You are given the following schedule for the production of pens by a firm Labor Total Product 0 0…

A: The total product is the total product or the total output by the firm. The total product would be…

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: Assuming the firm is minimizing its cost and the price of labour is $10 per unit and the price of…

A: In economics, the marginal product of labor is the change in output that results from employing an…

Q: An example of a short-run fixed factor of production is..... a. postage for mailing. b. electricity.…

A: short-run fixed factor of production is a factor of production that cannot be change in the short…

Q: What is the average product of labor, given that the level of labor equals 15, total output…

A: Labor are the people who work in the business organization and get salaries/wages in return. Labor…

Q: Question attached

A: Total product is the total output produced when a change in the quantity of one variable input alone…

Q: You are given the following short-run information for an individual firm. Labor (L) is the only…

A: Marginal product refers to the additional output obtained due to increasing one more unit of input.…