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.
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- Each extra worker produces an additional unit of outputup to six workers. As more workers are added, noadditional output is produced. Draw the total product oflabor, average product of labor, and marginal product oflabor curves in a graph SHOW IN EXCEL PLEASENumber Of Output Workers 1 50 110 300 4 450 590 665 700 8. 725 710 10 705 According to the above table, At what point does diminishing retums set in? O 4th labor 3rd labor O 1st labor O 2nd laborThe production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker. # of Workers 7 8 9 10 Hot Dogs Produced 83 97 110 107
- A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?WHY BARTLEBY IS TAKING MORE THAN 2 DAYS TO ANSWER ONLY ONE QUESTIONS. FOR THE LAST 2 WEEKS YOU ARE DOING THE SAMETHING TAKING FEWS DAYS TO ANSWER ONLY ONE, IF I INCLUDE 2 QUESTIONS, WHEN IT TAKES TO MUCH TIME AND I'M THINKING THAT MIGHT BE ANSWERING BOTH QUESTIONS BECAUSE OF THE TIME, WHEN IT SAYS THAT THEY ANSWER THE FIRST QUESTIONS. I'M GETTING FRUSTADED WITH BARTLEBY.The production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker. 7 97 # of Workers 10 Hot Dogs Produced 83 110 107 Provide your answer below: hot dogs produced
- Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980The marginal product of effort, a typical worker in fast-food burger joint, is one- fourth burgers per hour; that is, MPe = .25The price of a burger is $2. The figure graphs Mac’s marginal cost of effort. If Mac increases his effort by one unit per hour, the change in the burger joint’s revenue is $ per hour. That is, what is VMPe , the value of Mac ‘s marginal product of effort ? Plot the VMPe curve in the figure. Mac efficient effort e^ is the solution to what equation? Illustrate the solution in the figure. Mac efficient…12. The number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.b. Over what range of labor input are there increasingreturns to labor? diminishing returns to labor? negativereturns to labor?c. Over what range of labor input is marginal product greaterthan average product? What is happening to average productas employment increases over this range?d. Over what range of labor input is marginal product smallerthan average product? What is happening to average productas employment increases over this range?
- A measure calculated by taking the ratio of output to input.im pretty sure i need some tyoe of graphTotal product (meals per hour) 20 TP 16 12 2. 4 5 Quantity of labor (workers) The figure shows the total product curve for the Fruit Bowl food truck. If production increases from 19 to 20 meals per hour, the marginal product is in the range where it and the marginal product the average product. A) reaches a maximum; equals B) increases; is greater than C) decreases; is greater than D) increases; is less than E) decreases; is less than 24