efer to the table which shows the technology of production at the Matsuko's Mushroom Farm for the month of May. What is the average product of labor when the farm hires 5 workers? A. 4 pounds B. 54 pounds C. 38.2 pounds D. 10.8 pounds ..... Number of workers Mushrooms per day (pounds) 1 12 2 30 3 45 4 50 5 54 6 56
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Number of workers
|
Mushrooms per day (pounds)
|
1
|
12
|
2
|
30
|
3
|
45
|
4
|
50
|
5
|
54
|
6
|
56
|
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- Top 4 largest firms in the industry produces 750,000 unit while the total production of the Industry is 1,250,000 unit. Calculate CR4The table sets out Sue's Surfboards' total product schedule. Labour (Workers per week) 1 2 3 4 5 6 7 Output (Surface Boards per week) 30 70 120 160 190 210 220Labour (Units) Total Product (TPP) (MPP)0 01 1002 2503 3504 4005 4206 420Calculate and plot the average product and marginal product What is the most favourable number of workers for this business to hire, indicate such on the graph
- The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 12 16 20 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 $ 1500 $ 5600 TFC TVC $6300 $ 7100 TC MC $ 2.67 $ 1.14 $ 1.07 $ 2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $ 11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $ 2.23 $0.6 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day $ 2.83The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $50 per unit per day and the fixed cost of the capital is $2000 per day. ain N E Click the icon to view the table. ssign o Hor a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. ake a Units of Labour Total Output (per day) (per day) TFC TVC TC MC AFC AVC ATC 200 $4 10 500 $ 15 1100 20 1750 1) 25 2050 6) 30 2190 1/1) 1/1) 35 2270 1/1) 只只Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP)0 01 1002 2503 3504 4005 4206 420Answer the following questions based on the table above:A. Calculate the Marginal Product and the average product. B. Explain the law of diminishing returns. C. Plot the marginal product and average product curves and explain the relationship between the two. D. What is the optimal number of workers for this business to hire? Label it on your graph in (C)
- What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $