A television production firm is able to produce TVs according to the short-run production table below. With the hiring of which worker would the diminishing marginal product begin? Total Output Number of of Televisions Workers per day 0 0 1 30 2 70 3 125 185 225 250 260 255 240 01 07 4 5 6 7 8

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 4000

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Explain Law of Diminishing Marginal Returns using the following example. The weekly number of repairs produced by a computer repair shop depends upon numberof workers.No of Workers No of Repairs1   02   83   204   355   456   527   578   60

Fill in the gaps in the table below. Quantity of Variable Input Marginal Product of Variable Input Average Product of Variable Input Total Output 1 225 2 300 3 300 4 1140 5 225 225 6

TOTAL 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? $

a) Fill in the empty cells in the table.                You have been also given following additional info- Price = $ 10           Wage = $ 1500   Labor (L) Output (q) Marginal Product of Labor Value of the marginal product of labor: Wage Marginal profit 0 0         1 400         2 720         3 960         4 1020                                                                                                                                                b) When the company should stop hiring Workers. Explain

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?

Fill in the space (a) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. + O Number of Amount of Trucks Labor O Undetermined O 0 2 2 2 2 2 2 2 2 0 1 2 3 4 5 6 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0