Between which levels of bracelet production does Betsy's firm experience increasing marginal returns and diminishingmarginal returns?There is insufficient information to answer the question.Marginal returns increase from 0 to 31 bracelets, then diminish from 45 to 51 bracelets.Marginal returns increase from 31 to 51 bracelets then diminish from 51 to 51 bracelets.Marginal returns increase from 0 to 3 bracelets then diminish from 31 to 51 bracelets. Betsy's Bangles produces and sells woven bracelets. The tableshows information about the number of workers employed,daily bracelet production, and the marginal product of labor(MPL). Use this to answer the questions.WorkersBraceletsMPL001332*28You must calculate the bracelet values that are absent to answerthe question.345144*65*0How many bracelets can be produced by 5 workers?bracelets from 5 workers:bracelets

bracelets 5 workers can produce.marginal product of labor (MPL) means - it's the additional output…

Answered: Between which levels of bracelet…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

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Give the three reasons that explain why the division of labor increases an economys level of production.
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Can you help me with A and B?
2
▪You have fulfilled your dream by buying a McDonald’s franchise. You start hiring employees and come to realize that the first employees you hired were extremely productive, but every additional person you hired seemed to be less productive. ▪Why does that occur? Are the last people you hired just lazy? ▪The capital is fixed in the short run, but you can change your labor in the short run. ▪You decide to calculate the marginal product and the average product of your business.
Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
The table below shows the number of workers and total output. Calculate marginal and average product for each worker. Number of Workers Total Production Marginal Product Average Product 1 100 2 220 3 300 4 340 The marginal product of the third worker is Blank 1 and the average product when three workers are employed is The marginal product of the fourth worker is Blank 3 and the average product when fourth workers are employed is
Question 9
QUESTION 43 Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. 420 390 345 285 210 120 1 (i) (ii) (iii) (iv) O a. (ii) and (iv) only O b. (i) and (iv) only O c. (i) and (iii) only O d. (i) only 2 QUESTION 44 3 4 Refer to Figure 18-1. Based on the shape of the curve, the total product is increasing. total product is decreasing. marginal product is increasing. marginal product is decreasing. 5 6 L
makes pots and then sells themdoor-to-door. Here is the relationship between the number of workers andNimbus’s output in a given day:
Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.
7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od not

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