70,0001Norway60,000United States50,000-NetherlandsDenmark •.GermanyFrance40,000-:UKSouth KoreaJарan.Italy"• Spain30,000-Greece Russia20,000-MexicoChileTurkey10,000-0.6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500Average annual hours of free time per workerAccording to the graph:Select one or more:а.UK workers have more free time than Greek workers.b. UK workers have lower GDP per capita than Spanish workers.O c. The relationship between GDP per capita and free time is downward sloping.d. US workers work longer hours than French workers.GDP per capita (USD PPPS) Consider this production function.Study hours1 28 9 10 11 1215 or more456.1314Grade20334250576369 73 78 81 84 86 88 8990100190+80-70어60-50+4030어20어10-3)1.1.2)1.Hours of study per daySelect one or more:The average product of labour is falling as hours of study increase.а.b.The marginal product of labour is constant as hours of study increase.The marginal product of labour is rising as hours of study increase.C.d. The marginal product of labour is zero beyond 15 hours.Final grade-2-22-

[1] Lets discuss options one by one:-a. UK workers have more free time than Greek workers.Ans. UK's…

Consider this production function. Study hours 1 4 5. 10 11 12 13 14 15 or more Grade 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 100, 90 80- 70 6어 50 40 30어 20- 10 3. 2. 23 43 1. 11 1. 2. Hours of study per day Select one or more: а. The average product of labour is falling as hours of study increase. b. The marginal product of labour is constant as hours of study increase. с. The marginal product of labour is rising as hours of study increase. d. The marginal product of labour is zero beyond 15 hours. Final grade 18- 22-

Consider this production function. Study hours 1 4 5. 10 11 12 13 14 15 or more Grade 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 100, 90 80- 70 6어 50 40 30어 20- 10 3. 2. 23 43 1. 11 1. 2. Hours of study per day Select one or more: а. The average product of labour is falling as hours of study increase. b. The marginal product of labour is constant as hours of study increase. с. The marginal product of labour is rising as hours of study increase. d. The marginal product of labour is zero beyond 15 hours. Final grade 18- 22-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Activity 2: My Production! Directions: Below is the production schedule for Output X with variable labor input. Compute the marginal product and average product in each labor input. Production Schedule for Output X with Variable Labor Input Quantity of Labor Total Marginal Average Input Product Product Product 1 10 10 2 22 44 3 37 12-33 4 55 13.75 5 69 13-8 77 12-83 80 11-43 81 10-12 81 9 8 80 6 7 8 9 10 SOCIOECONOMIC FACTORS AFFEC
Question 14 What does scale of operation refer to, and what does it depend on? O a. It refers to the amount of fixed resources required, and it depends on market size O b. It refers to the number of years the fixed resources will last, and it depends on technology Oc. It refers to the total labor force needed, and it depends on the region of the country Od. It refers to the number of competitors in the market, and it depends on technology
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100 QUANTITY OF OUTPUT (Units) 90 80 70 60 30 20 10 8 1 2 3 4 5 6 7 LABOR (Number ofworkers) Refer to Figure 13-1. The graph illustrates a typical production function. O production possibilities frontier. Ototal-cost curve. 9 10
Output (units per day) 19 17 15 54 14 7 2 1 1 1 I 1 F 1 I 1 1 I I 1 I 1 1 1 1 1 T II II LI I 1 1 1 1 1 F 2 1 1 I T 1 3 4 Labor Input (workers per day) 5 Total output The marginal product of the sixth unit of labor in the figure above is: A. 4.0 B. -4.0 C. 15.0 D. 2.5 E. NONE OF THE ABOVE
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Question 9 a) Draw isoquant curves for an economic consulting firm that can always trade two mathematicians for seven economists and still keep the output constant. Put mathematicians on a vertical line the horizontal axis. a horizontal line an upward sloping straight line. an upward sloping curve which is not a straight line • An isoquant curve is 1Select Jan downward sloping straight me an downward sloping curve which is not a straight line L-shaped [ Select ] 0,-2/7,-3.5, -7, 2/7,'3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (20,20)? • What is the slope of an isoquant curve at point (4,17)? [ Select ] 0,-2/7,-3.5, -7, 2/7, 3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (4,12)? [ Select ] 0,-2/7,-3.5, -7, 2/7,3.5, 7, infinite, not exist, none of the above b) Draw isoquant curves for a mathematics department that requires exactly 3 cups of coffee per each mathematician to produce…
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Course: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?
Bozo is a clown. He wants to start a clowning business where he sends other clowns out to birthday parties. Use the graph to Birthday parties answer the questions. 20 19 18 17 16 15 14 13 12 What is the marginal product of the third worker? O 2 11 10 6. 8. 7. 3.0 9. 3. 2. I 2 3 9 10 4 56 8. This production function demonstrates Workers diminishing marginal costs. a negative marginal product of labor. diminishing marginal returns to labor. diminishing output.
Labor Total Production Marginal Production Average Production 0 0 2 30 4 10 6 20 8 200 10 25 In the above table, the marginal production and the average production of the 7th and 8th workers (the values in the row for the 8th worker) are, respectively: Group of answer choices 80; 25 20; 25 80; 100 25; 25 40; 25 25; 200