How does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output? Share personal experiences where additional labor either helped or hurt productivity
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How does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output?
Share personal experiences where additional labor either helped or hurt productivity.
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- At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?Labour is the beginning and end of production. ExplainYou are an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired?
- What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.Multiple choices One reason why in the short run, the marginal product of labor might increase initially as more workers are hired is that? the first workers hired get to use the best equipment specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. the best workers are hired first and later hires are not as skillful. beyond some point, a firm has hired too many workers. In the short run, which of the following costs will not change as output changes? marginal cost. total variable cost. average variable cost. average fixed cost. total fixed cost. If your overall grade point average is 2.0 and you earn a 2.5 GPA this semester, your overall grade point average will increase. This situation demonstrates the general principle that? if average value is greater than marginal value, marginal value will increase. if average value is greater than total value, total value will increase. if marginal value is greater than…Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.
- What is average productivity at 4th unit of labor?What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?What is the relationship between marginal product and marginal cost? Why do you suppose that is? Is this relationship the same in the long run as in the short run?
- Describe marginal cost in your own words.What explains the shape of the average and marginal cost curves? Is it linked to any production relationships?a software production firm, average product has started falling and total output indicated diminishing trend. The production manager Mr. Yahya called you and asked you to see the condition of marginal product. You analyzed the situation and reported that marginal product falling more than average product. Mr. Yahya got surprised. In your opinion which situation the firm is heading to?
