ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- 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; 200arrow_forward2. in the table below, the average product of labor at L=3 is: 1 2 7 15 20 a. 0.2 b. 2 c.8 d. 5 e. 3arrow_forwardSuppose a firm's production function is Q=200L +5L2-0.08L³. Which of the following is the Average Production of Labor (APL)? Oa. 200+10L-0.24L² Ob. 10L-0.24L² Oc. 5L-0.08L² Od. 200+5L-0.08L²arrow_forward
- Subpart 1-3arrow_forwardPlease help with the attached question:arrow_forwardConsider the following production function: q = 9LK + 6L² – Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K= 30 and L= 10. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.) 20 tv MacBook Air F6 FB 10 F3 23 2$ & з 4 6 7 8 { [ E Y U P D F G J K > C V N M command option - .. .- Barrow_forward
- Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³ 1. Compute the APL (average product of labor). 2. Compute the MPL (marginal product of labor). 3. What is the value of L* at which APL is the highest? 4. For L > L*, which one is bigger, APL or MPL? How about when L < L* and L = L*? 5. Draw APL and MPL on the y-axis as a function of L on the x-axis. Label the point of the intersection of APL and MPL.arrow_forwardBased on the graph below, how much is the marginal product of labour of the sixth worker, if Q5=67 units per period and Q6=88. Q in Units/period Q6 Q5 6. Lin Workers/period Ca15 units per peciodarrow_forward
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