Labor (workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 ​ ​ 3 12 ​ ​ 4 15 ​ ​ 5 16 1 ​ In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.

Q: Complete the following table      Labor   Marginal Product   Quantity Produced   Fixed Cost…

A: Total cost=Fixed cost + Variable cost Marginal cost=Change in total costChange in quantity Average…

Q: Refer to Figure 8.2. The marginal product of the fifth worker is 32 12 + 3 4 6. Total product

A: Marginal product alludes to the additional output, return, or profit yielded per unit by benefits…

Q: The following schedule shows the diminishing marginal return in respect of labor 01 2 3 4 5678 9…

A: Marginal Product  = Change in Total Product / Change in Quantity of Labor Average Product  = Total…

Q: Question 10

A:

Q: 60 50 40 30 20 10F 2 3 4 5 Number of Workers Employed per Week Refer to Figure 7-1. If this figure…

A: Marginal product  of Labor refers to additional output that results from hitting one more unit of…

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Q: Marginal Product with 3 workers employed is A. at a maximum. B. at a minimum. C. 0. D. 20. E. Both…

A: Labor TP AP 1 13 13 2 31 15.5 3 51 17 4 67 16.75 5 79 15.8 6 86 14.3333333 7 86…

Q: Use the table to answer the question. Number of Workers a 1 O b Oc Od 2 3 Output 40,000 48,000…

A: Marginal product of labor refer to increase an output of firm due to an additional unit of input or…

Q: in the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Total Labor Cost is calculated by multiplying units of labor with the wage rate. It signifies the…

Q: A B D Marginal Product Product |(Unit) Total Labour (Unit) 1 10 10 2 14 4 3 22 8 4 26 4 5 30 4 32 2…

A: Marginal Product refers to the change in total product due to the employment of an additional unit…

Q: The table shows the short-run total product schedule for the campus bookstore. When the 5th employee…

A: Total product is the aggregate quantity of output produced by employing given inputs. Marginal…

Q: Use the following data to answer the question. Inputs of Labor Total Product 1 10 2 22 36 4 48 5 58…

A: Marginal product of labor (MP) is the output made from an additional unit of labor. It is the ratio…

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A: Introduction In economics, the resources that individuals use to produce goods and services are…

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Q: (d) [ ] Indicate and show whether this production function exhibits increasing, decreasing or…

A: Constant returns to scale is a concept in economics that occurs when an increase in all inputs…

Q: The local ice cream shop is trying to figure out how many workers to hire, and part of the decision…

A: Answer to the question is as follows :

Q: The marginal product of labor is A) output that does not meet quality specifications. B) total…

A: Marginal product refers to the addition in total product when one more unit of production is used.

Q: A perfect competitor charges a price of $30. The first worker he would hire would have a marginal…

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Q: In the example presented by this graph, what is total output when the fifth worker is added? The…

A: when the 5th worker added, the total output is 52.

Q: Consider a firm that produces car repairs. All inputs are fixed except the number of workers hired…

A: Marginal Product = Change in Total Product / Change in Number of Workers The marginal product of…

Q: What is the output when this firm hires 4 workers? Marginal Variable Fixed Cost Labor Output Product…

A: It refers to the additional output(Q) resulting from 1 more unit of input (here labor) being added…

Q: True or false The marginal revenue product of labor is the extra revenue associated with the last…

A: Revenue The money received from routine business activities is referred to as revenue, sales, or…

Q: define marginal product of labor and value of the marginal product of labor.describe how a…

A: Definitions The marginal product of labor (MPL) The marginal product of labor is defined as the…

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Q: 15) In a competitive labour market, firms will hire labour up to the point where the marginal…

A: Competitive labor market: A perfectly competitive labor market is a market structure where the firms…

Q: The firm’s production data is given in the table below. What is the marginal product for the 4th…

A: The objective of the question is to calculate the marginal product of the 4th worker. In economics,…

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Q: fer to Figure 1 in Question 11. The car-repair shop charges $150 per repair.  What is the value of…

A: Number of Machines (A) Number of Cars Repaired (B) 0 0 1 8 2 12 3 15 4 17 5 18

Q: Table 13-2   Number of Workers Total Output Marginal Product 0 0 -- 1 200   2 450   3 600   4 650…

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Q: 200 160 Average and Marginal Product 80 40 MP AP 0 10 20 30 40 50 Labor In the figure above, the…

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Q: Using the table above, find out the marginal cost of the 46th book produced, in dollars.

A: Introduction Marginal cost is change in the total cost when one additional unit is produced.

Q: Define marginal product of talent, with detail and example

A: The marginal product of talent is a concept in economics that refers to the additional output or…

Q: The next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12…

A: Total product is the total output produced by a firm using the factors of production. The average…

Q: Number of Workers 0 1 2 3 4 5 160 units Refer to the table. What is the total output when 4 workers…

A: The marginal product (MP) can be defined as the total output quantity produced by each additional…

Q: What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units…

A: The additional output or outcome gained by using one more unit of input while keeping all other…

Q: If the marginal product of labor increases because of a technological advancement, it will likely…

A: If the marginal product of labor increases because of a technological advancement then it will…

Q: abour                    total product 0                             0  1…

A: "Factors of production are resources that are used to produce a good or service." There are various…

Q: Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of…

A: The companies use high-skilled and low skilled labor depending upon the kind of work. If the work…

Q: The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product…

A: To get the marginal product, that is the additional product from the additional worker employed:…

Q: Define marginal product of labor and value of the marginal product of labor. Describe how a…

A: Labor refers to the variable factor of production, which a firm can change in the short run, as well…

Q: Number of Workers  Output  0 0 1 10 2 30 3 38 4 41 5 42 Diminishing marginal product begins with the…

A: Marginal product is the addition to the total product because of one additional input.

Q: The following table depicts the weekly output of a firm that manufactures computer printers. The…

A: Marginal Revenue Product = MP × Price