Suppose a firm faces the following average and marginal products of labor: APL=50+2L-0.05L2 MPL 50+4L-0.15L² At what value of labor does Stage III of production begin? O a. 13.3 Ob. 35.9 OC. 0.0 Od. 20.0 Oe. 57.4

A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? O 8PK O 4L O 4PK O PL

Units of Total Average Marginal Product Product Product Labor 1 100 2 125 3 300 4 20 5 290 In the table above, diminishing returns Multiple Choice O begin with the first unit of labor. begin with the third unit of labor. O begin with the fourth unit of labor. begin with the fifth unit of labor. do not occur because output is positive for all levels of labor usage. O

O O c. 3 d. 2 Table 13-3 0 1 2 3 4 Refer to Table 13-3. At which number of workers does diminishing marginal product begin? O a. 1 O b. 4 Labor (Number of workers) (Units) (Dollars) Output Fixed Cost Variable Cost Total Cost (Dollars) 0 20 40 60 80 0 90 170 230 240 50 50 50 50 50 (Dollars) 50 70 90 110 130

In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Labor (workers per day) Total prod- uct (units per day] Mar- Average ginal product prod- uct 3 12 15 O A. first worker is hired. B. second worker is hired. OC. third worker is hired. D. fourth worker is hired. ON 00 N n6 O12M+ 5

Workers Total Product Total Cost (per day) (units per day) ($) 100 10 120 2 18 140 3 24 160 29 180 5 32 200 Using the data in the above table, the fixed cost of producing units per day is O a. $100 O b. $20 O. S0 O d. None of the answers is correct

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.