(Table: Tatiana's Production Function for Cherries) Use Table: Tatiana's Production Function for Cherries. The marginal product of the fourth worker is cherries. Table: Tatiana's Production Function for Cherries Land (hectares) Labor Total Product (bushels of cherries) 10 0 0 10 1 8 10 2 15 10 3 21 10 4 26

(Table: Tatiana's Production Function for Cherries) Use Table: Tatiana's Production Function for Cherries. The marginal product of the fourth worker is cherries. Table: Tatiana's Production Function for Cherries Land (hectares) Labor Total Product (bushels of cherries) 10 0 0 10 1 8 10 2 15 10 3 21 10 4 26

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 20CTQ: Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen...

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18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?
15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units
15. PLEASE ONLY C A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsper day. How will its total employment change?
The table below shows the prices of the inputs and outputs for the production of a road bike. Raw naterials Manuf acturing Construction Sale by the retailer The retailer sells the bike for $500 Bike mechanic puts everything together Rubber for one tire ($20) Tire maker sells tires for $30 each Bike frame and components: and Aluminum for the fr ame ($80) Frame maker sells them for sells the bike for $350 la total of $250 Other component materials ($70) Instructions: Round your answers to the nearest dollar. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? 10 c. What value is added by the maker of the frame and components? d. What value is added by the bike mechanic? 2$ e. What value is added by the bike store? $ f. What is the total contribution of the bike to GDP? %24 %24 %24
Need help with 4,5 & 6 4) Determine the cost of 1 gallon of gasoline. Calculate the labor cost equivalent of those 2 people to push a car 40 miles. (You have to make assumptions on how much you would have to pay someone per hour to push a car). How much cheaper is it to use a gallon of gasoline to move a car 40 miles down the road as opposed to paying 2 people to push the car 40 miles down the road. 5) How much energy (in Joules and in food calories) do you estimate it would take two people to push a car 40 miles down the road. (1 food calorie = 4,186 J) The basic metabolic rate for the human body is about 60 (food) calories per hour. A runner running 10 miles at 6 minutes per mile burns about 1000 food calories per hour. Estimate how many calories per hour a person pushing a car at walking speed would burn (remember there are 2 people pushing at the same time) 6) Assuming that the car was traveling at 45 miles per hour (a very efficient speed for a car). How long does it take…
A firm can use three different production technologies, with capital and labour requirements at each level of output as follows:Daily OutputTechnology 1 Technology 2 Technology 3K L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a) Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labour cost is $80 per worker per day. For each level of output, which technology is the cheapest?b) Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day and labour cost is $40 per worker per day. For each level of output, which technology is the cheapest?c) Suppose the firm moves from a high-wage to a low-wage country but that its level of output remains constant at 200 units per day. How will its total employment change?
Q9. Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. In Poland, what is the marginal product of labor in coal production? 0.25 tons per hour 0.4 tons per hour 2.5 tons per hour O 4 tons per hour
5. What is the average product of labor, given that the level of labor equals 10, total output equals 1200 and the marginal product of labor equals 200?
Fill in the missing value in the table below. 01 0-1 ● 16 15 O-2 Number of workers 2 3 Number of sodas 15 17 16 Marginal product 2
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19. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of cloth in England is ____ mhrs/yard. (Please do NOT reduce fractions to decimals.)
In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third worker