The table describes the production function of John's T-shirt firm. John can hire as many workers as he wants for $75 per day and can sell as many T-shirts as he wants for $5 each. \table[[Workers, Output ], [3,60], [4,80], [5, 105], [6, 125], [7,140], [8,150]] a) Given the production information above, do each of the following. (i) Draw a graph showing the firm's demand and supply curves for labor. (ii) Indicate how many workers John will hire. b) Explain how John will determine the number of workers to hire.

1. What should the firm do if the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor and why? Graphically illustrate.

Labor (workers per day) Total product (bicycles per day) 0 0 1 4 2 10 3 18 4 25 5 30 The above table shows the relationship between labor input and total product of producing bicycles. The marginal product of the 5th worker is equal to     5 bicycles.     6.25 bicycles.     30 bicycles.     6 bicycles.

Production Total Product Total Fixed Cost Total variable cost Total Cost Average fixed cost Average variable cost Average Total Cost Marginal Cost 0   0           1   25           2   45           3   60           4   70           5   85           6   105           7   135           8   180           9   240           10   315                             Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs above. Complete the table Graph AFC, AVC, ATC, and MC Explain how increasing returns and decreasing returns are depicted in your graph If the labor input increased by $10 at every unit of production, what would be the effect on your graphs?

I have graphed the isoquant line but I can’t figure out how to graph the isocost line? Could you verify my math and show the isoquant and isocost line graphed please?

2. 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. 3

ASAP!! ANSWER PLEASE  Hammas Dadani operates a business and uses the following table for total output or total product as a function of labor units used.   LABOR TOTAL OUTPUT 0 0 1 5 2 9 3 12 4 14 5 15   Calculate Marginal Product of Labor and Average Product of Labor? Plot a graph for total product, marginal product and average product separately? Does the graph indicate a situation of diminishing returns? Explain your answer.

Subpart 4

Could you please help me with this question? Thank you!

Consider the production function of the firm below. Which of the following is NOT true? The marginal product of labor at B is 70 units. The total product is increasing as inputs to production increase. The marginal product of capital at point D is 50. The marginal products of both labor and capital are always increasing.