ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
- Use the following table to answer the questions below.
Number of chefs | Number of pizzas produced per day | |
1 | 5 | |
2 | 25 | |
3 | 40 | |
4 | 50 | |
5 | 55 | |
6 | 58 | |
7 | 58 |
- Find the marginal product (MP) for each value of L.
- The firm is experiencing increasing returns with how many workers?
- At what number of workers will diminishing marginal returns begin?
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- # of Pickers Total # of Strawberries Picked 180 380 580 780 5 940 6. 1080 1180 8. 1160 9. 1080 Refer to Table 7-1. With which additional picker does the marginal product of labour become negative? the fifth the seventh the eighth the ninth 2. 3. 4,arrow_forwardRefer to the table below. Diminishing marginal productivity begins when the: A). third worker is hired. B). fourth worker is hired. C). fifth worker is hired. D). sixth worker is hired.arrow_forwardMacmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37arrow_forward
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