When Marginal Product of Labor intersects the Average product of labor, minimum average product of labor obtains at the intersection. True False

Each extra worker produces an additional unit of outputup to six workers. As more workers are added, noadditional output is produced. Draw the total product oflabor, average product of labor, and marginal product oflabor curves in a graph  SHOW IN EXCEL PLEASE

Let f be a production function such that that, for a fixed k, themarginal product of labour starts out positive and at first increases, reaches a maximum, and then decreases to 0. Graph the marginal and average product of labour in this situation and choose which of the following are necessarily true about the average product? (Choose all that apply). (a) The average product of labour is constant.(b) The average. product of labour increases whenever the marginal product is positive.(c) The maximum of the average product is where marginal product equals the average product.(d) The average product first increases, then decrease towards 0.(e) The average product will be equal to 0 before the marginal product will be equal to 0.

The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers Kilogrammes of grain produced (thousands)

The production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker.   # of Workers 7 8 9 10 Hot Dogs Produced 83 97 110 107

The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers Kilogrammes of grain produced (thousands)

Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.

What is the marginal product of labor? the average output of a unit of labor the total output obtained by using one more unit of labor the average output obtained by using one more unit of labor the extra output obtained by using one more unit of labor

If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?

QUESTION 2 K 6 isocost 3 L Based on the information in the graph aboive, what is the slope of the isocost line? # If the price of capital remains the same and the price of labor decreases, the isocost line will With the current mix of labor and capital, the marginal technical rate of subsitution is MRTS-3. If the prices of labor and capital remain as shown in the graph, then the firm will minimize the cost of production by +