# of Pickers Total # of Strawberries Picked 180 380 580 4. 780 940 6. 1080 1180 8. 1160 9. 1080 Refer to Table 7-1. With which additional picker does the marginal product of labour begin to diminish? the fourth O the fifth the seventh O the eighth
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- If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?Give the three reasons that explain why the division of labor increases an economys level of production.What shapes would you generally expect a total product curve and a marginal product curve to have?
- What is the difference between a fixed input and a variable input?Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od not
- PREVIOUS Labor Birdhouses 0 1 2 3 4 5 6 0 6 11 15 18 20 21Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04202IG-ITBIUI-1252178 > ITB 101 - Final Exam > ITB Kontrol paneli Site ana sayfası Takvim Nişanlar Tüm dersler Course dashboard Soru 20 A graph that shows all the combinations of labor and capital that can be used to produce a Henüz given amount of output is called cevaplanmadı 4 üzerinden Lütfen birini seçin: işaretlenmiş O A. production curve P Soruyu işaretle O B. an average cost curve O C. an isoquant curve O D. an isocost line O E. an indifference curve ÖNCEKİ SAYFA SONRAKİ SAYFA Aramak için buraya yazın 立
- 1. Optimal Use of a Single Input. Julian Smyth manages production at Taffy Apple Inc., a company that produces a variety of taffy/fruit candies. Over the last several months, he has varied the number of employees on his caramel apple production line from 5 to 12, and found the following relationship. Labor S67∞a 5 8 9 10 11 12 TP 50 90 150 200 240 270 290 300 MP VMP a. In the column labeled MP, calculate the marginal product of labor. b. Suppose the apples sell for $6 per (dozen) box. Calculate the Value Marginal Product (VMP) c. If labor costs $200 per day, how many laborers should the firm hire? NumberCharlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)A es New R... 11 A A- abe X2 X2 A. St $400 A farm is currently able to produce 10,000 bushels of peanuts per season on 10 acres. Assume i adds one more acre and now is able to increase its total production to 12,000 bushels of peanuts during the growing season. Determine the marginal product of the additional acre (the 11th acre of land for this farm. MP | 1 AZ