The table below shows data for the production of Avocados for an individual firm. Number of workers Number of Avocados 0 0 1 70 2 126 3 168 4 196 5 210 Given this data, what is the marginal product of labor when quantity increases from 1 by one unit?
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- The table below shows data for the production of Avocados for an individual firm.
|
Number of workers |
Number of Avocados |
|
0 |
0 |
|
1 |
70 |
|
2 |
126 |
|
3 |
168 |
|
4 |
196 |
|
5 |
210 |
Given this data, what is the marginal product of labor when quantity increases from 1 by one unit?
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- Submit Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Average Product Marginal Product Product 1 (Estella) 13 22 es 3 27 4 28 24 a. Complete the average product and marginal product columns in the table above. b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself? glasses c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her? glasses d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends…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. 7 97 # of Workers 10 Hot Dogs Produced 83 110 107 Provide your answer below: hot dogs producedGiven that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?
- Use the table to answer the following questions Output of labor Quantity of output 0 0 1 300 2 550 3 700 4 800 5 850 6 890 a. Calculate the value of the marginal product of labor of the 3rd worker b.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 107Picture Tools 16285711986112063eel9ba0 69816244 (Read Only Sman References Mailings Review View Format Picture Shape Y Bring to Fre Picture Border Send to Bac Position Picture Effects Text Wrappr Picture Styles Arrange 2. 6 Question 2. 1. Widget factory Inc. in Wisconsin has the following production function: F(L,K) = 2L/2 K/2 L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at $25/hour. Since this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretend the firm operates in the short run with capital fixed at 900, how many factory workers would Widget Factory Inc employ? What is their profit rate? Question 3.
- The firm’s production data is given in the table below. What is the marginal product for the 4th worker? Number of workers Quantity of Computers Produced (Total Product) 0 0 1 15 2 28 3 38 4 46 5 52The number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.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
- Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed. Use this table to find the marginal product of labor for the following workers: Marginal products of labor for the 2nd: _______ Marginal product of labor for the 8th worker: _______ Marginal product of labor for the 10th worker: ________12. The number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.b. Over what range of labor input are there increasingreturns to labor? diminishing returns to labor? negativereturns to labor?c. Over what range of labor input is marginal product greaterthan average product? What is happening to average productas employment increases over this range?d. Over what range of labor input is marginal product smallerthan average product? What is happening to average productas employment increases over this range?
