2. (T/F) The production of iPhone 15 can be characterized as decreasing returns to scale and is shown in the graph on the right (not drawn to scale). Labor and capital in point A must be both less than 50 and 25, respectively. Explanation:
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- Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?(b) The table below shows the output (measured in bucket of paints), capital (number of machines) and labour (number of workers) used by All Weather Paints Company Ltd. Output 10 130 30 100 Labour 7 1 Capital 3 2 6 iii. 60 39 80 4 12 5 15 120 6 18 From the table above, show the range of outputs over which the firm experienced i. ii. Increasing Returns to Scale Constant Returns to Scale Decreasing Returns to Scale 21
- Output per worker (S, thousands) Production lunction (after 225 technological progre Production function 15 20 30 Capital equipment per worker (S, thousands) The figure shows an economy's production function before and after a technological progress. Based on this information, which of the following statements is correct? O The average product of capital at Ais 250,000/70,000 -3.57 O The marginal product of capital atA is (85.000 - 70.000)/ (300,000 - 250,000) = 0.30 O The particular shape of the production function indicates diminishing marginal product of capital As a result of a technological progress, the marginal product of capital rises but the average product of capital remains constant for a given level of capital per workerAccording to the law of diminishing returns, if a factory keeps adding more workers while keeping the amount of machinery constant, eventually: 0000 Total output will start to decrease. Output per worker will start to increase. The additional output generated by adding another worker will start to decrease. The factory will become more efficient.ull touch LTE 10:11 PM @ O 35% Done A docs.google.com AA C account * Required Section C Which of the following statements is true? * If average product equals marginal product, average product decreases. If marginal product equals average product, marginal product is a maximum. If marginal product equals average O product, average product is a maximum. If marginal product exceeds average product, marginal product increases.
- Problem: Below are hypothetical data for a manufacturer, processing a fixed plant, who produces a commodity that requires only one variable input. Total product is given. Compute and graph the average and marginal product curves. Units of Variable input 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Total Product 100 250 410 560 700 830 945 1,050 1,146 1,234 1,314 1,384 1,444 1,494 1,534 1,564 1,584 1,594 Average Product Marginal ProductCourse dashboard Soru 15 SCENARIO 1 You are the owner and only employee of a company that writes computer Henüz software that is used by gamblers to collect sports data. Last year you earned a total revenue cevaplanmadı of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business 4 üzerinden you invested an amount of your own capital that could pay you a return of $40,000 a year. ışaretlenmiş Refer to Scenario 1. During the year your economic costs were P Soruyu işaretle Lütfen birini seçin: O A $30000 OB$130000 O C.S 60000 ODS 40000 O ES 100000 SONRAKİ SAYFA ÖNCEKİ SAYFA 日 O Aramak için buraya yazınCourse: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?
- The change i revenueleamed by the business as it employees an additional mit of an input holding other resource use constant is: (a) Fhe Marginal'pbysical product fb) Fhe Totak physical product. - (c) The Average physicał product The Marginal value product :The My Phuong plant produces 500 pine jewelry boxes in two 10-hour shifts. Due to higher demand, they have decided to operate three 8-hour shifts instead. They are now able to produce 600 jewelry boxes per day. What has happened to productivity? O It has increased by 20%. O It has decreased by 8.3%. O It has not changed. OIt has increased by 37.5 boxes/hr. It has decreased by 9.1%.Labour (Units) Total Product (TPP) Average Product (APP) Marginal Product (MPP)0 01 1002 2503 3504 4005 4206 420Answer the following questions based on the table above:A. Calculate the Marginal Product and the average product. B. Explain the law of diminishing returns. C. Plot the marginal product and average product curves and explain the relationship between the two. D. What is the optimal number of workers for this business to hire? Label it on your graph in (C)