Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.)
Q: Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market.…
A: A production function illustrates the relationship between the inputs used and the output produced…
Q: The production function for Good X: Marginal Product of Capital AP, OK Average Product of Capital…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Question 9
A: Marginal productivity of labor is the incremental unit of output produced due to one unit increase…
Q: The following question is based on the production function Q=80L0.7K0.3 where the cost of labour is…
A: Given Q =80L0.7K0.3 ........ (1) Cost of labour = $6 Cost of capital =$4 The total cost of…
Q: Answer the question on the basis of the following output data for a firm. Assume that the amounts of…
A: Answer to the question is as follows:
Q: Given the data on the table, answer what is asked on the items below: Labor Input TPL AP. MP. L 1 7…
A: L TPL APL MPL 0 0 1 7 2 18 3 30 4 44 5 62 6 78 7 88…
Q: Suppose that the marginal product of labor for a local bakery is 84 units per day and the price of…
A: The least cost combination of factors of production is the quantity of each input that the firms…
Q: A firm uses labor (L) and capital (K) to produce outputs. The following graph shows the iso-quant…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: QI Suppose that TC0 = $2000, w = $90, and r = $60. a. Graph the isocost line corresponding to a…
A: What does it mean to be constrained by a tight budget? A budget restriction is a financial word that…
Q: 31. Based on the above figure, for which of the following levels of output at Ike's Ice Cream…
A: Given the cost curves, the relationship between cost and product curves is that when MC= AVC, Then…
Q: Firm XYZ produces specialty widgets using labor and capital. The table below shows the productivity…
A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…
Q: Consider the production function Y=√K√N, where Y is output, K is capital, and N is the number of…
A: The Production function shows the relationship between the output and inputs. The changes in the…
Q: Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: In the example presented by this graph, what is total output when the fifth worker is added? The…
A: when the 5th worker added, the total output is 52.
Q: Relationship between marginal and average cost) assume that labor and capital are the only inputs…
A: Cost is the amount used by the firm in the production function of goods and services. Divided as…
Q: . Ariel's T-shirt company hires labor at a rate of $8 per hour and rents capital (sewing machines)…
A: Given , Production function : q = 6K1/3L2/3 w = 8 /hour r (cost of sewing machines ) = 128 per…
Q: Assume that labor and capital are the only inputs used by a firm. Capital is fixed at 5 units, which…
A: Total cost consists of fixed cost and variable cost. Fixed cost is independent of output and…
Q: .Answer the following given the information below and Product price $2.50, Labor cost = $15, Capital…
A: Producer has the objective of profit maximization and it is achieved where marginal rate of…
Q: Complete the following table, assumingthat each unit of labor costs $75 per day.…
A: Total cost is the sum of fixed cost and the variable cost. Fixed cost is fixed and does not vary…
Q: Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for…
A: Total product is calculated in the below table. When labor increase from two to three workers, the…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: * ANSWER :-
Q: The following graph shows the marginal and average product curves for labor, the firm's only…
A: Marginal cost is the additional cost which occur by producing one more unit of good or service. Here…
Q: Using the information given in Table 5.2 (page 136), draw the isoquant correspond- ing to an output…
A: Using the information in the table the isoquant corresponding to the output level 20 is shown below…
Q: Part 1 A firm produces output (y) using two inputs, labor (L) and capital (K), according to the…
A: 1. The isoquant will be, L0.25K0.75=c (1). Slope of this firm's isoquant is equal to dKdL at…
Q: To answer, refer to the following: "At Huffy's ... bicycle factory, 1,700 employees turn out 15,000…
A: Labour productivity differs at different time period . Today's labour productivity is different than…
Q: n economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has…
A: Marginal product of an input is calculated by differentiating the production function with respect…
Q: Complete the following table by finding total product (tp), Average product (ap), Marginal product…
A: Average product (AP) is the product per unit of labor. The formula to calculate AP is:
Q: 12. In the following production function, Y-S(K, NA), suppose A increases by 10%. This increment in…
A: Y(K,L) = f (K, NA)
Q: Pizzas are produced using capital as a specific factor and labor as a mobile factor. The graph below…
A: Pizza are produced using capital as a specific factor and labor as mobile factor. Capital owner's…
Q: 4. Ariel's T-shirt company hires labor at a rate of $8 per hour and rents capital (sewing machines)…
A: Given , Production function : q = 6K1/3L2/3 w = 8 /hour r (cost of sewing machines ) = 128 per…
Q: Maize is produced according t8 lme q = 100(K° L°) %3D Starting with a capital input of 4 and a labor…
A: a production function gives the technological relation between quantities of physical inputs and…
Q: This table shows the number of cars the local car wash can wash in an hour depending on the number…
A: Marginal product is the additional output produced by employing an additional input
Q: ) From the following functions calculate the amount of labour and capital that naximize output. What…
A: Q=300L0.5K0.5 4000=30L+50K
Q: 5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250…
A: (i) Q=300L0.75K0.5L=250K=25Now,Q=300(250)0.75(25)0.5 Q=300×62.87×5Q=94,305
Q: Answer the question on the basis of the following output data for a firm. Assume that the amounts of…
A: Average product refers to the total output produced divided by the quantity of the variable input…
Q: Explain how a firm’s production function is related toits marginal product of labor, how a firm’s…
A: Production function shows the relationship between the inputs and the output, i.e. the different…
Q: The marginal product of labor can be determined using the total product of labor Production Function…
A: Given: Production Function q=8LK+5L2-13L3 where L is labor given as 5 units K is capital given as…
Q: QUESTION 20 If the first worker produces 10 picture frames a day, and the second worker produces 9…
A: Total Output or Total Product refers to the total quantity produced by the firm using labor, capital…
Q: Suppose you are considering hiring another worker. Also assume that you are at a firm that is…
A: We know that at the optimum: MRTS = MPL/MPK = w/r So here we have MPL = 5, MPK = 20 and w=2 and r=…
Q: Discuss the content of the concepts of "short run" and "long run" as used in the theory of firm and…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: n the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm…
A: The additional output produced as a result of increased input placed into a business is known as the…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: Marginal product of labor is the additional output produced with an additional unit of labor hired.
Q: 3. We often work with production technologies that give rise to initially increasing marginal…
A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…
Q: The following table depicts the number of grapes that can be picked in an hour with varying amounts…
A: Number of Pickers (Per hour) Total product (output) Marginal Physical Product (MPP) MPP =…
Q: Following is information on the production levels of three different firms. Firm A is currently…
A: a. The returns to the factors of production used indicate the level of operation of the firms in the…
Q: Question 1 Homework Answered Using the production function Q=(K^(3/2)) (L^(3/2)), what is the…
A:
Labor
|
Capital
|
Output
|
Marginal Product of Labor
|
0
|
1
|
0
|
-
|
1
|
1
|
120
|
|
2
|
1
|
360
|
|
3
|
1
|
480
|
|
4
|
1
|
540
|
|
5
|
1
|
570
|
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Consider a firm that produces car repairs. All inputs are fixed except the number of workers hired to make repairs. The schedule of output as the number of workers changes is : Number of Workers Repairs Completed(per day) Marginal Product ( per day) of that worker 1 3 3 2 9 ? 3 18 9 4 30 12 5 ? 15 6 52 7 7 58 6 8…The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을What 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
- Q = 4L + 8K Q = 50K04L0.6 Q = [K0510.5]3 i) Calculate the marginal products of labor and capitalConsider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.) Labor Сapital Output Marginal Product of Labor 0. 1 1 1 120 2 1 360 1 480 4 1 540 1 570 IPOALLERGENIC TITANION POSTSPicture 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.
- Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 120 140 150 155 157 4. 6. The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 45. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ 4 worker(s). (Entor your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it ahould employ 3 worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.00, it should employ worker(s). (Enter your response as an…Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 1 50 2 90 3 120 4 140 5 150 155 157 6. The marginal product of labor for the first hour of labor is || (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor is. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Casť's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an…Magnificent Blooms is a florist specializing in floral arrangements for weddings, graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production function for Magnificent Blooms is shown in the accompanying table. Quantity of labor (workers) Quantity of floral arrangements 0 0 1 5 2 9 3 12 14 5 15 a. Calculate the marginal product of each worker. Quantity of labor (workers) 1 Marginal product 2 3
- Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Output (Number of workers) (Shovels) Labor 1 100 195 275 4 340 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 40 Producion Function 340 100 130 40 LABOR (Number of workana) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. (genoygl indinoIn the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third workerThe accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour. Calls Per Hour Number of Telephones Number of Workers Per Hour 1 1 2 1 4 6 1. 6 16 8 22 1. 10 24 12 Given the information in the table above, what is the call center's additional fixed cost when it goes from making 6 calls an hour to making 16 calls an hour? Multiple Choice $30 $5 $0