Match the appropriate interpretation of the selected values computed from the table. The average product =6 when labor = 6 means that [ Select ] The marginal product =6 when labor = 6 means tha vISelect ]
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![Match the appropriate interpretation of the selected values computed from the table.
The average product =6 when labor = 6 means that [ Select ]
The marginal product =6 when labor = 6 means tha v ( Select ]
Employing the 6th man-hour contributed an additional 6 units of produced pineapple.
none of the options provide a correct interpretation
On the average, the 6 man-hours contributes 6 units of produced pineapple.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaee11e8-c611-41dc-83cb-b42df1edc1c7%2F589abeea-5494-4188-b814-139c492f22fe%2F4iky4cd_processed.jpeg&w=3840&q=75)
![Match the appropriate interpretation of the selected values computed from the table.
The average product =6 when labor = 6 means tha v [ Select ]
On the average, each man-hour contributes 6 units of produced pineapple when 6 man-hours are employed.
all options are correct interpretations
none of the options provide a correct interpretation
The marginal product =6 when labor = 6 means tha
Employing 6 man-hours contributed to an additional 6 units of produced pineapple.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaee11e8-c611-41dc-83cb-b42df1edc1c7%2F589abeea-5494-4188-b814-139c492f22fe%2F130q16f_processed.jpeg&w=3840&q=75)
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- 70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)To answer, refer to the following: "At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day. Five years ago, it required 2,200 workers to make 10,000 bikes daily." Today, at the Huffy bicycle factory, Multiple Choice O the total product is 15,000 bicycles per day. the marginal product of labor is 10 additional bicycles per additional employee. O the average product of labor is 8.8 bicycles per employees. both "the total product is 15,000 bicycles per day" and "the marginal product of labor is 10 additional bicycles per additional employee". both "the total product is 15,000 bicycles per day" and "the average product of labor is 8.8 bicycles per employees".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 :
- Please inform which of following awnsers are correct for the following questions 14 and 15 just tell me the correct ones.Please see graph attached for q 14 14 Consider this production function. (SEE PICTURE ATTACHED) Select one or more: a. The average product of labour is falling as hours of study increase. b. The marginal product of labour is constant as hours of study increase. c. The marginal product of labour is rising as hours of study increase. d. The marginal product of labour is zero beyond 15 hours. 15 Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a. Your total number of hours will fall by 25%. b. Your total number of hours will fall by 50%. c. You…In the table below, marginal product becomes negative after employing the İnput of Labor (no. of workers Total Product (no. of tablets per week) 0. produced) 0. 30 68 110 4 140 135 O fourth worker. O third worker. O second worker. O fifth worker, 12 tv 123 5In the table, the marginal product of the third worker is Total Product, Marginal Product, Average Product Total prod- uct (units per day) Average ginal product prod- Labor Mar- (workers per day) uct 2 2 3. 12 15 1 OA. 1. OB. 2. OC.3. OD. 4. ON o N 56 OH2M45
- JayZee is the new sensation in the fashion industry, his cloth line is being appreciated and liked by the masses. Due to increased demand he decided to hire more labour (variable factor) while it is not possible for him to extend his warehouse size. If he hires you as an expert to ensure maximum profits with following information, take the best decisions. Total Product Units of Capital Units of Labour 0 5 0 100 5 1 240 5 2 400 5 3 500 5 4 560 5 5 570 5 6 570 5 7 520 5 8 460 5 9 Find: AP, MP and TR (show calculation) Find: Identify the three stages of production Construct the curves of TP, MP and AP Suggest how many labour should JayZee hire and why.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 workerPls explain in simplest way how the marginal product of labor and the average product of labor change as the quantity of labor employed increases (a) initially and (b) eventually
- Complete the table directly below by calculating MP and AP. Inputs ofL TP MP AP 0 01 152 343 514 655 746 807 838 82 Plot the TP, MP and AP and explain in detail the relationship between eachpair of curves. Explain why PM first rises, then declines, and ultimatelybecomes negative.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? NumberJayZee is the new sensation in the fashion industry, his cloth line is being appreciated and liked by the masses. Due to increased demand he decided to hire more labour (variable factor) while it is not possible for him to extend his warehouse size. If he hires you as an expert to ensure maximum profits with following information, take the best decisions, solve all the parts and their subparts. Total Product Units of Capital Units of Labour 0 5 0 100 5 1 240 5 2 400 5 3 500 5 4 560 5 5 570 5 6 570 5 7 520 5 8 460 5 9 1. Find: AP, MP and TR (show calculation)2. Find: i. Identify the three stages of production. ii. Construct the curves of TP, MP and AP. iii. Suggest how many labour should JayZee hire and why.