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- What is the difference between marginal revenue product(MRP) and value marginal product (VMP)?Charlie 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 commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?
- Labour (Units) Total Product (TPP) (MPP)0 01 1002 2503 3504 4005 4206 420Calculate and plot the average product and marginal product What is the most favourable number of workers for this business to hire, indicate such on the graphQuestion 1 of 20 Use the information in the table to answer the two questions that follow about Monster's Ink, a tattoo shop. Number of workers Tattoos completed Marginal product N/A 1 8 8 18 10 3 25 7 4 28 5 30 2 31 1 What is the marginal product of the fourth tattoo artist? marginal product: tattoosThe data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
- Calculate MPP and MRP in table below. The price of the product price is $6. Must show work. Labor Q per day MPP MRP 1 40 68 3 89 4 108 123The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.Fill in the tableTotal, Average, and Marginal Product of a Soap ManufacturerNumber of Workers Total Output perdayAverage Product Marginal Product1 50 bars2 1253 2204 3205 4106 4907 5608 6109 64010 630A. Using the data in the table, graph and explain the following:a. Total Outputb. Average Productc. Marginal Product
- 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.Economic sWeekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
