Requirements: a. Compute for MP in each unit labor employed. b. Compute for AP in each unit labor employed. c. Graph the TP, MP and AP. d. The primary objective of a business is maximizing profit. If you are to decide, what alternatives would you propose in reaching the goal of the company? Justify your answer. Unit of Labor employed Total Physical Product (tons of wheat) Marginal Product (tons of wheat) Average Product (tons of wheat) TP MP AP 0 0 (1) (11) 1 3 (2) (12) 2 10 (3) (13) 3 24 (4) (14) 4 36 (5) (15) 5 40 (6) (16) 6 42 (7) (17) 7 42 (8) (18) 8 40 (9) (19) 9 36 (10) (20)

Requirements: a. Compute for MP in each unit labor employed. b. Compute for AP in each unit labor employed. c. Graph the TP, MP and AP. d. The primary objective of a business is maximizing profit. If you are to decide, what alternatives would you propose in reaching the goal of the company? Justify your answer. Unit of Labor employed Total Physical Product (tons of wheat) Marginal Product (tons of wheat) Average Product (tons of wheat) TP MP AP 0 0 (1) (11) 1 3 (2) (12) 2 10 (3) (13) 3 24 (4) (14) 4 36 (5) (15) 5 40 (6) (16) 6 42 (7) (17) 7 42 (8) (18) 8 40 (9) (19) 9 36 (10) (20)

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 2ST

See similar textbooks

Similar questions

QUESTION 18 The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Product Average Product of MRPL product of labor (TPL) W (MPL) labor (APL) 20 20 30 36 4 40 42 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product?
Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 5 6. 120 30
Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?
1. Complete the Table: Capital (K) 1 1 1 1 1 1 1 Labor (L) Total Product (TP) 10 1 2 3 4 5 6 7 8 9 10 22 37 ? 58 64 ? 67 64 ? Average Product (AP) 10 ? 12.33 12.25 ? 10.67 9.57 8.38 ? 5.8 Marginal Product (MP) 10 12 ? 12 9 ? 3 ? -3 -6
Problem 1 Cefel Furniture is a small furniture shop that focuses on making kitchen chairs. The weekly wwww ww dollar value of its output, including finished goods and work in progress, is 14,280. The value of inputs,such as labor,materials, and capital, is approximately 16,528. Compute the total productivity measure for Cefel Furniture. wwww Problem 2 Cefel has just purchased a new sanding machine that processes 17 chairs in 8 hours. What is the www productivity of the sanding machine? Problem 3 Cefel has hired two new workers to paint chairs. They have painted 10 chairs in 4 hours. What is www their labor productivity? Note that all the problems are connected.
estion Completion Status: QUESTION 9 The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal product of labor (TPL) Average Product of labor (APL) Product (MPL) 0. 0. 1 20 30 3 36 4 40 42 6. 42 Based on the above table 1. How much is the marginal product (MIPL) of the 3rd labor? 2. Which labor has the largest marginal product? 3. What is the value of Average Product of labor (APL) at 5 labors. 4. If the price of DVD is $20, what is the values of Marginal Revenue Product of labor (MRPL) at 2nd labor ? 5. If the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*?
The marginal product of an input in the production process is the increase in 1. profit obtained from an additional unit of that input. 2. total revenue obtained from an additional unit of that input. 3. total revenue obtained from an additional unit of that input. 4. quantity of output obtained from an additional unit of that input.
Top 4 largest firms in the industry produces 750,000 unit while the total production of the Industry is 1,250,000 unit. Calculate CR4
Number of Workers Units Produced Marginal Product Average Product 0 0 —– —- 1 20 2 35 3 45 4 50 5 45
Capital (K) Labor (L) Total Product (TP) total fixed cost (TFC) total variable cost (TVC) total cost (TC) average fixed cost (AFC) average variable cost (AVC) average total cost (ATC) marginal cost (MC) 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92 10 9 92 10 10 90 1.1 From the information in the table, calculate total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC). 1.2 At what point is average total cost minimized and at what post…
Sam owns and operates ye olde yogurt shoppe. His revenue this year was $135,000. he paid food supplier $50,000 for fruit, yogurt and milk and paid $5000 For paper and cleaning supplies. In addition to working again the store himself, he hired student lady to work part time and it cost him $25,000 in labor costs. He paid $12,500 to rent his store. He borrowed money from bank and had to pay them $5000 in interest costs. To run his company, sam gave up $50000 per year job and $1500 in interest amount he put into the business. He estimates that companies similar to his earn at least $6750 over costs. 1. separate(list) sam's accounting costs into fixed costs be variable costs by name and amount. 2. list each of sam's implicit costs by name and amount 3. calculate sam's economic profit/loss. Show what costs are included, and if Sam expects the Sam revenue and costs next year, he should continue in this business? Why/ why not?
The table sets out Sue's Surfboards' total product schedule. Labour (Workers per week) 1 2 3 4 5 6 7 Output (Surface Boards per week) 30 70 120 160 190 210 220