2. Given the following labor data of Meow Company. (2) (1) Number of workers, (3) Marginal product of labor, MPN (4) Number of Marginal revenue product of labor, MRPN |(when P = RM40) cakes baked, Y 33 55 3. 60 4 77 85 89 110 a) Calculate and fill in the yellow colored blanks in the above table. (8 marks) b) What can you conclude from vour answer? (2 marks)
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- 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*?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 graphNumber of Workers Total Output Marginal Product 0 012345 Refer to the table. What is the total output when 4 workers are hired? 160 units 200 units 10 units 50 60 50 40 30 40 units
- Answer the question on the basis of the following information. Number of Workers 0 1 2 3 4 5 6 Multiple Choice Total Product O 0 10 36 52 When five workers are employed, 64 total product is 60. total product is 58. averago product is 10 Marginal Product 10 12 8Labor Total Product Marginal Product Average Product 0 1 2 3 4 5 6 7 8 0 Blank 1 25 Blank 5 Blank 7 Blank 9 80 Blank 13 Blnak 15 Blank 2 Fill in the missing values based on the above production schedule table (Blackboard "Ultra" currently cannot display table formatting, so the below text is not displaying correctly). For the Average Product responses only, round your answer to TWO-decimal places; you MUST enter the decimal values even if it is a '0' - ie: enter 18.00 NOT 18). Labor Total Product Marginal Product Average Product 0 0 N/A N/A 1 Blank 1 Blank 2 10.00 2 25 Blank 3 Blank 4 3 Blank 5 20 Blank 6 4 Blank 7 Blank 8 15.75 5 Blank 9 12 Blank 10 6 80 Blank 11 Blank 127 Blank 13 0 Blank 14 8 Blank 15 Blank 16 8.50 Blank 1 Add your answer Blank 3 Blank 4 Blank 5 Blank 6 Blank 7 Blank 8 Blank 9 Blank 10 Blank 11 Blank 12 Blank 13 N/A Blank 2 Blank 3 20 Blank 8 12 Blank 14 Blank 11 0 Blank 16 Blank 15 Blank 16 Add your answer Add your answer Add your answer Add your answer Add your…The 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)?
- TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $What is the relationship between total product, average product and marginal product. draw the graph and explain it. how can you differentiate between short time period and long time period Table Table 16.1: Returns to Labour Units of Labour Total Product Marginal Product (Quintals) Average Product (Quintals) (Quintals) AL 7. 80 80 - 80 170 90 100 85 270 90 368 430 480 92 86 6. 80 7 S04 72 S04 63 9. 495 480 10 -151. Fill in the table Number of Workers 1 23 4 5 6 7 8 9 10 Total, Average, and Marginal Product of a Soap Manufacturer Total Output per day Average Product 50 bars 125 220 320 410 490 560 610 640 630 Marginal Product
- 8. Questions 8 and 9 are based on the table below. Compete the table and use the data to answer these questions Units of labour Total product Average product Marginal product (N) (ТР) (АР) (MP) 1 20 2 45 3 66 4 21 100 14 The total product of 4 units is a) 20 b) 80 c) 84 d) 114 9. The marginal product of the fifth unit is а) 14 b) 16 c) 21 d) 25Labo r (wor kers) 0 1 2 3 4 5 Total product (units) 0 14 19 Marginal product 3 3 Ave rage prod uct 4.5 The above (incomplete) table provides information about the relationships between labor and various product measures. The provided information should be enough to recover the missing information in the table. Fill in the blank with the correct numbers for the Total Product Column and the Marginal Product Column. After completing the table, you find that the amount of labor that maximizes the marginal product of labor is units of labor. Without calculating the Average Product, just use what we learned in class about the relationship between MP and AP, the average product of the fourth unit of labor should be (>,=, or <) the marginal product of the fourth unit of labor.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?