Magnificent Blooms is a florist specializing in floral arrangements for weddings,graduations, and other events. Magnificent Blooms has a fixed cost associated with spaceand equipment of $100 per day. Each worker is paid $50 per day. The daily productionfunction for Magnificent Blooms is shown in the accompanying table.Quantity of labor(workers)Quantity of floralarrangements00152931214515a. Calculate the marginal product of each worker.Quantity of labor(workers)1Marginal product23

Marginal product of labor (MPL) tells us about the productivity of labor. It measures the change in…

Answered: Magnificent Blooms is a florist…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 6P

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Similar questions

What is the difference between a fixed input and a variable input?
What is a production function?
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 9을
Gull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320 Calculate the marginal product of each worker. Calculate the marginal cost, Average total cost, and average variable cost of each level of output.
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?
The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs.
The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs. The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers…
what is the marginal product of the third worker Table 1 Labor Production Marginal Product Total Variable Cost Total Fued Cost $0 1 $10 200 200 $20 $10 2. 350 $40 $10 3 470 $60 $10 80 $80 $10 5. 50 $100 $10 $120 $10 6. 630

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