Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function:
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- What is the difference between a fixed input and a variable input?Would you consider an interest payment on a loan to a film an explicit or implicit cost?A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
- What is a production technology?Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?1. Computing labor productivity and its relationship to the demand for labor Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 90 175. 245 4 300 325 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. ?) 400 360 Production Function 320 280 240 200 160 120 80 1 3. 4 5. LABOR (Number of workers) Calculate marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. OUTPUT (Shovels) 40
- Aplia Homework: Production and Cost in the Firm Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (?) 20 18 16 MP LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, Underground Sandwiches does not have any output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 72 Production Function 64 56 48 32 24 16 MARGINAL PRODUCT (Sandwiches per worker)In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third worker02 Question | See page 359 Consider the following production function: y = f(L, K) = L®4K®5,where L is the amount of labor that the firm uses, K is the amount of capital, and y is output. 1st attempt O See Hint Suppose that the firm is using 64 units of capital. What is the marginal product of labor when the firm is using 10 units of labor? What is the marginal product of labor if the firm is using 20 units of labor? Give your answers to two decimal places.
- Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Output (Number of workers) (Shovels) Labor 1 100 195 275 4 340 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 40 Producion Function 340 100 130 40 LABOR (Number of workana) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. (genoygl indinoConsider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.) Labor Сapital Output Marginal Product of Labor 0. 1 1 1 120 2 1 360 1 480 4 1 540 1 570 IPOALLERGENIC TITANION POSTSWrite out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.