The following table gives output levels for different levels of workers at Ken & Larry's Ice Cream. Compute the Marginal Product for each jump in workers: workers output/hour Marginal Product 2 50 4 100 6 140 8 170
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- Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.Complete the table by computing the marginal product for each worker. Labor Total Output (Number of workers) (Pizzas per day) UNITS OF OUTPUT 9 90 80 70 8909 50 40 330 20 CH 10 HH 0 0 1 0 2 1 2 3 4 5 6 7 8 On the following graph, plot Brian's total output using the green points (triangle symbol). (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Be sure to plot the first point at (0, 0).) (?) 9 10 000 m2 58 8 3 18 30 43 55 65 73 79 82 80 4 5 6 NUMBER OF WORKERS 7 Marginal Product AAAAAAAAAA B 9 10 A Production FunctionSuppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 1 3 120 4 140 150 155 6 157 The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 75. (Round your response to two decimal places.) If the wage paid to workers in Die Casť's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $2.00, it should employ worker(s). (Enter your response as an…
- Given that the level of labour is 10, the total production is 1,200, and the marginal product of labour is 200, what is the average product of labour?Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?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 80 2 150 3 210 4 250 5 270 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 300 270 240 Production Function 210 180 150 120 90 60 30 LABOR (Number of workers) OUTPUT (Shovels)
- Consider 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 POSTSSuppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 120 140 150 155 157 4. 6. The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 45. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ 4 worker(s). (Entor your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it ahould employ 3 worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.00, it should employ worker(s). (Enter your response as an…Q.3.2 The firm employs workers for R100 per day. Each unit sells for R30. The firm’s production function is as follows: Labour Output1 62 113 154 185 206 21 Q.3.2.1 Re-draw the table above and add two columns one showing theMarginal Physical Product and the other column showing the valueof the marginal product of labour MRP) at each input level. Q.3.2.2 Determine how much labour the firm will employ.
- 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.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 workerCalculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?
