Checkout
checkout
view
Your Cart Your Cart: item(s)
Subjects -> Economics -> Microeconomics -> Posting #20786
Add to Shopping Cart
$2.19 Instant Download
Economics, Microeconomics
Year 1

Marginal Products and Average Products


The number of repairs produced by a computer repair shop depends on the number of workers as follows:

#of Workers                        #of Repairs

0                                     0
1                                     8
2                                     20
3                                     35
4                                     45
5                                     52
6                                     57
7                                     60

Assume that all inputs other than labor are fixed in the short run.

a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers

b)Over what range of labor input are there increasing returns to labor? Diminishing returns to labor? Negative returns to labor?

c) Over what range of labor input is marginal product greater than average product? What is happening to average product as employment increases over this range?

d)Over what range of labor input is marginal product smaller than average product? What is happening to average product as employment increases over this range?

My Answer:

Workers    Repairs     MP       AP

0            0          -        -
1            8          8        8
2            20         12       10
3            35         15       11.6
4            45         10       11.2
5            52          7       10.4
6            57          5        9.5
7            60          3        8.5

Is my table correct?  I don't understand what the table is trying to say

By OTA:  Ramas Ramaswami, PhD

OTA Rating:  4.8/5

Your Price:  $2.19  (original value ~$11.97)

What's included:

  • Plain text response
$2.19 Download Add to Cart

Add to Shopping Cart
$2.19 Instant Download
Consider a firm that uses capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. - 1. Consider a firm that uses capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. Also assume that total labor costs to the firm are $45,000 annually. Assume further that the total capital stock of the firm is currently...
A 2006 Duke University graduate inherited her mother’s printing company. - A 2006 Duke University graduate inherited her mother’s printing company. The capital stock of the firm consists of three machines of various vintages, all in excellent condition. All machines can be running at the same time. COST OF PRINTING AND BINDING PER BOOK MAXIMUM TOTAL CAPACITY (BOOKS) PER MONTH MACHINE 1 $1.00 ...
Consider the following information for a T-shirt manufacturing firm that can sell as many T-shirts as it wants for $3 per shirt - Please see the attached file.
MICRO - Which of the following industries would you classify as an oligopoly? Which would you clasify as monopolistically competitive? Explain your answer. A) Athletic shoes B) Restaurants C) Watches D) Aircraft E) Ice cream
Consider the following monopoly that produces paperback books - Please see the attached file. Consider the following monopoly that produces paperback books: Fixed Costs = $1,000 Marginal Costs = $1 (and is constant) A) Draw the average total cost curve and the marginal cost curve on the same graph. B) Assume that all households have the same demand schedule, given by the following relations...

Page generated in 0.0177 seconds

About Us ·  Contact Us ·  Samples ·  Solutions ·  Legal Terms and Conditions ·  Privacy Policy

©2008 SolutionLibrary.com

Search for Solutions About Us Samples