The table provides production data for a small tattoo shop. Use the information provided to complete the table. Number of Tattoos Marginal workers completed product (workers) (tattoos) (tattoos) N/A 1 8. 8 22 А. 3 В. 4 35 С. A. marginal product of the second worker: tattoo: B. tattoos completed with three workers: tattoo: C. marginal product of the fourth worker: tattoo

The table provides production data for a small tattoo shop. Use the information provided to complete the table. Number of Tattoos Marginal workers completed product (workers) (tattoos) (tattoos) N/A 1 8. 8 22 А. 3 В. 4 35 С. A. marginal product of the second worker: tattoo: B. tattoos completed with three workers: tattoo: C. marginal product of the fourth worker: tattoo

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).
The table below shows the number of workers and total output. Calculate marginal and average product for each worker. Number of Workers Total Production Marginal Product Average Product 1 100 2 220 3 300 4 340 The marginal product of the third worker is Blank 1 and the average product when three workers are employed is The marginal product of the fourth worker is Blank 3 and the average product when fourth workers are employed is
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A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…
30. Calculate the participation rate
Andy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.
Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
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Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
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This table shows the number of cars the local car wash can wash in an hour depending on the number of workers emplo Number of Total output (number of cars washed per hour) workers 2 10 4 26 6. 40 8. 50 10 58 12 62 Use this table to find the marginal product of labor for the following workers: marginal product of labor for the 2nd worker: 19 I marginal product of labor for the 6th worker: marginal product of labor for the 12th worker:
Question If one worker makes 14 baskets, two workers make 34 baskets, three workers make 45 baskets, and four workers make 50 baskets, which worker yielded the highest marginal product? 1 the first worker 2 the second worker 3 the third worker the fourth worker