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- Does additional input of labor entail a steady increase in the output of a firm? Why or Why not?True or False? This marginal cost function is the derivative of the production function.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?
- You are the owner of a puppet manufacturing company. Suppose that labour is the only variable input to the production process. If the marginal cost of production is diminishing as more units of output are produced, what can you say about the marginal product of labour?Which of the following examples represents the relationship between division of labor and production? Group of answer choices A company assigns different parts of the production process to various workers, which complicates the process and results in waste A hospital hires more qualified nurses to ensure better quality of care for patients A primary care office hires more doctors to ensure that more patients receive care. A nurse takes patients’ vital signs while the doctor focuses on diagnosis so that more patients can receive careThe following is based on question 11 in the textbook: Suppose a firm has to choose among production methods for producing 1000kg of flour per day. The table shows the marginal product of capital and labour for each method. Suppose the price per unit of capital is $4 and the price per unit of labour is $6. Which method minimizes costs? Method A. A B. B C. с D. D E. E F. F G. G ABCDEFG MPK 14 12 10 8 642 MPL 3 6 9 12 15 18 21
- Suppose that the production of crayons ( qq ) is conducted at two locations and uses only labor as an input. The production function in location 1 is given by q1=10l0.51q1=10l10.5 and in location2 by q2=50l0.52q2=50l20.5a. If a single firm produces crayons in both locations, then it will obviously want to get as large an output as possible given the labor input it uses. How should it allocate labor between the locations to do so? Explain precisely the relationship between l1l1 and l2l2b. Assuming that the firm operates in the efficient manner described in part (a), how does total output ( qq ) depend on the total amount of labor hired (l)?(l)?A firm has two opportunities for a new plant location, one is in China and the other is inMexico. The firm's production function is given by q = L 0.5 K 0.5 , In China, the cost of laboris w=$15 and the cost of capital is r=$5. In Mexico, w=$10 and r=$10. The firm wants toproduce 100 units of output. Which location should the firm choose for their new plant?Explain why.Note: Please round the optimal amounts of capital and labor at each location to the nearest whole number when making your calculations.Hint: cost-minimization rule.True or false The law of diminishing returns implies that the marginal product of labor (MPL) is increasing as labor input increases.
- 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.Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama.If we have information about workers’ marginal products, then total and average product can be found by dividing marginal costs by the number of workers. multiplying the average marginal product times the number of workers. summing the marginal values to find the total, and multiplying it times the number of workers to get the average. summing the marginal values to find the total, and dividing it by the number of workers to get the average.
