What is the difference between average product of labor and marginal product of labor? (b) Explain the relationship between average and marginal product of an input by discussing their respective curves (no need to provide any graphs).

Q: If Cf = 25000 is a fixed cost function, show that the average fixed cost function Cf = Cf / q is…

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Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…

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Q: The following is the production schedule of a certain firm. A unit of labor cost 50 pesos per hour…

A: In short run, capital is fixed input and labor is variable input => Fixed cost = capital units *…

Q: Which of the following is not possible? When the total product is decreasing, marginal product is…

A: Total product is the summation of the all product produce with the help of factors of production.…

Q: Which of the following statements about average product and marginal product is correct? (A) If…

A: Average product is the total product which is produced divide by the total number of variable inputs…

Q: Explain the difference between implicit and explicit costs. Give two examples of when an explicit…

A: Note : Since multiple questions have been  uploaded , only the first question shall be answered at a…

Q: Production function of a company is given by f(x;y)= root of x + root of y where x is labor and y is…

A: Given:  f(x;y)= x+yCost of labor = w=2 currency unitsCost of capital =r= 1 currency unit

Q: True or false 1-If the marginal product of labor is increasing, the marginal cost of production…

A: 1)Due to increase in marginal product,efficiency would increase,therefore cost would decrease.…

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 01…

A: Average variable cost: It is the total variable cost of a unit of goods. Variable costs keep on…

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A:

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: A production function shows a unique relationship between inputs and outputs. Average product of a…

Q: When the quantity of a variable input is increased from 3 units to 4 units the total output…

A:

Q: QUESTION 18 Use the data in the following table to answer the question. Output Total cost (Units)…

A: Question 18 TFC = TC at 0 level of output TVC = TC - TFC AVC = TVC/Output ATC = TC/Output Now,…

Q: 37) If production displays economies of scale, the long-run average cost curve is A) above the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…

A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…

Q: Indicate how each of the following would shift the (1) marginalcost curve, (2) average-variable-cost…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5   22) Diminishing returns to labor…

A: For the first question (22), the diminishing returns to labor, begin at labor unit 4.  This is…

Q: A firm is using 500 units of capital and 20O units of labor to produce 10,000 units of output.…

A: The Production function is a combination of Labor and capital f(K,L) = wL + rK where w= Price of…

Q: A key difference between accountants and economists is their different treatment of the cost of…

A: Any firm main objective is its profit maximization and a firm maximizes its profit by producing at…

Q: 1)Which of the following is most likely to be a fixed cost for a firm? A) The interest payments made…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When the marginal product of labor equals the average product of labor, then a. the marginal product…

A: Marginal product is the additional output produced by employing an additional unit of input.

Q: Why does the marginal cost of production typically increase as the amount of output produced…

A: Marginal cost is the additional cost incurred to produce an additional unit of output.

Q: Answer the following Questions. Include referencing where additional sources have been used a. Why…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: #3 #2 Variable input # 1 In this diagram, curves 1, 2, and 3 represent the: Product

A: From the above diagram we can say that, Number 1 is Marginal product since it can be negative.…

Q: When the total product curve is falling, the:  a. average product of labor is increasing.  b.…

A: In simple terms, Total Product is the total volume or sum of final output produced by a firm in a…

Q: Consider this production function. Study hours 1 4 5. 10 11 12 13 14 15 or more Grade 20 33 42 50 57…

A: [1] Lets discuss options one by one:-a. UK workers have more free time than Greek workers.Ans. UK's…

Q: 1. Show that the two-input Cobb-Douglas production function used in this lecture has DRS, CRS or IRS…

A: As asked Q1 is solved below: To show that two input Cobb-Douglas production function has IRS, DRS…

Q: QUESTION 18 An input that cannot vary in the short run is called, a. Fixed input b. variable input…

A: In short run the firm adjust theirs variable cost and labour as they required as a output increase…

Q: occurs when the marginal product of an additional worker exceeds the marginal product of the…

A: Marginal product of an additional worker is the change in output resulting from one additional…

Q: Q2.Average cost curves (except for average fixed cost) tend to be U-shaped, decreasing and then…

A: Average Cost(AC) is the cost of each unit that is evaluated by dividing Total Cost by the amount of…

Q: Increasing marginal returns to labor A) describe the portion of a total product curve where the…

A: Marginal returns refer to the amount of output generated by the producer when it employed an…

Q: Which of the following statements is true? * If average product equals marginal product, average…

A: Average product is regarded as per unit product of variable factor, for example, labor. When the…

Q: Explain the relationship between total, marginal and average cost

A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…

Q: Question 3 A company produces three products which must be processed through three departments. The…

A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…

Q: . In the Deep Creek Mining Company example described in this chapter (Table 7.1),suppose again that…

A: The link between the quantity of productive inputs (such as labour and capital) used and the amount…

Q: Why would labor be treated as a variable cost? Question 24 options: they are costs…

A: Variable cost is that cost which changes when the output level changes. It depends on the quantity…

Q: Quantity of output (# of cookies Total product curve per hour) Quantity of input (# of workers) In…

A: *ANSWER :-

Q: In the production process, both the average product and marginal product of the variable input rise…

A: The average product is the average amount of output produced by a variable input. It is computed as…

Q: How would each of the following affect average total cost, average variable cost, and marginal cost?…

A: GIVEN  How would each of the following affect average total cost, average variable cost, and…

Q: What is the optimization condition for economically efficient use of energy in production in the…

A: In the short run, the optimal production occurs at the following point. MR = Price of input / Price…

Q: 3. Anron Manufacturing produces a product which has 3 different costs and a relevant range between…

A: Here we calculate the cost formula , so by using the given information we calculate and choose the…