1. JC\'s (for Josh and Chartie\'s) Dad by D ing he best iness center JC\'s alin
ID: 1111456 • Letter: 1
Question
1. JC's (for Josh and Chartie's) Dad by D ing he best iness center JC's alin miethods results in their clients cither achieving the best physical condition of their lives or premature expiration- The relationship between the numiber of trainers JC's mploys and the mumber of people trained each day is listed in the table below Number of Outpat Marginal 1s 5e 65 75 50 83 A) Complete the marginal product column. What pattern do you see? Explain what you see B) Each trainer is paid $400 a day. Also, JC"'s has fixed cot of $3,000 per day Use this information to complete the column for total cost.Explanation / Answer
(A)
Marginal product (MP) = Change in output (Q) / Change in number of trainers (L)
It is seen that from 4th trainer onward, MP is gradually decreasing. This is explained by the law of diminishing marginal productivity which means that as more and more trainers are added, output produced by the last trainer, i.e. MP, decreases.
(B)
Total cost (TC) = Fixed cost (FC) + Variable cost (VC) = $3,000 + $400 x L
L Q MPL 0 0 1 15 15 2 30 15 3 50 20 4 65 15 5 75 10 6 80 5 7 83 3Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.