Isert Page Layout Forulas Dats Review View-ns Acrobat 11 A A Copy Check Cell 200

Question

Isert Page Layout Forulas Dats Review View-ns Acrobat 11 A A Copy Check Cell 200.0 Il. Please Fill the Underlined Blanks: in the right-most red colored cell. l-1. The table aside and graph below show a production function of a printer making firm 1.1 No firm obtaim more output than its function allows. 2Does it relate to the short-run or long,n It relates to because plot sze Nole, In the long-run, everything can vary fixed and apples to o rm -2. Panolb) in the next poge shows a total physicel product curve, which represents the meximum foasible outcome when we edd suecessive equal-sized units of labor while holding all other inputs constont Panel (B) peaks at seven workers/week and then starts to go down. 2.1 What s he sign of the margnal product when the firme hires the eighth unt ot labor so produce the computer, posen or regativel . 22 The marginal (physkal) productlt is the physical output thot is due to the addtion of one more unit of a Il-3. Let's exemine the merginal produet of labor. Marginal product increases for the first 2 units of labor, but it falls down from the third person s to work in force 3. 1 The law of Marginal Product As successive equal increases in a variable factor of production are added to fixed factors Panel 107 of production, there will be a point beyond which the extra, or marginal, produt that can be ofributed to each additional unit of the variable fador of production will decline This is called The law of Mapal Prodl 2 The Relotiomhip between Average and Marginal Costs 112 Ex. A team of 10 football players with on average weight of 230 pounds What is the total weight of the team? pounds 14 An eleventh player is recruited, whose weight is 340 pounds Now, what is the marginal gain of the eleventh member? What is the total weight of the teami Whot is he average weight of the team pounds Does the average weight of the team increase or decrease afher the elevent 234678910 1 Labor Inout (wka ls the 1 1th player heavier or lighter than on average? ece" than he eanhg averoge wnight, the average weghtmunt increase, weighs less·ma' decrease tels hot the marginal cost curve must cut through the average cost curve from below to above at the -port or me averoge cost curve

Explanation / Answer

1.1 The answer is production function because it is the function that indicates how much (maximum) a firm can produce with its resources.

1.2 It relates to short term since there are fixed factors and variable factors both operating.

2.1 The sign is negative because total products falls from 56 to 55 showing that MP is negative.

2.2 Marginal product is the addition to the total product when one more unit of variable factor is hired.

3.1 The law is called law of diminishing marginal product as MP falls when more labor unit is hired.

3.2 Total weight is Average weight x number of players = 230 x 10 = 2300 pounds. When 11th player is added, marginal gain is 340 pounds. Total weight is now 2300 + 340 = 2640 pounds. And so average weight is 2640/11 = 240 pounds. Average weight is increased now.

MC cuts the AC at its minimum point.

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