The table below presents estimates of the maximum levels of output possible with various...
Question:
The table below presents estimates of the maximum levels of output possible with various quantities of labor input. Assume that a unit of output sells for $10.
| Labor (L) | Output (Q) |
| 1 | 10 |
| 2 | 23 |
| 3 | 33 |
| 4 | 41 |
| 5 | 44 |
What is the marginal product of labor when {eq}L = 3 {/eq}?
Supply Level:
The supply level in a particular production function is depending on the marginal product of the labor and the productivity of the resources employed. An increase in the marginal productivity would lead to an increase in the production level with per unit of input employed.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerConsider that 3 unit of labor is employed. The marginal product of labor will be equal to the marginal product of output. It means the change in...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Market Supply Schedule
from
Chapter 3 / Lesson 2
34K
Learn the supply schedule definition and understand how the market supply schedule works. Compare the demand and supply schedule and see supply schedule examples.
Related to this Question
- The table below presents estimates of the maximum levels of output possible with various quantities of labor input. Assume that a unit of output sells for $10. What is the marginal revenue product (MRP) of labor when L = 5? (The answer should be a whole n
- The following table shows the total output produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $32. According to this table, what is the marginal product of the 5th wor
- The table above shows some of the costs for a perfectly competitive firm. If the price is $160 per unit, how many units of output will the firm produce? A. 8, because this output level will maximize profit. B. 8, because this output level is the maximum c
- In the table below, calculate the marginal product of labor when each unit of labor is hired. At what unit of labor does diminishing marginal returns set in?
- The following table shows the marginal productivity of different units of labor for producing a product. Table 14.4 ; Labor ; MR MPP ; 0 ; $3 ; 0 ; 1 ; $3 ; 5 ; 2 ; $3 ; 6 ; 3 ; $3 ; 5 ; 4 ; $3 ; 4 ;
- Suppose a competitive firm can sell its output for $9 per unit. The following table gives the firm's short run production function. [TABLE] In the table below, you will determine several points on the firm's demand curve for labor. Determine how many work
- Refer to the table below. This firm sells output in a competitive product market at an equilibrium price of $3. If the competitive wage for a unit of labor is $45, how many units of labor will be employed? a. 2 b. 3 c. 8 d. 5 e. 4 |Units of Labor |Margin
- Suppose a competitive firm can sell its output for $11 per unit. The following table gives the firm s short run production function. In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must determine
- The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of other resources employed are constant. (a) Compute the marginal and average produc
- Refer to the table below. What does the marginal physical product equal when the amount of labor goes from 12 to 13 units. a. 58.8 b. 70 c. 760 d. 690 |Labor input (workers/day)|Total physical product (output/day) |10|500 |11|600 |12|690 |13|760 |14|800
- The table below shows the total production of a firm as the quantity of labor employed increases. The quantities of all other resources employed are constant. a) Compute the marginal and average produ
- Holding capital fixed at K=2 units, the firm's production table shows when labor units (L) = 1, output (Q)=5; L=2, Q=11; L=3, Q=16; L=4, Q=20; L=5, Q=22. Also, the firm can sell each unit of output at a price of P=$2. If so, the marginal product of labor
- The production function: a. is an economic relationship between revenue and cost. b. always shows increasing marginal product of labor. c. shows the relationship between input prices and amount of input used. d. shows the maximum level of output for a giv
- Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firms short run production function. In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must determine h
- Suppose a competitive firm can sell its output for $5 per unit. The following table gives the firm's short run production function. [TABLE] In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must
- Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short-run production function. In the table below, you will determine several points on the firm's demand curve for labor. Complete the table below.
- Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short-run production function. In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must determi
- The marginal product of labor is the A. output level above which the slope of the total product curve falls. B. output level above which the rate of total product per unit of labor falls. C. maximum output attainable with fixed factors when labor is the o
- Suppose a competitive firm can sell its output for $9 per unit. The following table gives the firm's short run production function. In the table below, you will determine several points on the firm?s demand curve for labor. To do this, you must determi
- If each extra worker produces an extra unit of output, how do the total product of labor, the average product of labor, and the marginal product of labor vary with the number of workers?
- Suppose a firm in a competitive industry faces an equilibrium product price of $2 per unit of output. Table A provides information on the output produced by various amounts of labor. Use this information to complete the remaining columns of Table A, and t
- Question 9 Quantity of Labor Total Output 0 0 1 12 2 22 3 30 4 36 5 40 6 43 7 44 Referring to the table, the marginal product of the 5th worker is: a) 3 b) 4 c) 8 d) 40 Quantity of Gadgets Produ
- In the graph below, the price of capital is $500 per unit. How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost? a. 300 units of labor b. 320 units of labor c. 500 units of labor d. 800 units
- In the case of one variable input, complete the following table and explain whether this production function exhibits diminishing marginal product of labor.
- Suppose that labor is the only input used by a perfectly competitive firm. The firm s production function is as follows: a. Calculate the marginal product for each additional worker. b. Each unit of output sells for $10. Calculate the value of the margin
- The table above shows the total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. What is the average variable cost per unit when producing 80 units? A) $0.25 B) $1.00
- Consider the following table. What is the total output when 1 worker is hired? | Number of Workers | Total Output | Marginal Product | 0 | 0 | -- | 1 | | 30 | 2 | | 45 | 3 | | 60 | 4 | | 50 | 5 | | 40
- Unit of Labor Output Marginal Product Price MRP_1 Marginal Revenue Product MRP_2 Marginal Revenue Product 0 0 1 50 $20 2 90 $20 3 $20 $600 4 20 $20 5 $20 $200 6 155 $20 1. Provide the missing values in the first five columns of the table. Ignore the
- Using the Table below to answer the questions that follow: |Units Labor |Units of Output |Marginal Product of Labour (MPL)| Value of Marginal Product of Labor VMPL | 0 units |0 units| | |1|7| | | 2|
- The production function of a firm is Total product = 45L^2 - L^3 where L is labor. How many units of labor should be employed to maximize output?
- This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. According to the table shown, when 5 units are produced, A. profits are maximized. B. profits are positive. C. the firm is producing less
- For the production function fill in the following table and state how much the firm should produce so that: (a) Average product is maximized (b) Marginal product is maximized (c) Total product is maximized (d) Average product is zero
- The graph below shows the marginal revenue product of labor. a. How many units of labor will the firm hire at a wage of $3? b. What is the marginal revenue product of the 3rd unit of labor? c. Diminishing marginal product begins with the addition of what
- Consider the following table. What is the total output when 4 workers are hired? | Number of Workers | Total Output | Marginal Product | 0 | 0 | -- | 1 | | 30 | 2 | | 45 | 3 | | 60 | 4 | | 50 | 5 | | 40
- In the graph below, the price of capital is $500 per unit. How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost? a. 300 units of labor b. 320 units of labor c. 500 units of labor d. 800 units of
- Given the following table of production quantities, with their corresponding marginal revenue and marginal cost, estimate the production level that maximizes profit.
- Suppose a firm operates three production facilities within the U.S. Marginal cots for each plant, price, and quantity, are provided in the table below. how many units should be produced at each plant in order to maximize profits? |Quantity|TR|MR|MC1|MC2|M
- The table given below shows the average total cost of production of a firm at different levels of the output.QuantityAverage Total Cost1$102$63$54$55$7Refer to the table. At what level of production w
- Fill in the blanks in the following table. Suppose price equals $10 per unit of output. Based on the information above, what is the optimal quantity of output to be produced?
- The marginal product of labour is the increase in the total product that results from A) One-unit increase in both the quantity of variable and fixed inputs. B) One-unit increase in the quantity of fixed inputs employed, holding the quantity of the vari
- Assume that a competitive firm has the total cost function: TC = 1q^3 - 40q^2 + 710q + 1700 The price of the firm's output (sold in integer units) is $550 per unit. Using tables (not Calculus) find a solution for total profit at the optimal output level?
- 1. What is the variable cost when producing 10 units of output? (What is X on the table?) A. 30 B. 50 C. 60 D. 40 2. What is the total cost when producing 0 units of output? (What is Y on the table?) A. 45 B. 40 C. 0, since you aren't producing any output
- You estimate a short-run production function to be Q = 16L^{0.8} which gives a Marginal Product of Labor function MPL = 0.8*16L^{-0.2} = 12.8/L^{0.2}. If the product made by the labor sells at a price of P=$8 per unit, then the Marginal Revenue Product of
- A firm is using 10 workers, and their average product is 200 units. Suppose the marginal product of labor is 250 units. In answering the questions below, explain your answers briefly. How much output
- Complete the following table. The price of the good is $8 per unit. After completing the table, indicate how many units of labor you would hire if a) the Marginal Factor Cost = $600 per unit and b) th
- 1) A production function shows: a) the quantities of output that can be produced with different quantities of inputs b) how much profit a firm can make at different output levels c) the long run fi
- The following table gives the marginal product schedule of labor. It is also given that the total product of labor is zero level of employment. Calculate the total and average product schedules of labor.
- From Table 2, graph price, quantity, marginal revenue and marginal cost curves. What is the price at the profit maximizing level of output (show on the graph)?
- Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question. What is the marginal revenue product of the fif
- Assume the price of output is p = 10 dollars, the marginal product of labor is given by the equation MPL = 20 - (1/2)L, and the price of labor is wL = 100 dollars. Then, the optimal quantity of labor is: A) 5 Workers B) 10 Workers C) 20 Workers D) 25 Work
- Why is Marginal Product of labor plotted at mid points between quantities of labor used while average product of labor is plotted at exact quantities of labor used?
- Output (units)0 1 2 3 4 5 Total Revenue ($)0 9 16 21 27 31 Total Cost ($)10 12 15 19 26 35 At optimal output, the firm described in Table 8-1 sells its output at a price of $6.25. $7. $5.40. $8.
- Graphically derive a marginal product of labor function from a total product function for a firm that experiences an increasing rate of returns (faster than proportional) up to an output of 60 units o
- A firm's fixed costs for producing zero units of output is equal to $15,000. Use the table below and find the marginal cost at all levels of output. | Quantity | Fixed Cost | Average Total Cost | Marginal Cost | 0 | $15,000 | --- | | 100 | | $300 | |
- Suppose that labor is the only input used by a perfectly competitive firm. The firm can hire workers for $30 per day. Each unit sells for $6. The firm's production function is as follows: a) Complete this table, filling in the value of the marginal produc
- Average product in graph (b): a. rises when it is less than marginal product. b. is the change in total product divided by the change in the quantity of labor. c. can never exceed marginal product. d. falls whenever total product in graph (a) rises at a d
- The table below refers to the relationship between the quantity of workers employed and the number of computers produced per day in a company. a. Fill in the blanks in the table, b. Discuss the relationship between the marginal revenue product of labor an
- Quantity of Workers Total Product Average Product Marginal Product 0 0 1 3 2 7 3 12 4 16 5 18 6 18 In the above table, the average product for 5 workers and the marginal product of the 5
- A firm's labor input, total output of labor, and product price schedules are given below. If labor is the only variable input, how much labor should the firm employ if the wage rate is $8 per day? ||
- The table below shows the number of units of output that a firm can produce per day as a function of the numbers of workers hired. The firm is a price-taker in both the labor market and the output market. The market price of a unit of output is $20, and t
- Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit. A) What is the marginal product of the first worker? B) W
- Suppose a firm has a three-stage production function. Suppose the firm is using 20 units of labor. At this level of input, the marginal product of labor is 50 and the average product is 30. (i) What
- The table shows production data for three quantities of capital. Suppose that each unit of capital costs $1,000 and each unit of labor costs $200. Complete the table. Labor, L Capital, K Output, Q Average total cost, ATC Capital, K Output, Q Average tot
- The following table shows data of a firm that produces watches. If the firm's marginal resource cost of labor is constant at $18 per unit of labor, at the profit-maximizing level of output, the firm will hire _________ of labor. a) five units b) three uni
- Suppose a competitive firm can sell its output for $6 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 20 2 50 3 90 4 110 5 120 6 124 In the table below, you will determine several points on the firm's dema
- Complete the missing portion of the production table below: Quantity of Labor Quantity of Capital Marginal Product of Labor Average Product of Labor Total Product of Labor 0 5 _____ _____ _____ 1 5 5
- The following table shows productivity for different units of labor: (A) If the firm's product sells for a constant $2.00 per unit, what is the marginal revenue product of the third unit of labor? (B) If the firm's product sells for a constant $2.00 per u
- Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question.
- Consider the table above. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $25 and the equilibrium price of the product is $1.00. How many units of the resource will be hired by a profit
- The following table is a record of the data of a competitive firm on labour and output: Unit of labour Total product MPL VMPL 0 0 1 10 2 22 3 32 4 39 5 42 6 41 Suppose the product price is $5 and the market wage per unit of labour is $35. a)
- The following table provides information on the production of a product that requires one variable input. With the addition of the second unit of Labor, the marginal product is: a) 25 and the average product is 10, b) 15 and the average product is 20, c)
- An isoquant curve identifies ______. (a) the maximum output possible, given a fixed budget (b) the different combinations of goods the can be produced, given fixed amounts of inputs (c) the different combinations of inputs that can be used to produce a fi
- When Marginal Product = 0 a. nothing is produced b. total output is at its maximum c. the next unit of labor input contributes positively to output d. average fixed cost also = 0
- The production function is the: a.) increase in the amount of output from an additional unit of labor. b.) marginal product of input times the price of output. c.) relationship between the number o
- Examine the table below, which gives information about the costs if a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for the firm at different prices. For each price listed, you must find the output level, total reve
- The value of marginal product of labor equals: A. the marginal product of labor divided by the price of a unit of output. B. the price of a unit of output divided by the marginal product of labor. C. the price of a unit of output multiplied by the margin
- Labor Output Variable Cost Fixed Cost Total Cost 0 0 12 1 10 5 2 18 22 3 24 15 4 28 20 32 Consider the table above. What is the average total cost at 3 units of labor?
- Which of the following is not true of the total product curve? a. It shows how the output changes at a different levels of capital. b. It describes output as a function of labor. c. Its slope equals the marginal product of labor. d. It represents the
- The table given below shows the average total cost of production of a firm at different levels of the output. If the total fixed cost is $3, what is the total variable cost of producing 5 units? a. $8
- The table below shows the quantity produced and the price set by a monopoly firm. Based on the table, the marginal revenue from the 14th unit of output is: a. $0.25 b. $46.75 c. $49.75 d. $46.00 e. $ 46.50
- It was noted in class that a production function identifies the maximum amount of output that can be obtained from a given amount of input. That is, workers are assumed not to shirk. If workers were t
- A firm's short-run production function describes how the A. maximum possible output varies as the quantity of labor hired varies in a given factory. B. minimum possible output varies as the quantity of labor hired varies in given factory. C. maximum po
- Consider the following table. At which number of workers does diminishing marginal product begin? | Number of Workers | Total Output | Marginal Product | 0 | 0 | -- | 1 | 300 | | 2 | 500 | | 3 | 600 | | 4 | 650 |
- In the graph below, it is shown the firm's average product of labor and the marginal product of labor curves. The price of labor is $60 per unit. Given this, diminishing returns set in with the: a. 3rd unit of labor b. 6th unit of labor c. 10th unit of
- A company has fixed costs of $300 and each worker it hires costs $100 per day. Calculate Marginal product, Total cost, Average total cost, and Marginal cost for each level of output in the table below. ||Workers||Output (Q)||Marginal product||Total cost||
- Consider the following table. What is the marginal product of the first worker? | Number of Workers | Total Output | Marginal Product | 0 | 0 | -- | 1 | 300 | | 2 | 500 | | 3 | 600 | | 4 | 650 |
- The following table shows a short-run production function for laptop computers. Use the data to determine where diminishing marginal product begins. Diminishing marginal product begins after you hire
- A purely competitive firm faces the marginal product schedule shown in the table below. The price of the product is $25 and the wage rate is $300 per worker. Calculate the marginal revenue product and complete the table. [TABLE] The firm should hire: A. 1
- When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as: a. Wage divided by number of workers, b. Marginal product of labor multiplied by wage, c. Wage divided by marginal product of labor, d. Marginal product of
- Use the production function below to answer the following questions: A) Calculate marginal productivity (MP) and put this in the table. B) At what level of employment does diminishing marginal product
- When the total product curve is drawn in a figure that measures employment along the horizontal axis, it is a graph that shows the A. maximum output attainable for each quantity of labor employed. B. minimum cost of producing a given amount of output usin
- Suppose the market price of a calculator is $20. If you are the CEO of a calculator company with no fixed costs and a rising marginal cost, how many calculators would you produce? a. maximum possible output with a total cost of production less than the to
- The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $8. A. How many units will a profit-maximizing firm produce? B. What will be the firm's short-run profit
- Based on the table above, What is the total profit for the Medium factory at the profit-maximizing point? Medium Factory Labor Output MPL VMPL Marginal Profit Fixed Cost Total Profit 0 0 300 1 140 140
- Consider the information in the following table. What is the marginal physical product of the third unit of labor? a. 80 b. 45 c. 35 d. 100 | Labor | Output | 0 | 0 | 1 | 20 | 2 | 45 | 3 | 80 | 4 | 100 | 5 | 110
- Compute Total Output, Marginal Product of Variable Input, and Average Product of Variable Input according to the Quantity of Variable Input in the given table.
- The following table gives the demand schedule for a monopolist: | Price ($) |Quantity Demanded | 30 |0 |26 |1 |22| 2 | 18 |3 |14| 4 |10 |5 |6 |6 The Marginal Cost of Production is constant at $16 per unit. The profit-maximizing level of output is: a.
- Productivity is defined as the amount of output produced given: a. a set of prices. b. a specific level of inputs. c. a production possibilities frontier. d. workers' willingness to work.
- A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below.
- 1. In the above table, if the firm sells 5 units of output, its total revenue is A. $15. B. $30. C. $75. D. $90. 2. In the above table, if the quantity sold by the firm rises from 5 to 6, its marginal revenue is A. $15. B. $30. C. $75. D. $90.
Explore our homework questions and answers library
Browse
by subject