ECON C175 Study Guide - Midterm Guide: .Ly, Sustainable Yield, International Nomenclature Of Cosmetic Ingredients

45 views12 pages

silversalmon677

10 Jun 2019

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

Document Summary

1 eachpergonigocialgurplug eachperfonitanetcott marginalproduct wherempap highestonap rcduct subsistence. Edr downward slopingdemandforlabor bird ftatio w y w ttswagegoegypblrtttgo. su duh agwagegoesupdeattgoesdown i. am. P btw it w i i l l. Case1 vaccination vaccinationmeangdecreaseddeathrates i l i l bride rt w w. Socialcontrol preventativecheckandbirthgoegdown rail d i i l l l. H i l w w win totaloutputisatunctionotkil paftput worker. Year y fckl capitalperpergon e outputperperson y e hk savingsrate s y savingsperperson d depreciationrate. Staysconstant nogrowthingtand nog. info. l techratchets ofliving techgains dissapear output per workery r r. I i i i l capitalperworker andcapitaldeepening capitalperworker ad p p y i eth ynheoaneinffffaffffffegup i"esto example increases exampleiinoomegoeguplfaslerpop. ge putputy worker ri i l read. Cftp. gqongtahtcapitalperwonar savings sly consumption y savings y gy. Piketty lowerabpicap y y fasterpopgrowth ifwe compensatefortgbygaringmore ot increasethetechthenwillincreaseoutput outputlpergontso8444t tcapitaldeepening marginalprod of capital slopeaprodfana. P eyratioacapitalstoactooutput capital t. o. eonon. amhu4 goingto labor btw i. Technologicalpull populationgrowftomatchlechnology industrial y gettudagr t huntinggathering si9es l l.

Related Questions

Given the following information for Mary's taco shop (TP, AP, and MP are measured in tacos):

Labor (L)	Total Product (tacos) (TP)	Average Product (tacos) (AP)	Marginal Product (tacos) (MP)
0	0	--	--
1			20
2		25
3			50
4	150
5		36
6	200
7		30
8	210

a) Fill in the blanks above. (Round each answer to the nearest taco)

Please note there are no numbers for MP and AP when output is zero tacos.

b) Define the law of diminishing marginal returns.

c) At which worker (labor) does diminishing returns start? Please explain the reasoning behind your answer.

d) If each taco could be sold for $4 per taco, and each worker is paid $70 per day then, assuming that labor is the only cost of production, how many workers should Mary hire in order to maximize profits? Please explain the reasoning behind your answer.

lilacmacaw694

The table below describes the total product of a firm. Fill in the missing values, a) - u), by calculating marginal product and average product.

1	2	3	4
Units of the variable resource (Capital)	Total Product (TP)	Marginal Product (MP)	Average Product (AP)
Units of the variable resource (Capital)	Total Product (TP)	Marginal Product (MP)	Average Product (AP)	0	0	a	-
1	1	b	l
2	3	c	m
3	6	d	n
4	10	e	o
5	15	f	p
6	18	g	q
7	20	h	r
8	19	i	s
9	17	j	t
10	13	k	u

Refer to the table from above.

a. List the units of capital exhibit increasing marginal returns?

b. List the units of capital exhibit decreasing marginal returns?

c. List the units of capital exhibit negative marginal returns?

8. Describe how the total product and average product curves change as a firm moves from increasing to diminishing to negative marginal returns.

9. Does the law of diminishing returns mean that, as a firm hires additional workers, each of those workers is successively worse at doing their job? Why or why not?

chocolategoose43

24. If a firm hires labour in a competitive market, and the wage paid to labour is designated by “W”, then the average variable cost of the firm is equivalent to: A) W times the marginal product of labour B) W divided by the average product of labour C) W divided by the marginal product of labour D) W times the marginal cost of production E) W divided by the marginal cost of production F) W times the average product of labour G) the average cost of production minus the variable cost of production H) the average cost of production minus the marginal cost of production 1) the marginal cost of production minus the average fixed cost of production J) none of the above

ECON C175 Study Guide - Midterm Guide: .Ly, Sustainable Yield, International Nomenclature Of Cosmetic Ingredients

Document Summary

Get access

Related Questions