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[DOC File]Worksheet - Chapter One
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What is the relationship between average product and marginal product at output rates above 16 boats per week? Why? Assuming that labour costs $400 per week, and total fixed costs are $10,000 per week, calculate the firms total cost, total variable cost, and total fixed cost. PLOT THESE ON ONE GRAPH.
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[DOC File]Final Exam - East Carolina University
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48) In the above table, the marginal product of the third worker is . A) 1. B) 2. C) 3. D) 4. 49) At point d in the above figure, the average product of labor equals . A) 15. B) 4. C) 3.75. D) approximately 1. 50) The steeper the slope of the total product curve, the . A) larger is the marginal product of labor.
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[DOC File]MIDTERM EXAMINATION III
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The marginal product of the 6th unit of labor is 4. The firm’s total product when 7 units of labor is employed is. a. less than 20. b.* greater than 20 but less than 24. c. greater than 24. d. 24. e. none of the above. 8. The marginal product of labor is 2 and the marginal product of capital is 4. This implies that the MRTSK-L is equal to . a ...
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[DOC File]Winston-Salem/Forsyth County Schools / Front Page
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of Labor Total Product 0 0 1 20 2 50 3 90 4 120 5 140 6 150 7 150 8 140 Table 69-4: Value of the Marginal Product. of Labor and Demand 13. (Table 69-4: Value of the Marginal Product of Labor and Demand) If the product price is $2 per unit, the value of the marginal product for the fifth unit of labor is: a. $0. b. $20. c. $40. d. $60. e. $280 ...
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[DOCX File]WordPress.com
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The marginal product per dollar is equal for both inputs. ____40.A firm is hiring labor and capital in the cost-minimizing combination. Which of the following would cause the firm to increase hiring capital and decrease hiring of labor? a. Demand for the product …
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[DOC File]F14ECON111HWPS3ans.doc
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When marginal product is rising, marginal cost is falling; and when marginal product is falling, marginal cost is rising. This relationship exists because the MC is mathematically equal to the wage times the inverse of the marginal product. f. Compare the column for average total cost and the column for marginal cost. Explain the relationship.
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[DOC File]Some Answers
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Say an unskilled worker earns the marginal product of labor, whereas a skilled worker earns the marginal product of labor plus the marginal product of human capital. Using your answers to (a) and (b), find the ratio of the skilled wage to the unskilled wage. How dies an increase in the amount of human capital affect this ratio? Explain.
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[DOC File]Economics 160
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a. “If marginal cost is below average total cost then average total cost must be falling”. b. “If the marginal product of labor is falling, then total product must be falling.” c. “In the long run, all costs are variable costs.” 9. Country A has marginal product of labor of 10 and wage rate of $20/L. Country B has
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[DOC File]Chapter 7
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a. at the point of inflection of the total product curve. b. where the slope of the total product curve is steepest. c. where the slope of the total product curve is zero. d. where marginal and average productivity are equal. 5. Graphically, the average productivity of labor is illustrated by. a. the slope of the total product curve at the ...
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Marginal product is