Find the marginal product where diminishing returns sets in

Assignment Help Econometrics

Reference no: EM13210166

A firm has the following Total Product function

Labor Output Labor Output Labor Output
0 0 4 69 8 115
1 12 5 86 9 116
2 30 6 100 10 116
3 50 7 110

a) Find the Marginal Product and use this information to determine where diminishing returns sets in.

b) If labor costs $684 per unit, find the Marginal cost at Q = 30, Q= 50 and Q = 69. Round any decimal answers to 1 place. Explain how these answers are consistent with the MP you found in (a).

Reference no: EM13210166

Questions Cloud

Use java 5 to create a generic class drawingbox with a type : Use Java 5 to create a generic class DrawingBox with a type parameter that simulates drawing an item at random out of a box. This class could be used for simulating a random drawing.

Why a firm has standard shaped costs where minimum of avc : A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345. Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values fo..

Write a mips program to complete the following functions : Write a MIPS program to complete the following functions. You must write comments and follow the register convention. [30 points] (1) Declare an integer array of 20 elements and other variables and labels; [5]

Explain what mass of ethylene glycol must be added : What mass of ethylene glycol must be added to 1615g water to raise the boiling point to 104.3 degrees celcius?

Find the marginal product where diminishing returns sets in : a) Find the Marginal Product and use this information to determine where diminishing returns sets in. b) If labor costs $684 per unit, find the Marginal cost at Q = 30, Q= 50 and Q = 69. Round any decimal answers to 1 place. Explain how these answ..

Explain the nacl dissolves in the melted ice : What is the melting point of mixture of 2.00 lb of NaCl and 12.00 lbs of ice if exactly half of the ice melts? Assume that all the NaCl dissolves in the melted ice and that the van' Hoff factor for the resulting solution is 1.44.

Which curve continually declines as more output : Suppose the marginal cost curve in the short run first decreases, then reaches a minimum, and then increases. If we are at an output where marginal cost is decreasing, then: A. marginal product must be increasing. B. average variable cost must be d..

Balanced equation for the reaction of each hydrocarbon : Write the balanced equation for the reaction of each hydrocarbon (cyclohexane, methylcyclohexane, toluene, ethylbenzene, isopropylbenzene, and tert-butylbenzene) with bromine.

Explain the temperature of a gas in a sealed container : the temperature of a gas in a sealed, rigid, insulated container, what happens to the density of the gas?

User Account

All Pages