Question
Hello, I have difficulty with the following exercise I dont understand, thank you for your help: 24. Nimbus. Inc. makes brooms and then sells them
Hello, I have difficulty with the following exercise I dont understand, thank you for your help:
24. Nimbus. Inc. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus's output in a given day:
Workers | Output | Marginal Product | |||
0 | 0 | ||||
1 | 20 | ||||
2 | 50 | ||||
3 | 90 | ||||
4 | 120 | ||||
5 | 140 | ||||
6 | 150 | ||||
7 | 155 |
Compute marginal products for Nimbus Inc.
Choose:
Marginal Product of the first worker: 5/40/10/20/30
second worker: 5/40/10/20/30
third worker: 5/40/10/20/30
fourth worker: 5/40/10/20/30
fifth worker: 5/40/10/20/30
sixth worker: 5/40/10/20/30
seventh worker: 5/40/10/20/30
26. For a firm using two factors of production, capital and labour, its optimum input mix (K*, L*) occurs when:
a.labour and capital are used in equal amounts.
b.the ratio of the marginal product of capital to the marginal product of labour equals the ratio of the price of capital to the price of labour
c.the prices of capital and labour begin to rise and the marginal products of capital and labour begin to fall
d.none of the above
27. Consider the following production schedule to answer the following question:
Units of variable factor | Total product |
0 | 0 |
1 | 30 |
2 | 65 |
3 | 95 |
4 | 120 |
5 | 135 |
What is the marginal product of the fourth unit of the variable factor?
a.25
b.35
c.30
d.15
e.40
29. An increase in technology has which of the following effects?
a.It has no effect on the TP curve
b.It shifts the TP curve down
c.It shifts the TP curve to the right
d.It shifts the TP curve up
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