what is the average product from the 1-6 workers course hero

What is the average product when eight workers are employed?

The average product of labor is the number of workers times their average hourly wage. The average product of labor is the total product divided by the number of workers. The average product of labor is the marginal product divided by the number of workers. 10/14/2019 Thinkwell | Test for Chapter 4 17) When total product increases at an ...

What is the average product of a business?

Average product is total output divided by the number of workers or other input employed. Marginal product is the change in output which results from employing one more worker or other input. 9.4 Production function (3) Short-run production function Calculation: Number of workers Output of clothing Marginal product Average product 0 0 0 1 100 ...

What is the marginal product of the sixth worker?

Mar 12, 2016 · 1. The average product for six workers is 15. If the marginal product for the seventh worker is 18, a. marginal product is rising b. marginal product is falling. c. average product is rising d. average product is falling. e. marginal product is …

How many machines and workers does it take to produce 19 units?

Aug 07, 2011 · Refer to Figure 6.1. At point C a. the marginal product of labor is greater than the average product of labor. b. the average product of labor is greater than the marginal product of labor. c. the marginal product of labor and the average product of labor are equal. d. the marginal product of labor and the average product of labor are both ...

How do you calculate average product per worker?

The average product of labor gives a general measure of output per worker, and it is calculated by dividing total output (q) by the number of workers used to produce that output (L).May 2, 2019

What is average product production?

Definition: Average product is the number of units produced from a single unit of production. In other words, it's a productivity measure that shows how productive factors of production are by comparing the total product produced and the number of inputs needed to produce a product.

What is the principle of diminishing marginal productivity?

An economic rule governing production which holds that if more variable input units are used along with a certain amount of fixed inputs, the overall output might grow at a faster rate initially, then at a steady rate, but ultimately, it will grow at a declining rate.

What does a production function show?

A production function shows the relationship between inputs of capital and labor and other factors and the outputs of goods and services.

What is the average product of Labour?

The average product of labor (APL) is the total product of labor divided by the number of units of labor employed, or Q/L. The average product of labor is a common measure of labor productivity. The APL curve is shaped like an inverted “u”.

How do you find the average product?

Divide the total product by the input of labor to find the average product. For example, a factory that produces 100 widgets with 10 workers has an average product of 10. Average product is useful for defining production capabilities at a specific level of input.

What is the relationship between average product and marginal product?

We can summarize it as under: When Average Product is rising, Marginal Product lies above Average Product. When Average Product is declining, Marginal Product lies below Average Product. At the maximum of Average Product, Marginal and Average Product equal each other.

When average product increases the marginal product is?

According to relationship between AP and MP, when AP is increasing, the MP > AP. Was this answer helpful?

Does total product decrease when marginal product falls?

As the marginal product begins to fall but remains positive, total product continues to increase but at a decreasing rate. As long as the marginal product of a worker is greater than the average product, computed by taking the total product divided by the number of workers, the average product will rise.

What are the 3 stage of production?

-Production within an economy can be divided into three main stages: primary, secondary and tertiary.

How do I calculate marginal product?

The formula for calculating marginal product is (Q^n - Q^n-1) / (L^n - L^n-1).Feb 22, 2021

What are the 4 factors of production and give an example of each?

The Four Factors of ProductionLandLaborCapitalThe physical space and the natural resources in it (examples: water, timber, oil)The people able to transform resources into goods or services available for purchaseA company's physical equipment and the money it uses to buy resourcesMay 11, 2021

How many workers can a firm use to make four cars?

A firm can use 5 workers and 10 machines, 7 workers and 9 machines, or 8 workers and 9 machines to produce four cars. If each worker costs $200 and each machine is rented for $50, the economically efficient input combination is: A. 5 workers and 10 machines. B. 7 workers and 9 machines.

Why is hiring pilots a long run decision?

C. a long-run decision because hiring pilots will increase revenues over a long period of time for the airline. D. a long-run decision because customers will become accustomed to the new flight schedule. A. a short-run decision because the number of aircraft is held constant while the labor input is changed.

How much did it cost to make the first whale?

The cost of making the first whale is $16,000 ( $5,000 for materials and $11,000 for the mold).