Purchase Solution

Finding Marginal and Average Product of labor

Not what you're looking for?

Ask Custom Question

Fill in the blanks in table given below.

Labour Total Product Average Product Marginal Product
1 20 -
2 30
3 66
4 10
5 16
6 78
7 10

Find the marginal product of the fifth unit of labor.

a) 16
b) 10
c) 4
d) -2

Attachments
Purchase this Solution
Solution Summary

The solution explains the steps to find out marginal and average product of labor in the given case.

Solution Preview

Please refer attached file for better clarity of tables and understanding of formulas in the cells.

Solution:

Labour Total Product Average Product Marginal Product
1 ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution
Free BrainMass Quizzes
Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

View More Free Quizzes
Related BrainMass Solutions

  • Labor and Capital, Costs

    AVC = Average Variable Cost MC = Marginal Cost ATC = Average Total Cost MC = Marginal Cost Q = Quantity VC = Variable Cost TC = Total Cost Two questions are addressed, regarding marginal product of labor and finding fixed, variable, total, average

  • Finding Total Ecnomic Profit

    Output is 4000 unit Marginal Product of labor is 10 Average Product of labor is 50 Price of labor is $150 Marginal product of capital is 40 Average product of capital is 60 Price of capital is $240 Total Fixed Cost is $16000 Output

  • Law of diminishing marginal product

    labor is the law of diminishing marginal product exhibited?

  • Marginal Products and Average Products

    a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers b)Over what range of labor input are there increasing returns to labor? Diminishing returns to labor?

  • The marginal product of labor

    155433 Describing Marginal Product The marginal product of labor a. measures how output changes as the wage rate changes b. is equal to the average product of labor divided by the amount of capital stock c. is greater than the average product of

  • Production function: Average and Marginal Product of Labor

    Set = $50, which is the labor cost per hour, and solve for L. Hire 81 units of labor to maximize profit. The average product of labor and marginal product of labor are found under specific circumstances.

  • Solve: Maximum Level of Output

    This solution describes the steps to calculate average product, marginal product and marginal revenue product at a given combination of labor and capital.

  • Production curve

    Table showing the Average and Marginal product of labor for a hypothetical firm (see attached file) 2.

  • Production Cost Analysis: Calculating MC, AVC, ATC and Output of the Firm

    The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is $3,600. a) What is marginal cost? b) What is average variable cost? c) How much output is being produced?

View More Related Solutions