If labor productivity for the first quarter was 575.4 and then when we calculate it for the next quarter it is 547.5, which statement best describes what this might mean? (note the units for this are deliberately left off to make sure you understand the meaning of productivity) The productivity drop signifies a cost drop and more efficient use of resources and is positive news Our productivity dropped, perhaps through lower output and is not a good sign

If labor productivity for the first quarter was 575.4 and then when we calculate it for the next quarter it is 547.5, which statement best describes what this might mean? (note the units for this are deliberately left off to make sure you understand the meaning of productivity) The productivity drop signifies a cost drop and more efficient use of resources and is positive news Our productivity dropped, perhaps through lower output and is not a good sign

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 1.5CE

See similar textbooks

Similar questions

A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).
What is the real average hourly earnings for 1965 in 2010 dollars equal to?
MCQ 45 Suppose the production function exhibits constant returns to scale, with diminishing marginal productivities for both capital and labour. For this function, we would expect a fall in employment and an increase in the capital stock to generate: A a fall in the marginal product of labour and a fall in the marginal product of capital I do not want to answer this question. a fall in the marginal product of labour, but the change in the marginal product of capital can't be determined from the information provided D a rise in the marginal product of labour and a fall in the marginal product of capital E a rise in the marginal product of labour and a rise in the marginal product of capital F a fall in the marginal product of labour and a rise in the marginal product of capital
Draw an isoquant representing Y = 140 for each of the following cases where L denotes number of workers and K denotes units of capital. A. Y = Min (2L, 7K). Find the TRS at L = 80 and K = 20 B. Y = 2L + 7K. Find the TRS
Please provide the excel formula because I am not understanding what I'm doing wrong with the gradient and percentages. Thank you.
Question 17 The average product of labour is the output per employee often in table 17.1 to answer the question below. Table 17.1 Output units 1000 2 500 6 000 7 000 8 000 C) d) Number of employees 10 20 30 50 As the number of employees increases from 10 to 50 the a) Is constant b) Falls then rises Rises Falls
Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 5 6. 120 30
The data in the table below represents Total product (TP), for an agri-business involved in potato production. Capital (fixed factor) Labor (variable factor) Output(units) or Total physical product (TPPL) Average physical product (APPL) Marginal physical product (MPPL) 10 0 0 0 - 10 1 7 7/1 = 7.00 7 10 2 20 20/2 = 10.00 13 10 3 39 39/3 = 13.00 19 10 4 55 55/4 = 13.75 16 10 5 66 66/5 = 13.20 11 10 6 70 70/6 = 11.67 4 10 7 70 70/7 = 10.00 0 10 8 67 67/8 = 8.38 -3 At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Is it possible to increase the labor productivity in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Labo r (wor kers) 0 1 2 3 4 5 Total product (units) 0 14 19 Marginal product 3 3 Ave rage prod uct 4.5 The above (incomplete) table provides information about the relationships between labor and various product measures. The provided information should be enough to recover the missing information in the table. Fill in the blank with the correct numbers for the Total Product Column and the Marginal Product Column. After completing the table, you find that the amount of labor that maximizes the marginal product of labor is units of labor. Without calculating the Average Product, just use what we learned in class about the relationship between MP and AP, the average product of the fourth unit of labor should be (>,=, or <) the marginal product of the fourth unit of labor.
Problem 1 Cefel Furniture is a small furniture shop that focuses on making kitchen chairs. The weekly wwww ww dollar value of its output, including finished goods and work in progress, is 14,280. The value of inputs,such as labor,materials, and capital, is approximately 16,528. Compute the total productivity measure for Cefel Furniture. wwww Problem 2 Cefel has just purchased a new sanding machine that processes 17 chairs in 8 hours. What is the www productivity of the sanding machine? Problem 3 Cefel has hired two new workers to paint chairs. They have painted 10 chairs in 4 hours. What is www their labor productivity? Note that all the problems are connected.