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- What kind of division of Labour do we see in the automobile industry?At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?
- What is the difference between marginal product and marginal cost?Submit Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Average Product Marginal Product Product 1 (Estella) 13 22 es 3 27 4 28 24 a. Complete the average product and marginal product columns in the table above. b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself? glasses c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her? glasses d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends…Nimbus Ltd. 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:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.
- what is the marginal product?The table shows the production of inpatient services at Newton-Wellesley Hospital. The hospital pays $100 a day for each medical equipment it rents and $500 a day for each doctor it hires. Labor Output (Inpatient services per day) doctors per Clinic 1 Clinic Clinic Clinic 2 40 60 day 1 3 55 75 90 100 3 4 20 40 65 75 1 65 85 100 110 3 4 Medical equipment A. Calculate ATC curves for each clinic and graph four of them on one chart. B. Draw hospital's long-run average cost curve. 75 85 2 4The graph below depicts the major employer in a small town. At what quantity of workers does the marginal benefit of hiring the next worker equal the marginal cost? Multiple Choice 20 workers 60 workers 40 workers 50 workers