EXTRA CREDITS: Q-34 workers) (pizzas produced per hour) 0 0 12 14 15 1) Using th

Question

EXTRA CREDITS: Q-34 workers) (pizzas produced per hour) 0 0 12 14 15 1) Using the data in the above table, what is the total product of three employees? A) 2 pizzas per hour C) 12 pizzas per hour 2) Using the data in the above table, what is the marginal product of the third employee? A) 4 pizzas per hour C) 3 pizzas per hour 3) Using the data in the above table, what is the average product of three employees? A) 12 pizzas per hour C) 4 pizzas per hour Q-35) Due to entry and exit, the long-run equilibrium market price is at the level equal to the B) 3 pizzas per hour D) 4 pizzas per hour B) 12 pizzas per hour D) 2 pizzas per hour B) 3 pizzas per hour D) 2 pizzas per hour mum point of firm's ATC curve.. All the firms in a perfectly competitive market earn economic profit equal to zero. BUILD GRAPH THAT SHOWS PERFECT COMPETION IN LONG TERM USING MC,ATC, MR, P CURVES

Explanation / Answer

Ans

34) :

Marginal product is the additional output obtained from employing additional worker.

Average product = Total product / Number of workers

Table showing total product,marginal product and average produc

1) Option C

12 pizzas per hour

2) Option C

3 pizzas per hour

3) Option C

4 pizzas per hour.

Workers Total product Marginal product Average product 0 0 0 0 1 5 5 5 2 9 4 4.5 3 12 3 4 4 14 2 3.5 5 15 1 3

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.