Explain marginal product of second workers higher than first

Assignment Help Microeconomics
Reference no: EM13902539 , Length: 1 Page

The menu at Joe's coffee shop consists of a variety of coffee drinks, pastries, and sandwiches. The marginal product of an additional worker can be defined as the number of customers that can be served by that worker in a given time period. Joe has been employing one worker, but is considering hiring a second and a third.

Explain why the marginal product of the second and third workers might be higher than the first. Why might you expect the marginal product of additional workers to diminish eventually?

Reference no: EM13902539

Questions Cloud

Bering co. disposes of a machine costing : On January 2, 2013, Bering Co. disposes of a machine costing $ 44,000 with accumulated depreciation of $ 24,625. Prepare the entries to record the disposal under each of the following separate assumptions.
Rules of the game as component of organizational culture : Which of the following is an example of "rules of the game" as a component of organizational culture? Which of the following single components can most appropriately be considered to embody or represent the culture of any given organization? The diff..
Write a query that will show how may bookings have been made : Display the names of guests that have stayed at the hotel more than 10 times - Display details of the room(s) with the most bedrooms in the hotel.
What profit does cheapest earn per week with current system : Cheapest Car Rental rents cars at the Chicago airport. The rental market consists of two segments: the short term segment, which rents for an average of 0.5 weeks, and the medium-term segment, which rents for an average of 2 weeks. Identify throughpu..
Explain marginal product of second workers higher than first : Explain why the marginal product of the second and third workers might be higher than the first. Why might you expect the marginal product of additional workers to diminish eventually?
Objectives for a public health program : An explanation of three potential implications of having poorly articulated goals and objectives for a public health program and Description of your goal and objectives
Prepare a three-period moving-average forecast for the data : In the Atlanta area, the number of daily calls for the repair of Xerox copy machines has been recorded as follows: Day of month Calls (count) 1 92 2 127 3 106 4 165 5 125 6 111 7 178 8 97 Using Excel, perform the following calculations: Prepare a thr..
Conflict management refers solely to negotiation strategies : Conflict management refers solely to negotiation strategies that are designed to avoid unnecessary conflict and reduce or resolve excessive conflict. Conflict refers to a process in which one party perceives that its interests are being supported or ..
Complete the health care resources matrix : Imagine you are an administrator for a health care organization and have been asked by your stakeholders to determine how the organizations allocation of resources will be impacted by new health care laws. Complete the Health Care Resources Matrix

Reviews

Write a Review

Microeconomics Questions & Answers

  Illustrate that this in expectation decreases firms value

a struggling company currently has a net worth of 700000. it owes 500000 from debt financing assume these are loans

  Determine the appropriate descriptive statistics.

Determine the appropriate descriptive statistics.

  What is the maximum loan that the bank could extend

Suppose that the reserve requirement is 10 percent and the balance sheet of the People's National Bank looks like the accompanying example. • What are the required reserves of People's National Bank  Does the bank have any excess reserves

  Explain john maynard keynes contribution to theories of

describe john maynard keynes contribution to the theories of macroeconomics. why was he such an important economist?

  According to solow''s model of economic growth

10. According to Solow's model of economic growth, what determines the rate at which a nation's income per person grows? Based on that model, what sort of public policies would be able to increase the growth rate of income per person? Give at l..

  How much of good x and how much of good y will the consumer

Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1.

  At the end of wwii where did the soviet forces occupy most

At the end of WWII where did the Soviet forces occupy most of?

  Improving managerial performance or changing their incentive

The Wall Street Journal discusses a trend among some large US Corporation to base the compensation of outside members of their boards of directors partly on the performance of the corporation.

  Markets are more efficient when information is perfect

Which of the following is an example of a change in the quantity demanded? (Hint. For which items is there a direct change in price that leads to a change in quantity demanded) Markets are more efficient when information is perfect;

  Describe the factors which cause average income of

1.explain how welfare creates work disincentives.2.discuss the factors that cause the average income of nonwhites to be

  Relationship between production and cost

Discuss the relationship existing between production and cost. What is the MC function of the above TC function?

  Consider the table below for the neighboring nations of

consider the table below for the neighboring nations of northland and west coast. the table lists the maximum feasible

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd