Suppose trevor hires workers to cook hamburgers

Assignment Help Business Economics
Reference no: EM131090343

Suppose trevor hires workers to cook hamburgers. If the first worker's marginal product is 6 hamburgers, the second worker's marginal product is 21, and the third worker's marginal product is 20, then the average product of labor is _____ hamburgers. (Enter a numeric response using a real number rounded to one decimal place.)

Reference no: EM131090343

Questions Cloud

How the efficiency wage might cause unemployment : Might a job retraining program be a more useful policy to address structural unemployment than to address frictional unemployment? Explain with the help of a graph how the minimum wage might cause unemployment; Explain with the help of a graph how th..
What are realization crises : According to Marx, is there a tendency for the rate of profit to fall? On what assumptions is this argument based? What are the counteracting forces that may forestall such a fall? What is the “internal contradiction” of “the law of the tendency of t..
Discuss the counter-reformation : Discuss the Counter-Reformation. How did the Catholic Church respond to the Reformation in both positive and negative ways? Give some examples of the measures it took. Were they successful?
Consists of complex bricks and basic bricks : Lego boxes: A box of Legos consists of complex bricks and basic bricks. The production function of Lego boxes is assumed to be: Assuming that the Lego company optimizes its production, explain why the relative price of a complex brick relative to a b..
Suppose trevor hires workers to cook hamburgers : Suppose trevor hires workers to cook hamburgers. If the first worker's marginal product is 6 hamburgers, the second worker's marginal product is 21, and the third worker's marginal product is 20, then the average product of labor is _____ hamburgers.
Relationship between resource dependence-economic growth : There is a robust negative relationship between resource dependence (resource production relative to GDP) and economic growth. List 3 potential explanations for this counter-intuitive result.
Bundled maintenance contract for periodic repairs : When Kodak leased large photocopiers to businesses, they also bundled a maintenance contract for periodic repairs. Third-party repair firms claimed that Kodak violated antitrust laws because this bundle guaranteed Kodak a monopoly on repairs and excl..
What is this investment internal rate of return : Nancy's Notions pays a delivery firm to distribute its products in the metro area. Delivery costs are $36,000 per year. Nancy can buy a used truck for $7,000 that will be adequate for the next 3 years. What is this investment's internal rate of retur..
What is the firm marginal cost : Suppose a firm’s production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL =(K^1/2)/(2L^1/2) , and MPK =(L^1/2)/(2K^1/2). Suppose the price of labor is w = 25, and the price of ..

Reviews

Write a Review

Business Economics Questions & Answers

  Transport water hundreds of miles to grow cotton

Why do cotton growers spend billions of dollars to dam rivers and transport water hundreds of miles to grow cotton in California deserts?

  What price should firm charge to realize targeted profit

An auto-service establishment has estimated its monthly cost function as follows: What price should the firm charge to realize the targeted profit? What would be its (cost-based) markup ratio? Now suppose the demand curve the firm faces is: Q = 3000 ..

  Sub-saharan african countries girls have lower enrollment

In many Sub-Saharan African countries, girls have lower enrollment rates in secondary schools than do boys.

  Determine the economic service life and corresponding aw

A new gear grinding machine for composite materials has a first cost of P=$100,000 and can be used for a maximum of 3 years. Its salvage value is estimated by the relation S=P(0.85)n, where n is the number of years after purchase. The operating cost ..

  How gdp is measured through expenditure approach

Who compiles data for the national accounting in US? How GDP is measured through income approach? How GDP is measured through expenditure approach? What are the differences between income and expenditure approaches in measuring GDP?

  Illustrate what is price elasticity of demand for cd players

Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.

  Q assume that capital goods are on the vertical axis of a

q. assume that capital goods are on the vertical axis of a production possibilities graph and that consumer goods are

  What is the price elasticity of demand

At 10$ per pizza, 100 pizzas were demanded. At 9$ per pizza, 125 pizzas were demanded. When the price of pizza falls from $10 to $9 what is the price elasticity of demand?

  Risk premium is

Risk premium is

  Qwhy cant all the balance of payments accounts be in

q.why cant all the balance of payments accounts be in surplus? what factors determine the demand for british pounds in

  How the investors curves would appear

Elucidate how the investor's curves would appear if she adopts the 50:50 strategies but would not accept any additional return.

  Describe each market structure discussed in the course

Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.

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