Exam 7: Production

A carpenter hammers nails each day at work.During the first hour she can hammer 120 nails,the second hour 100 nails,the third hour 90 nails,the fourth hour 60 nails,and the fifth hour 10 nails.Her marginal product in the third hour is _____ nails.

With energy [E] on the horizontal axis and land [L] on the vertical axis,the marginal rate of technical substitution of energy for land (MRTS_EL)equals:

A carpenter hammers nails each day at work.The average number of nails hammered over the first three hours is 50,and the marginal product of the fourth and fifth hours of work is 40 and 20 nails,respectively.The total output after five hours work is _____ nails.

When the marginal and average products of labor are equal:

A firm that is operating in a technologically inefficient way:

The slope of a ray from the origin to the total product curve measures _____.

The fact that limited use of caffeine can improve mental alertness and help performance,while excessive use of caffeine can cause anxiety and trembling shows _____.

Figure 7-2 shows the total product curve for different levels of a variable input,labor. Figure 7-2 -When the quantity of labor employed lies between points C and D in Figure 7-2:

Figure 7-1 shows the total product curve for different levels of a variable input,labor. Figure 7-1 -In Figure 7-1,marginal product of labor is positive but lesser than the average product of labor after point _____.

A factory that manually produces pens employs ten workers.The total output when one worker produces all the parts of a pen himself is 100 pens.When different workers focus on producing different parts of the pen,the output increases to 400 pens.In other words,_____ increases the returns from the same level of inputs.

Table 7.1 shows the quantities of labor and capital required to produce various levels of output. Table 7-1 Amount of Capital Amount of Labor Total Product 5 1 10 5 2 24 5 3 42 5 4 56 5 5 66 5 6 74 5 7 80 -Refer to Table 7-1.What is the average product of labor when four units of labor are used?

Figure 7-2 shows the total product curve for different levels of a variable input,labor. Figure 7-2 -In Figure 7.3,the law of diminishing marginal returns comes into play beyond point _____.