Questions: Fancy Footwear manufactures shoes. Figure 11-3 shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns? for more than 5 units of labor for more than 4 units of labor for more than 8 units of labor for more than 1 units of labor

Fancy Footwear manufactures shoes. Figure 11-3 shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns? for more than 5 units of labor for more than 4 units of labor for more than 8 units of labor for more than 1 units of labor
Transcript text: Fancy Footwear manufactures shoes. Figure 11-3 shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns? for more than 5 units of labor for more than 4 units of labor for more than 8 units of labor for more than 1 units of labor
failed

Solution

failed
failed

Solution Steps

Step 1: Analyze the graph

The question asks about diminishing returns. Diminishing returns occur when the marginal product of labor starts to decrease. In the graph, curve A represents the marginal product of labor. We need to find the point where curve A starts to decline.

Step 2: Pinpoint the change in curve A

Curve A reaches its peak between 4 and 5 units of labor, then begins to decrease after that point.

Final Answer: for more than 4 units of labor

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Math 10 Chapter 7.1 Online Assignment Question 1 We will solve the following problem in steps. "A study is being done by a Company to determine whether the work experience of workers at Branch A is different from the work experience of workers at Branch B. A study of 34 workers at Branch A was conducted and the average years of work experience was 6.5 years. A study of 30 workers at Branch B was conducted and the average years of work experience was 5.5 years. Assume the population standard deviation at Branch A is known to be 1.5 years and the population standard deviation at Branch B is known to be 1.3 years. At α=0.10, can you conclude there is a significance difference in the work experience at the branches?" Let μ1 represent the population work experience of the workers at Branch A. Let μ2 represent the population work experience of the workers at Branch B. What is the null hypothesis? H0: μ1 = μ2 What is the alternative hypothesis? H1: μ1 ≠ μ2 Which test value should you compute? z = (X̄1 - X̄2 - (μ1 - μ2)) / sqrt((σ1^2 / n1) + (σ2^2 / n2))
failedAnswered
Buffer capacity is a measure of a buffer solution's resistance to changes in pH as strong acid or base is added. Suppose that you have 135 mL of a buffer that is 0.100 M in both acetic acid (CH3COOH) and its conjugate base (CH3COO^-). Calculate the maximum volume of 0.500 M HCl that can be added to the buffer before its buffering capacity is lost.
failedAnswered
Which of the following goods probably has the highest price elasticity of supply? a) antique chairs b) baseball stadiums c) golf courses d) blue pencils
failedAnswered
For part 2 of the experiment, the contents of which test tube is disposed of in the HEAVY METALS waste container?
failedAnswered
If two objects of the same size move through the air at different speeds, which encounters the greater air resistance? Both encounter the same air resistance. The one at terminal velocity encounters less air resistance. The slower object encounters more air resistance. The faster object encounters more air resistance. Submit Request Answer