The following is a production function. a. Draw a graph of marginal product as a function of output. (Hint: Marginal product is the additional number of units of output per unit of labor at each level of output.) b. Does this graph exhibit diminishing returns? Explain your answer.

The following table represents data for Sally’s Salon. Draw a graph showing the total product, marginal product of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve.

Source Material: “Mother to Son” by Langston Hugheshttps://www.poetryfoundation.org/poems/47559/mother-to-sonIn the poem, “Mother to Son,” by the esteemed Langston Hughes, Hughes uses rich imagery and symbolism to portray a mother’s message to her son as well as to the readers. Instructions:  Read the poem carefully, paying particular attention to the effectiveness of the symbolism and the

Fashion Fantasy Company and Silky Style Company are each capable of minimizing their costs and can produce 8,000 pieces of garment per month. Fashion Fantasy’s factory is located in an area where the cost of labor is significantly less and the cost of capital is significantly more than those of Silky Style’s. Assume that each

Consider the following costs of owning and operating a car. A ¥2,300,000 RAV4 financed over 48 months at 4 percent interest means a monthly payment of ap-proximately ¥52,000. Insurance costs ¥20,000 a month regardless of how much you drive. The car gets 30 km per liter and uses regular-grade gasoline that costs ¥400 per liter.

As of June 2014, John Green’s international bestselling novel, The Fault in Our Stars, had sold more than 10.7 million copies. In book publishing, fixed costs are high and marginal costs are low and fairly constant. Suppose that the fixed cost of producing The Fault in Our Stars is $4 million. What is the average

While charging a general admission price of HK$10 for adults most days of the week, the Hong Kong Museum of History offers free admission every Wednesday. Why do you suppose that museums often price this way, offering free admission on one day during the week? Why would they choose a day like Wednesday rather than

The following table gives capital and labor requirements for 10 different levels of production. a. Assuming that the price of labor (PL) is $6 per unit and the price of capital (PK) is $4 per unit, compute and graph total cost, marginal cost, and average variable cost for the firm. b. Do the graphs have

For each of the following businesses, what is the likely fixed factor of production that defines the short run? a. Airportb. Concert hallc. Accounting officed. Car factorye. Resort

Explain which of the following is a fixed cost or a variable cost for Toyota a. The cost of aluminum used for its automobiles.b. The property taxes on its Toyota City assembly plant.c. The cost of labor for its assembly line workers.d. The yearly payments for the naming rights for the Toyota Sports Center in