Problem Set 4

Problem Set 4 - Problem Set 4 The average product of agents...

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Unformatted text preview: Problem Set 4 The average product of agents in an insurance company is currently 5 policies written per month. If the company employs 428 agents, it's writing (a) 2,14 0 polic ies per mon th. (b) 2,50 8 polic ies per mon th. (c) 3,50 9 polic ies per mon th. (d) 428 polic ies per mon th. You run a small factory in which you produce flutes. Labor is your only variable input in the short run. At your current level of production, the average product of labor is 6 flutes per day and the marginal product of labor is 8 flutes per day. It follows that (a) the aver age prod uct of labo r will incre ase if you hire anot her work er. (b) the aver age prod uct of labo r is at its maxi mu m poss ible level . (c) the aver age prod uct of The table below shows how the output of wool fabric varies with the number of workers employed in a factory. Labor Output (number of workers per day) (yards of fabric per day) 1 15 2 40 3 55 4 65 5 70 6 70 7 70 The average product of workers in this factory (a)...
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This note was uploaded on 03/20/2008 for the course EC 205 taught by Professor Hymen during the Spring '08 term at N.C. State.

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Problem Set 4 - Problem Set 4 The average product of agents...

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