{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

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

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
(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.
Image of page 2
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
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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) is maxi mize d whe n 2 work ers are empl oyed per day.
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern