Business, 20.12.2019 07:31 brobles9118

Assume manfred's shoe shine parlor hires labor, its only variable input, under purely competitive conditions. shoe shines are also sold competitively. units of labor total product marginal product total revenue 0 0 1 14 14 $42 2 10 3 30 90 4 35 5 39 117 6 126 7 44 2 132 how many units of output are produced when 2 workers are employed?

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Answer from: Tirone

24 units are produced when 2 workers are employed.

Explanation:

Consider the given table is

Units of Labor Total Product Marginal Product Total Revenue

0 0

1 14 14 $42

2 10

3 30 $90

4 35

5 39 $117

6 $126

7 44 2 $132

The formula for total product is

$TP_n=TP_{n-1}+MP_n$

We need to find the total product when 2 workers are employed.

$TP_2=TP_{2-1}+MP_2$

$TP_2=TP_{1}+MP_2$

From the given table it is clear that total product is 14 when 1 workers are employed and marginal product is 10 when 2 workers are employed.

TP_2=14+10

TP_2=24

Therefore, 24 units are produced when 2 workers are employed.

Answer from: Quest

answer; /// the above statement is (true);

Answer from: Quest

Answer:

the correct answer is economics is a game without winners or losers.

explanation:

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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