Checkpoint Qts. (week 5)
5-1-1
According to professor parki short-run" in an economic
analysis means that the time is not long enough to adjust
5-1-2
capacity
According to professor park, a fixed input exists in the short
run
5-1-3
According to professor park, the capital can be a fixed input
but so can mon-power(ox.human resources)
5-2-1
According to professor park, the given variables when using the
production function are F : is L
Q
5-2-2
According to professor park, what we figure out with the
production function is what's going on inside a business
5-2-3
According to professor park, the units of capital $labor
are 3 $ 1 2
5-2-4
The process to compute the marginal product of labor:
Figure out the change in Q(quantity of output)
&
DQ
divide by change in input that you are increasing (MD=
)
5-2-5
The process to compute the average product of labor:
Figure out the productivity of the labor for overall use
Divide total output by total labor (AP. of )
5-2-6
According to professor Park, marginal product of
labor rises over a certain range of output due to
specialization or division of labor Cin other words, you
divide workload into different sections & you specialize
in certain things other people specialize in something
else & as a result efficiency /Productivity rises)
5-2-7
According to professor park, the marginal product of
labor falls over a certain range of output because,
with a fixed input (capital), production process becomes
too crowded with more labor
5- 3-1
According to professor park, the marginal product
curve the average product curve cross each other
when average product reaches maximum (in this case Nideo:
15)
are 10 empty seats OV-W
after having all passengers
