Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker isGroup of answer choices132 units of output.122 units of output.8 units of output.10 units of output.

The total output of a business divided by the number of labor units employed gives the _____ product of labor.Multiple choice question.marginalmedianaverage

Question 5 (HPW11.5, Problem 80, p. 527)A monopolist who employs m workers finds that they produce:𝑞 = 2𝑚(2𝑚 + 1) *&Units of product per day. The total revenue, r (in dollars), is given by:𝑟 = 50𝑞:1000 + 3𝑞a) What is the price per unit (to the nearest cent) when there are 12 workers?b) Determine the marginal revenue when there are 12 workersc) Determine the marginal-revenue product when m =12.Note: round your answers to 2 decimal places

Carefully reproduce and fill in the blanks in the table below:Where VMPL is the Value of the Marginal Product. 6 Marks(b). If a production function is given by the equation: Q = 12X + 10X2 - X3, whereLabour Wage Rate Price Output MPL VMPL Marginal Profit0 400 3 01 400 3 762 400 3 2483 400 3 7924 400 3 7845 400 3 11006 400 3 14167 400 3 17088 400 3 19529 400 3 212410 400 3 22

Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the marginal product for 8 units of input?Answer here

Your enterprising uncle opens a sandwich shop that employs seven people.The employees are paid $32 per hour and a sandwich sells for $8. If the market for sandwiches is competitive, and your uncle is maximising his profit: a) What is the value of the marginal product of the last worker he hired? b) What is that worker's marginal product? c) Suppose that your uncle purchases a new machine that increases the marginal product of each worker. How will this affect the number of workers that he hires? Explain.