MICROECONOMICS
Number of workers |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
Total Output Of shoes |
0 |
8 |
15 |
21 |
26 |
29 |
31 |
30 |
Marginal Output of shoes |
||||||||
Marginal Revenue Product (a.k.a. value of the marginal product of labor) |
W | Q | MP | MRP(MP*P) |
0 | 0 | ||
1 | 8 | 8 | 240 |
2 | 15 | 7 | 210 |
3 | 21 | 6 | 180 |
4 | 26 | 5 | 150 |
5 | 29 | 3 | 90 |
6 | 31 | 2 | 60 |
7 | 30 | -1 | -30 |
a) If it costs 90, workers hired = 5
b) P=20
W | Q | MP | MRP |
0 | 0 | ||
1 | 8 | 8 | 160 |
2 | 15 | 7 | 140 |
3 | 21 | 6 | 120 |
4 | 26 | 5 | 100 |
5 | 29 | 3 | 60 |
6 | 31 | 2 | 40 |
7 | 30 | -1 | -20 |
Workers hired = 4
c) Workers cost = 120 and P= 30
Workers hired = 4
MICROECONOMICS Deciding how many workers to hire: Assume that the initial price of shoes in this...
Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. No of workers 0 1 2 3 4 5 6 7 Total Output Of shoes 0 9 19 27 33 36 38 37 Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per worker per day, how many...
Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. No of workers 0 1 2 3 4 5 6 7 Total Output Of shoes 0 9 19 27 33 36 38 37 Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per worker per day, how many...
Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function. Number of workers 0 1 2 3 4 5 6 7 Total Output Of shoes 0 8 15 21 26 29 31 30 Marginal Output of shoes Marginal Revenue Product (a.k.a. value of the marginal product of labor) If it costs the...
1. Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.Number of workers01234567Total Output Of shoes08152126293130Marginal Output of shoesMarginal Revenue Product (a.k.a. value of the marginal product of labor)a. If it costs the firm $90 per worker per day, how many workers would be hired? Why? b. If the price of shoes was...
1 through 3 Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. Number of 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) Marginal Product...
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" A factory can produce 4 pairs of running shoes a day with 2 workers. Draw a point at this combination of labor and output. Label it 1. The factory can produce 20 pairs of running shoes a day with 5 workers. Draw a point at this combination of labor and output. Label it 2. Draw the factory's total product curve over the range of 0 to 5 workers. Show both increasing and decreasing marginal returns and label the curve....
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...