Marginal product is A) the output of the least skilled worker. B) a worker's output multiplied...
Marginal product is
A) the output of the least skilled worker.
B) a worker's output multiplied by the price at which each unit can be sold.
C) the amount an additional worker adds to the firm's total
output.
D) the amount any given worker contributes to the firm's total
revenue.
Homework Answers
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Marginal product is
A) the output of the least skilled worker.
B) a worker's output multiplied...
Suppose that the marginal product of labor falls from 21 units of output to as the...
Suppose that the marginal product of labor falls from 21 units of output to as the amount of labor employed increases by 1. Which of the following is TRUE? O The coefficient of price elasticity of demand is 1. Total revenue is at a minimum, and the additional worker should be laid off. Total product cannot be increased further with additional workers. The marginal revenue product is at a maximum
What is the marginal product of the second worker?
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
please briefly explain any answers thanks! Suppose that low-skilled workers employed in clearing woodland can each...
please briefly explain any answers thanks!
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel. a machete, and a chainsaw. Clearing one acre brings in $1,000 in revenue. Each worker's equipment costs the worker's employer $150 per month to rent and each worker toils 40 hours per week for four weeks each month a. What is the marginal revenue product of hiring one low-skilled worker to clear...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Cabinets question Diminishing marginal returns occur when: O total product decreases. O each additional unit of...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
Consider a small landscaping company run by Mr. Viemelster. He is considering increasing his firm's capacity....
Consider a small landscaping company run by Mr. Viemelster. He is considering increasing his firm's capacity. If he adds one more worker, the firm's total monthly revenue will increase from $52,000 to $64,000. If he adds one more tractor, monthly revenue will Increase from $52,000 to $70,000. Each additional worker costs $6,000 per month, while an additional tractor would also cost $6,000 per month Instructions: Enter your answers as whole numbe a. What is the marginal revenue product of labor?...
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
1. In the traditional labor model, the amount that an additional worker hired adds to the...
1. In the traditional labor model, the amount that an additional worker hired adds to the revenues of the firm is called the _________of labor. a. marginal physical product b. maximum revenue price c. marginal revenue product d. marginal fractional cost ii. Compared to a perfectly competitive market, a monopolist faces a relatively inelastic market demand curve. True or False
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Suppose that the marginal product of labor falls from 21 units of output to as the amount of labor employed increases by 1. Which of the following is TRUE? O The coefficient of price elasticity of demand is 1. Total revenue is at a minimum, and the additional worker should be laid off. Total product cannot be increased further with additional workers. The marginal revenue product is at a maximum
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
please briefly explain any answers thanks!
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel. a machete, and a chainsaw. Clearing one acre brings in $1,000 in revenue. Each worker's equipment costs the worker's employer $150 per month to rent and each worker toils 40 hours per week for four weeks each month a. What is the marginal revenue product of hiring one low-skilled worker to clear...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
Consider a small landscaping company run by Mr. Viemelster. He is considering increasing his firm's capacity. If he adds one more worker, the firm's total monthly revenue will increase from $52,000 to $64,000. If he adds one more tractor, monthly revenue will Increase from $52,000 to $70,000. Each additional worker costs $6,000 per month, while an additional tractor would also cost $6,000 per month Instructions: Enter your answers as whole numbe a. What is the marginal revenue product of labor?...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
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