1. Live Happley should hire (one, two, three, four, or five) worker
2. Now Live Happley should hire (one, two, three, four, or five) workers
3. An increase in the price of strawberries will cause the (Supply of/demand for) strawberry pickers to (decrease/increase)
4. Live Happley will now hire (one, two, three, four, or five) workers
Homework Answers
| Labor | Output | Marginal output | P=12 | P=16 | |
| 0 | 0 | ||||
| 1 | 18 | 18 | 216 | 288 | |
| 2 | 34 | 16 | 192 | 256 | |
| 3 | 48 | 14 | 168 | 224 | |
| 4 | 60 | 12 | 144 | 192 | |
| 5 | 70 | 10 | 120 | 160 | |
When the wage is 170 and price is 12
1) Live happley should hire 2 workers
When P=16 and W=170
2) Live happley should hire 4 workers
3) demand for strawberry pickers to increase
4) When W = 200 and P=16, Live happley will hire 3 workers
Add Answer to:
1. Live Happley should hire (one, two, three, four, or five)
worker
2. Now Live Happley...
2. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production...
2. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labour (Number of workers) Output (Kilograms of strawberries) 0 0 1 18 2 34 3 48 4 60 70 5 Suppose that the market wage for strawberry pickers is $170 per worker per day, and the price of strawberries is $12 per kilogram. On...
Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices.
Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $13 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $13 per pound. Note: Remember...
Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices
4. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor (Number of workers)Output (Pounds of strawberries)0019217324430535Suppose that the market wage for strawberry pickers is $100 per worker per day, and the price of strawberries is $18 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when...
pls answer all. i will like and thumbs up While economists measure unemployment at the macroeconomic...
pls answer all. i will like and thumbs up
While economists measure unemployment at the macroeconomic level, microeconomic forces are often responsible for this macro aggregate. In other words, the tie between microeconomics and macroeconomics is inevitable when discussing the level of unemployment in an economy. Suppose the following graph represents the market for unskilled labor in a fictional economy. These workers typically represent the young, inexperienced, or uneducated part of the labor force and are therefore most effected by...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the...
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...
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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...
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4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) 0 Output Marginal Product of Labor (Units of output) (Units of output) Value of the Marginal Product of...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of...
4. Marginal resource cost
A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
Labor
Output
Marginal Product of Labor
Value of the Marginal Product of Labor
(Number of workers)
(Units of output)
(Units of output)...
2. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labour (Number of workers) Output (Kilograms of strawberries) 0 0 1 18 2 34 3 48 4 60 70 5 Suppose that the market wage for strawberry pickers is $170 per worker per day, and the price of strawberries is $12 per kilogram. On...
pls answer all. i will like and thumbs up
While economists measure unemployment at the macroeconomic level, microeconomic forces are often responsible for this macro aggregate. In other words, the tie between microeconomics and macroeconomics is inevitable when discussing the level of unemployment in an economy. Suppose the following graph represents the market for unskilled labor in a fictional economy. These workers typically represent the young, inexperienced, or uneducated part of the labor force and are therefore most effected by...
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...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er and enes D. decreases the value of the marginal product of labor and increases the wage the wage. 39. A decrease in the demand for fish A. decreases the value of the marginal product of fishemen reduces their wage, and reduces employment in the fishing industry employment in the fishing industry employment in the fishing industry employment in the fishing industry B. increases the...
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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...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) 0 Output Marginal Product of Labor (Units of output) (Units of output) Value of the Marginal Product of...
4. Marginal resource cost
A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
Labor
Output
Marginal Product of Labor
Value of the Marginal Product of Labor
(Number of workers)
(Units of output)
(Units of output)...
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