Homework Answers
| Units of labor(L) | Wage rate(W) | TLC($)=w*L | MRC($)=∆TLC/∆L | MRP($) |
| 0 | 14 | 0 | na | na |
| 1 | 14 | 14 | 14 | 38 |
| 2 | 14 | 28 | 14 | 28 |
| 3 | 14 | 42 | 14 | 24 |
| 4 | 14 | 56 | 14 | 20 |
| 5 | 14 | 70 | 14 | 14 |
| 6 | 14 | 84 | 14 | 10 |
Answer to blank 1: Same
Explanation:
The labor supply curve and MRC curve coincide as a single horizontal line at the market wage rate of $14. That's why the supply curve and the MRC are the same.
Answer to blank 2: $14
Answer to blank 3: 5
Add Answer to:
Complete the following labor supply table for a firm hiring labor competitively 9 Marginal Marginal Resource...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
please anwser all questions. thank you so much! Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal reven...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
Where does the marginal resource curve lie in relationship to the supply curve? Please explain why they have this relationship. Thanks!! MFC (Marginal Factor Cost) Wage Independent Variable (Supply)...
Where does the marginal resource curve lie in relationship to
the supply curve? Please explain why they have this relationship.
Thanks!!
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
On a separate sheet of paper, draw a labor supply and demand diagram for a single...
On a separate sheet of paper, draw a labor supply and demand diagram for a single firm in a competitive labor market. Remember, a competitive firm can hire as many workers as it likes at the market wage w* so supply of labor to the firm is horizontal. Label your axes, your supply and demand curves, and labor market equilibrium, w*, E*. On a second graph, draw a labor supply and demand diagram for a non-discriminating monopsonist, where the monopsonist...
Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage...
Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number, a. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below. Stephanie's Resource Costs Labor Total Labor Cost dollars per hour) Marginal Resource Cost (dollars per hour) b. Graph the marginal resource cost of labor (MRC) for Stephanie's business....
Complete the following labor supply table for a firm hiring competitively
Complete the following labor supply table for a firm hiring competitively
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
When mobility costs are high a) the supply of labor is more elastic. b) the supply...
When mobility costs are high a) the supply of labor is more elastic. b) the supply of labor is less elastic. c) the supply of labor is perfectly elastic. d) the elasticity of supply of labor can no longer be determined. де 2: Question 25 (2 points) In a monopsonistic labor market where everyone is covered by a minimum wage, it is possible for the minimum wage (set above the market clearing or equilibrium wage but below the marginal expense...
9、Let W and L denote the wage and the amount of labor employed, respectively. A firm...
9、Let W and L denote the wage and the amount of labor employed, respectively. A firm faces the labor supply curve L = 2W - 6 and the marginal product of labor is given by MPL = 20 - L. The firm sells its output in a perfectly competitive market at $0.50 each. (a) If this labor market is perfectly competitive, find the equilibrium employment, the equilibrium wage, and the number of unemployed people. (b) Suppose that the government imposes...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
Where does the marginal resource curve lie in relationship to
the supply curve? Please explain why they have this relationship.
Thanks!!
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number, a. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below. Stephanie's Resource Costs Labor Total Labor Cost dollars per hour) Marginal Resource Cost (dollars per hour) b. Graph the marginal resource cost of labor (MRC) for Stephanie's business....
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
When mobility costs are high a) the supply of labor is more elastic. b) the supply of labor is less elastic. c) the supply of labor is perfectly elastic. d) the elasticity of supply of labor can no longer be determined. де 2: Question 25 (2 points) In a monopsonistic labor market where everyone is covered by a minimum wage, it is possible for the minimum wage (set above the market clearing or equilibrium wage but below the marginal expense...
Most questions answered within 3 hours.
-
Your friend is interested in the characteristics of fast tree
planters. He searched through the records...
asked 6 minutes ago -
. 0.67 g of Ag is deposited electrolytically from
AgNO3 after a certain period of time...
asked 7 minutes ago -
assuming that the boric acid, h3po3 present at the end of the
borax tritation has a...
asked 7 minutes ago -
When a carbonate solution is acidified, carbon dioxide is
produced.
2H+(aq) + CO32-(aq) → H2O(l) +...
asked 46 minutes ago -
A reaction has the following rate law: Rate =
kr[A][B]2. In experiment 1, the
concentrations of...
asked 44 minutes ago -
king owns a large number of public pay phones. as rhe use of
payphones decline deamatically,...
asked 47 minutes ago -
3.7 - A book is sitting on a table. The mass of the book
is 1...
asked 1 hour ago -
Which term describes the process by which a single strand of DNA
serves as a template...
asked 1 hour ago -
LAB FOOD DRING
ANSWER THE QUESTIONS:
Q1. What value is the moisture content versus time and...
asked 1 hour ago -
You are told that an object has zero acceleration. Two forces on
the object are: F_1...
asked 1 hour ago -
The usual starting point for preparing a master budget is
forecasting or estimating:
Multiple Choice
Sales....
asked 1 hour ago -
How to make a simple game in pygame where an object is randomly
falling from the...
asked 1 hour ago