Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44...
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44 4 13 52 5 14 56 Refer to the given data. If the market wage rate is $8, this firm will employ Multiple Choice 4 workers. 5 workers. 2 workers. 3 workers.
Homework Answers
Firm will employ workers untill marginal revenue that is increase in revenue is more than or equal to wage rate.
When 4th employee is employed , revenue increased by $8 and wage rate is also $8. So there is no loss.
But when 5th worker was employed , increase in revenue is only $4 ($56 - $52) but increase in wage is $8. So it's less than the wage rate. So 5th worker should not be employed.
Hence 4 workers will be employed.
Answer is option A 4 workers.
Feel free to ask any queries..
Also plz upvote it means a lot . Thank you
Add Answer to:
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3
11 44...
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44...
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44 4 13 52 5 14 56 Refer to the given data. This firm's product price is Multiple Choice $2. $3. $4. $16.
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4...
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4 21 5 25 6 28 Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $8 each. The table shows the relationship between the number of workers and the number of cakes produced. Debbie must pay each worker a competitive market wage of $45 per day. How many workers will she hire to maximize profit? O...
Quiz Instructions Question 7 1 pts Quantity of Labor Total Total Product Revenue $16 CA 32...
Quiz Instructions Question 7 1 pts Quantity of Labor Total Total Product Revenue $16 CA 32 AWN Refer to the given data. We can conclude from the information given that this firm is a: O pure monopolist. pure competitor. O monopolistic competitor. discriminating monopolist.
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price...
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry
Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium? Isn't this firm a competitive industry since the price is equal to the marginal revenue? This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the...
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....
38. An increase in the supply of labor с.increases the value of ~ginal Product of er...
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...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10,...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10, it will employ A. 2 workers dala If the firm is hiring workers smder purely competitive comitios atwaa ot C 4 workers D. 5 workers Answer the next question on the basis of the data contained in the following table. Assume that the firm i hiring labor in a purely competitive market Units TetalProduct ef la bor preduct price 52.20 2.00 15 28 39...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
Quantity of labor Total product of labor 0 0 1 3 2 10 3 16 4 21 5 25 6 28 Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $8 each. The table shows the relationship between the number of workers and the number of cakes produced. Debbie must pay each worker a competitive market wage of $45 per day. How many workers will she hire to maximize profit? O...
Quiz Instructions Question 7 1 pts Quantity of Labor Total Total Product Revenue $16 CA 32 AWN Refer to the given data. We can conclude from the information given that this firm is a: O pure monopolist. pure competitor. O monopolistic competitor. discriminating monopolist.
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
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...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10, it will employ A. 2 workers dala If the firm is hiring workers smder purely competitive comitios atwaa ot C 4 workers D. 5 workers Answer the next question on the basis of the data contained in the following table. Assume that the firm i hiring labor in a purely competitive market Units TetalProduct ef la bor preduct price 52.20 2.00 15 28 39...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
Most questions answered within 3 hours.
-
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 25 seconds ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 22 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 25 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 26 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 23 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 26 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 36 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 42 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 59 minutes ago -
When you speak after breathing helium, in which the speed of
sound is much greater than...
asked 52 minutes ago -
3. Stock Valuation: You are the CEO of Under Armour, Inc. and
are thinking about how...
asked 57 minutes ago -
Choose a brand. Critique the brand in terms of its brand
positioning, brand identity and brand...
asked 59 minutes ago