Homework Answers
![Sinces Marginal Product (tip) - Charge in total product Charge in No. of Estolcers Tops & Tus- TUA 5-4 1) = 3 Aps - 3 units]](http://img.homeworklib.com/questions/51c78280-788d-11ea-b8b5-176f177845d6.png?x-oss-process=image/resize,w_560)
Add Answer to:
Suppose that a firm's only variable input is labor. The firm increases the number of employees...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
Suppose that for a particular firm the only variable input into the production process is labor...
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 2 workers, the total cost of production is $2,000. When the firm hires a total of3 workers, the total cost of production is $2,500. In addition, assume that the variable cost per unit of labor is the same regardless of the number of units of labor...
Help Save Suppose that a campus restaurant increases its number of employees from 2 per day...
Help Save Suppose that a campus restaurant increases its number of employees from 2 per day to 4 per day, and that its daily total revenue therefore increases from $90 per day to $200 per day. a. Assuming that each employee is equally productive, what is the marginal revenue product (MRP) per day of each additional employee? $ b. Assume that the restaurant is using their resources in a profit-maximizing way, and that each worker works 5 days each week,...
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the total cost of production when the firm hires 7 workers?$66, $76, $906, $946
Q9. A perfectly competitive firm operates in the short-run with labor as its only variable factor....
Q9. A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $324 and the product sells for $3.24 per ton. (a) At what weekly output is marginal cost equal to average variable cost? (b) What is the minimum product price...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The mon...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for laboris $2,000. Fixed cost is $120,00 pedictofon When the firm uses 100 units of labor, what is marginal cost at this level of output? O $25 O 533 33 $90 O $180 O $2000 References 1-ntre 2 exposure Starter Pack
In the short run, we assume that capital is a fixed input and labor is a variable input, so the f...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
Question: A firm currently employs 40 production workers and 5 supervisors. The marginal product of the...
Question: A firm currently employs 40 production workers and 5 supervisors. The marginal product of the last production worker employed is 60 units of output per hour and production workers are paid $8 per hour. The marginal product of the last supervisor employed is 120 units of output per hour and supervisors are paid $20 per hour. Every employee works 40 hours per week. a) What is the firm's total labor cost per week? b) Assume that the firm's isoquants...
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
Help Save Suppose that a campus restaurant increases its number of employees from 2 per day to 4 per day, and that its daily total revenue therefore increases from $90 per day to $200 per day. a. Assuming that each employee is equally productive, what is the marginal revenue product (MRP) per day of each additional employee? $ b. Assume that the restaurant is using their resources in a profit-maximizing way, and that each worker works 5 days each week,...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for laboris $2,000. Fixed cost is $120,00 pedictofon When the firm uses 100 units of labor, what is marginal cost at this level of output? O $25 O 533 33 $90 O $180 O $2000 References 1-ntre 2 exposure Starter Pack
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
Most questions answered within 3 hours.
-
The correct answer will be upvoted with positive feedback,
giving me incorrect answers will result in...
asked 27 minutes ago -
Question:
Evaluation: Answer both (a) and (b): (a) Looking at
Table 6.1 in our text, explain...
asked 36 minutes ago -
What is the maximum number of edges that a graph on 7 vertices can
have if...
asked 58 minutes ago -
Question 05
(a) i) What are the three type of general defects in welding?
ii) Explain...
asked 42 minutes ago -
If the wage rate increases from $12 to $16 and, as a result, the
quantity demanded...
asked 48 minutes ago -
the slime layer external to the prokaryotic cell wall is called
the ?
asked 57 minutes ago -
Cheyenne Company must decide whether to make or buy some of its
components. The costs of...
asked 59 minutes ago -
What is the entropy change for mixing 1 liter of a monoatomic
ideal gas (call it...
asked 57 minutes ago -
A company that has 150 employees chooses a committee of 11 to
represent employee retirement issues....
asked 1 hour ago -
the
force between two 2.11 x 10^-4 C charges that are 2.11 meters apart
is ______N?
asked 1 hour ago -
A truck of mass m slows from speed v0 to speed v in a
time t....
asked 1 hour ago -
A 60kg box rests on a floor with a coefficient of kinetic
friction of 0.600 and...
asked 1 hour ago