![[28] Suppose the price of the firms output equals $50, while the price of labor equals $100. Accordingly, the marginal reven](http://img.homeworklib.com/questions/7ce84510-78ca-11ea-a428-35cbc18dd4c8.png?x-oss-process=image/resize,w_560)
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26.Total Product of 2 Workers is 155
27.The average product of 3 workers is None of this above....
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Use the following to answer questions (26) through (30): A distiller produces alcohol with the following...
A firm attempting to expand output in the short-run faces the total product of labor schedule:...
A firm attempting to expand output in the short-run faces the total product of labor schedule: TPL = 24 L^2 - L^3 The firm's total product is maximum at L= . The firm's total product curve is a concave up function at the interval [ ). (Note: Please write the largest interval where the total product curve is a concave up function. Please use a comma to separate two numbers, but please do not use any space. ) The firm's marginal...
Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair
1. 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 workers01234567Total Output Of shoes08152126293130Marginal Output of shoesMarginal Revenue Product (a.k.a. value of the marginal product of labor)a. If it costs the firm $90 per worker per day, how many workers would be hired? Why? b. If the price of shoes was...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional outputis produced. Draw the total product 0of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Fioun labor, and the figures are smooth employing a worker for a ble Labor ont woroint A is the average product of labor for workers. comcustroduct of labor curve shoh eight computers, q. can...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
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...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with a service: moving mattresses around dormitories as needed. It takes two employees to move a mattress. An employee without a “partner" will just stand around and not do anything. It takes one hour for a pair of employees to move one mattress. For the graphs in the following question, Total Product and Marginal Product are measured in mattresses per hour. 19) Which of the...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run....
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
Use the following to answer questions (7) through (9): A monopolist faces the following market demand:...
Use the following to answer questions (7) through (9): A monopolist faces the following market demand: Q = 1000 - P, where Q is quantity demanded and P is the price. Suppose the firm’s total cost is given by: TC = 200Q. Hence, marginal cost equals average total cost equals 200. [7] Absent the ability to price discriminate, the monopolist wishing to maximize profit will produce and sell a quantity equal to: A. 200 B 400 600 800 [8] Absent...
3. The firm's demand for a resource and marginal revenue product Gopher Excavators produces shovels in...
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional outputis produced. Draw the total product 0of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Fioun labor, and the figures are smooth employing a worker for a ble Labor ont woroint A is the average product of labor for workers. comcustroduct of labor curve shoh eight computers, q. can...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
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...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with a service: moving mattresses around dormitories as needed. It takes two employees to move a mattress. An employee without a “partner" will just stand around and not do anything. It takes one hour for a pair of employees to move one mattress. For the graphs in the following question, Total Product and Marginal Product are measured in mattresses per hour. 19) Which of the...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...
3. The firm's demand for a resource and marginal revenue
product
Gopher Excavators produces shovels in a small factory and sells
the shovels in a competitive market. The following table shows the
company's production function:
Labor
Output
(Number of workers)
(Shovels)
0
0
1
90
2
175
3
245
4
300
5
325
Use the blue points (circle symbol) to plot the production
function for Gopher Excavators on the following graph.
Production Function01234540036032028024020016012080400OUTPUT
(Shovels)LABOR (Number of workers)
Calculate the marginal...
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