Homework Answers
19. C is the correct graph for total output.
20. 0 because he is an odd worker and will stand aside.
21. Marginal product is the increase in output due to the employment of an additional worker.
The output increases by 1 upon employing the fourth worker.
The answer is 1.
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Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with...
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per...
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
Refer to the following table to answer the next five questions: Number of Workers Output 1...
Refer to the following table to answer the next five questions: Number of Workers Output 1 20 2 30 3 38 4 42 5 44 If the price of output is $5, the value of the marginal product of labor of the third worker is $30. $190. $8. $40. $38.
Use the following information to complete the table in the worksheet named "Data" When completing the...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
MICROECONOMICS Deciding how many workers to hire: Assume that the initial price of shoes in this...
MICROECONOMICS 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 workers 0 1 2 3 4 5 6 7 Total Output Of shoes 0 8 15 21 26 29 31 30 Marginal Output of shoes Marginal Revenue Product (a.k.a. value of the marginal product of labor) If it costs...
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...
1. Use the following information to answer the next three questions: Widgets Inc. can hire workers...
1. Use the following information to answer the next three questions: Widgets Inc. can hire workers at $40 per day and can rent a unit of equipment for $10 per day. Currently Widgets Inc. spends $200 per day on input a- Draw an isocost curve above for Widgets Inc. spending $200. (label the intercepts) b- What is the slope of the isocost curve? c- If Widgets Inc. hires 4 workers and rents 4 pieces of equipment, then the marginal product...
Use the following to answer questions (26) through (30): A distiller produces alcohol with the following...
Use the following to answer questions (26) through (30): A distiller produces alcohol with the following partially-completed production table: Labor (L.) Capital (K) Total Product Average Product Marginal Product The total product of 2 workers equals: 20 150 [27] The average product of 3 workers equals: None of the above [28] Suppose the price of the firm's output equals $50, while the price of labor equals $100. Accordingly, the marginal revenue product of the 2nd worker equals: A. $7,000 B....
Deciding how many workers to hire: Assume that the initial price of shoes in this example...
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 workers 0 1 2 3 4 5 6 7 Total Output Of shoes 0 8 15 21 26 29 31 30 Marginal Output of shoes Marginal Revenue Product (a.k.a. value of the marginal product of labor) If it costs the...
Due: Wednesday, March 4, 2020 Dr. Molly Espey ECON 2110 Spring 2020 Homework 6 (9 points)...
Due: Wednesday, March 4, 2020 Dr. Molly Espey ECON 2110 Spring 2020 Homework 6 (9 points) 1. (9 points) The following table shows the total number of storage units that can be designed and constructed per month by Conrad's Construction in relation to the number of workers Conrad hires. Number of Workers Total Product (units/month) Marginal Product (units/month) Average Product (units/month) 2 27 5 a. Complete the table above. b. Graph the average product and marginal product curves on the...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker i...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
Use the following to answer questions (26) through (30): A distiller produces alcohol with the following partially-completed production table: Labor (L.) Capital (K) Total Product Average Product Marginal Product The total product of 2 workers equals: 20 150 [27] The average product of 3 workers equals: None of the above [28] Suppose the price of the firm's output equals $50, while the price of labor equals $100. Accordingly, the marginal revenue product of the 2nd worker equals: A. $7,000 B....
Due: Wednesday, March 4, 2020 Dr. Molly Espey ECON 2110 Spring 2020 Homework 6 (9 points) 1. (9 points) The following table shows the total number of storage units that can be designed and constructed per month by Conrad's Construction in relation to the number of workers Conrad hires. Number of Workers Total Product (units/month) Marginal Product (units/month) Average Product (units/month) 2 27 5 a. Complete the table above. b. Graph the average product and marginal product curves on the...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
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