Homework Answers
| Labor | Output | Output Price | Marginal product | Marginal revenue product |
| 1 | 20 | 10 | na | na |
| 2 | 25 | 9 | 5 | 45 |
| 3 | 29 | 8 | 4 | 32 |
| 4 | 32 | 7 | 3 | 21 |
| 5 | 34 | 6 | 2 | 12 |
| 6 | 35 | 5 | 1 | 5 |
Marginal product = Change in Output / Change in Labor
Marginal Revenue Product = Marginal Product * Output Price.
(13) The firm is monopolist because in order to sell more output firm has to lower its price.
Answer: Option (B)
(14) A firm hire labor till the point Marginal revenue product is higher than wage rate.
Marginal revenue product is higher than wage rate of $7 till 5 units of labor.
Hence, firm will hire 5 units of labor
Answer: Option (D)
(15) The third worker's marginal revenue product is $32.
Answer: Option (C).
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odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the...
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 following table. Suppose that for the firm, the goods market is perfectly competitive. The market price of the product is $4 at each quantity supplied by the firm. Labor Supplied Total Physical Product Hourly Wage Rate ($) Total Wage Cost Marginal Factor Cost 10 100 5 50 − 11...
cte 's production manager reports that the short-run Podinction relationship between the number of labor units that may be used 25. The s as tollowand the total product that maty be produced...
cte 's production manager reports that the short-run Podinction relationship between the number of labor units that may be used 25. The s as tollowand the total product that maty be produced per period of time re Total Output 2 Labor Units 2 3 10 15 24 25 8 The wage rate per unit of iabor is $10.00, and the unit cost of raw material is $100, the total fixed cost is $5.00 and the firm needs one unit of...
2. The table below shows the total production for varying numbers of hours worked producing yo-yos....
2. The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets. Price of Yo-Yos Number of Number of Hours Worked Yo-Yos Produced Wage Rate per Hour (S) 10 10 11 10 170 78 10 12 13 14 10 10 88 90 15 10 (a) Determine the marginal product of labour from hiring the (i) 11th worker, (ii) the 12th worker, (iii) the 13th...
Leadbelly Co. Sells pencils in a perfectly competitive product market and hires in a perfectly competitive...
Leadbelly Co. Sells pencils in a perfectly competitive product
market and hires in a perfectly competitive labor market. assume
that the market wage rate for workers is $150 per day.
A.
What rule should Leadbelly follow to hire the profit-maximizing
amount of labor?
B.
At the profit-maximizing level of output, the marginal product of
the last work or hired is 30 boxes of pencils per day. Calculate
the Price of a box of pencils.
C.
Draw a diagram of the...
PLS ANSWER ALL ASAP!! THANK YOU!!!! 49. If immigrant workers are complementary to n dive workers,...
PLS ANSWER ALL ASAP!! THANK YOU!!!!
49. If immigrant workers are complementary to n dive workers, then A. native workers will be better off with open orders. B. immigrant workers will receive a higher we athan native workers. C. immigration will shift the demand for native abor to the left D. there will be no immigration surplus. E. each firm will hire only immigrants or only ne ives but not a mixture of the two. 50. A perfectly discriminating monopsonis...
The table below provides the production function for Danny’s Deliveries, a bicycle delivery service in an...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
TC...
The table below provides the production function for Danny’s Deliveries, a bicycle delivery service in an...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
ALSO,...
The short-run relationship between the number of labor units that may be used in the production...
The short-run relationship between the number of labor units
that may be used in the production process and the total output
that may be produced per period of time is as shown on the table
below:
The short-run relationship between the number of labor units that may be used in the production process and the total output that may be produced per period of time is as sh on the table below: own # of Lab r Units may be...
Which of the following statements is accurate? Select the correct answer below: A. when the long-run...
Which of the following statements is
accurate?
Select the correct answer below:
A. when the long-run average cost (LRAC)
decreases as output increases, a firm is experiencing diseconomies
of scale.
B. when the long-run average cost (LRAC)
increases as output increases, a firm is experiencing diseconomies
of scale.
C. when the long-run average cost (LRAC)
increases as output increases, a firm is experiencing economies of
scale.
D. when the long-run average cost (LRAC)
decreases as output increases, a firm is...
9. This table shows the total costs for various levels of output for a firm operating...
9. This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. Quantity TO Price $50 $50 $50 $50 $10.00 $20.00 $27.50 $77.50 147.50 $250.00 0 4 $50 5 According to the table shown, the firm's marginal revenue: A. is constant. B. increases as output increases. C. decreases as output increases. D. increases until the 3rd unit, then decreases.
cte 's production manager reports that the short-run Podinction relationship between the number of labor units that may be used 25. The s as tollowand the total product that maty be produced per period of time re Total Output 2 Labor Units 2 3 10 15 24 25 8 The wage rate per unit of iabor is $10.00, and the unit cost of raw material is $100, the total fixed cost is $5.00 and the firm needs one unit of...
2. The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets. Price of Yo-Yos Number of Number of Hours Worked Yo-Yos Produced Wage Rate per Hour (S) 10 10 11 10 170 78 10 12 13 14 10 10 88 90 15 10 (a) Determine the marginal product of labour from hiring the (i) 11th worker, (ii) the 12th worker, (iii) the 13th...
Leadbelly Co. Sells pencils in a perfectly competitive product
market and hires in a perfectly competitive labor market. assume
that the market wage rate for workers is $150 per day.
A.
What rule should Leadbelly follow to hire the profit-maximizing
amount of labor?
B.
At the profit-maximizing level of output, the marginal product of
the last work or hired is 30 boxes of pencils per day. Calculate
the Price of a box of pencils.
C.
Draw a diagram of the...
PLS ANSWER ALL ASAP!! THANK YOU!!!!
49. If immigrant workers are complementary to n dive workers, then A. native workers will be better off with open orders. B. immigrant workers will receive a higher we athan native workers. C. immigration will shift the demand for native abor to the left D. there will be no immigration surplus. E. each firm will hire only immigrants or only ne ives but not a mixture of the two. 50. A perfectly discriminating monopsonis...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
TC...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
ALSO,...
The short-run relationship between the number of labor units
that may be used in the production process and the total output
that may be produced per period of time is as shown on the table
below:
The short-run relationship between the number of labor units that may be used in the production process and the total output that may be produced per period of time is as sh on the table below: own # of Lab r Units may be...
Which of the following statements is
accurate?
Select the correct answer below:
A. when the long-run average cost (LRAC)
decreases as output increases, a firm is experiencing diseconomies
of scale.
B. when the long-run average cost (LRAC)
increases as output increases, a firm is experiencing diseconomies
of scale.
C. when the long-run average cost (LRAC)
increases as output increases, a firm is experiencing economies of
scale.
D. when the long-run average cost (LRAC)
decreases as output increases, a firm is...
9. This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market. Quantity TO Price $50 $50 $50 $50 $10.00 $20.00 $27.50 $77.50 147.50 $250.00 0 4 $50 5 According to the table shown, the firm's marginal revenue: A. is constant. B. increases as output increases. C. decreases as output increases. D. increases until the 3rd unit, then decreases.
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