Homework Answers
4) :-c is right option
additional revenue generated from employing one more unit of labor
Marginal revenue product is defined as the additional revenue from hiring one additional unit of labor
5):-B is right option
For a competitive firm hiring in a competitive labor market, the profit maximizing rule is to hire labor to the point where the value of the marginal product is equal to the wage rate.
6):-c is right option
An increase in the marginal product of autoworkers would be expected to cause a(n) increase in the value of labor's marginal product and a(n) increase in the firm's demand for autoworkers.
increase; increase
Marginal product of labor is defined as the change in output from hiring one more worker
7) :-c is right option
The demand for labor is derived from the demand for the output that labor helps produce
The demand for labor is derived from the demand for the final product.
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சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as...
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...
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...
1. WidgetWorks operates in perfectly competitive markets. It hires an extra worker at $24 an hour...
1. WidgetWorks operates in perfectly competitive markets. It hires an extra worker at $24 an hour and each hour he produces six widgets, which will sell for $10 apiece. Is WidgetWorks at its profit-maximizing output level? A. Yes, because it is making a profit on the widgets it has just produced B. No, because the marginal revenue product is too high. C. No, it should hire more workers and increase production. D. No, it should hire fewer workers and increase...
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor...
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor market will hire workers until the: A. Extra revenue generated from hiring another worker equals the extra profit from hiring that worker. B. Extra revenue generated from hiring another worker equals the extra cost of hiring that worker. C. The marginal wage rate marginal product of the last worker. D. The marginal product of labor begins to decline.
42. If the price of output is $4 per unit, what is the marginal revenue product...
42. If the price of output is $4 per unit, what is the marginal revenue product for the fourth worker in a competitive labor market? A. $4 B. $8 C. $12 D. $56 43. If this profit-maximizing firm sells its output in a competitive market for $4 per unit and hires labor in a competitive market for $8 per hour, then this firm should hire A. one worker. B. two workers. C. three workers D. four workers. 44. The opportunity...
Stephanie is considering how many workers she wants to hire to produce earrings for her business....
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) Marginal Product...
A firm is unlikely to hire a worker if: A. the additional output a firms gets...
A firm is unlikely to hire a worker if: A. the additional output a firms gets by hiring the worker is greater than his or her wage. B. there are diminishing marginal returns to labor. C. the minimum wage set by law is less than the equilibrium wage in the market. D. the additional revenue generated by hiring the worker is less than his or her wage. In a competitive labor market, the equilibrium wage rate is determined by: A....
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pa...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $7. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. umber. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of (workers) earrings)...
18.)A profit-maximizing firm in a competitive market should stop employing additional units of a factor when...
18.)A profit-maximizing firm in a competitive market should stop employing additional units of a factor when a.)marginal revenue of the factor is maximized b.)price of the product is greater than the marginal cost of the factor c.)marginal cost of employing the factor is minimized d.)value of the marginal product of the factor equals the price of the factor e.)marginal product of the factor is maximized 19.)A firm in a competitive market will employ additional capital until its value of 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 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...
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...
42. If the price of output is $4 per unit, what is the marginal revenue product for the fourth worker in a competitive labor market? A. $4 B. $8 C. $12 D. $56 43. If this profit-maximizing firm sells its output in a competitive market for $4 per unit and hires labor in a competitive market for $8 per hour, then this firm should hire A. one worker. B. two workers. C. three workers D. four workers. 44. The opportunity...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) Marginal Product...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $7. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. umber. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of (workers) earrings)...
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