Homework Answers
Total revenue (TR) = Output × $2; all figures are right what presented in the table.
MRP: this is the difference of TR in each row consecutively. Suppose for 6 pickers, MRP = TR of 6 – TR of 5 = 128 – 122 = 6
The equilibrium level of pickers is the equality of MRP and wage rate; (MRP = wage rate). This happens for 5 pickers, since (MRP = Wage rate = $14).
Therefore, 5 pickers should be hired.
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The folowing table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Marginal Revenue Total Revenue Number of Pickers Output of Grapes (per...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $250 per flat, calculate total revenue and marginal revenue product (MRP) and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers, Number of Pickers Output of Grapes (per hour) (in flats) Total Revenue Marginal Revenue Product...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Number of Pickers Marginal Revenue Output of Grapes Total Revenue Product...
The following table depicts the number of boxes of strawberries that can be picked in an...
The following table depicts the number of boxes of strawberries that can be picked in an hour with varying amounts of labor. Calculate marginal revenue product (MRP) and answer two questions about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Number of Pickers Total Strawberry Output Total Revenue Marginal Revenue Product (per Hour) (Boxes per Hour) ($ per Box) ($ per Hour) (5) < Prey 5...
Assuming that the price of grapes is $2 per flat, complete the marginal physical product and...
Assuming that the price of grapes is $2 per flat, complete the marginal physical product and marginal revenue product in the table below Instructions: Complete the table below and answer the question. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. 3 Number of pickers (per hour) 1 Output of grapes (in flats) 10 2 28 6 64 7 65 8 61 Marginal Physical Product 18 Marginal Revenue Product...
1. If the current equilibrium wage rate is $3 per hour, how many hours of labor...
1. If the current equilibrium wage rate is $3 per hour, how
many hours of labor will you hire?
2. How much output will you produce?
Homework: ASSESS Chapter 10 Homework Save Score: 0 of 1 pt 5 of 21 (4 complete) HW Score: 19.05%, 4 of 21 pts Text Problem 2.1 B Question Help 5.00 Total product (output) 4.00- 550 500- 450- 400- 350 300- 250- 200- 150- 100- 507 3.00 Marginal revenue product (output) 0 400 2.00 100...
la. Use the data in the table below for firm A and fill in all the...
la. Use the data in the table below for firm A and fill in all the blanks. (6 points) Total Revenue $ Marginal Revenue Units of Total Quantity of Price Marginal Physical labor Product (MRP) Output Product (MPP) $30 $30 $30 $30 $30 40 32 92 10 b. Use the completed table above to construct the labor demand curve (MRP curve for firm A on the grid below: (4 points) (s x1oo) MRP, MFC 15 14 13 12 10 2...
please briefly explain any answers thanks! Suppose that low-skilled workers employed in clearing woodland can each...
please briefly explain any answers thanks!
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel. a machete, and a chainsaw. Clearing one acre brings in $1,000 in revenue. Each worker's equipment costs the worker's employer $150 per month to rent and each worker toils 40 hours per week for four weeks each month a. What is the marginal revenue product of hiring one low-skilled worker to clear...
The following table depicts the output of a firm that manufactures computer printers. The printers sell...
The following table depicts the output of a firm that manufactures computer printers. The printers sell for $100 each. Labor Input (workers per week) Total Physical Output (printers per week) Marginal Physical Product Marginal Revenue Product 10 200 - - 11 221 21 2,100 12 240 19 1,900 13 257 17 1,700 14 272 15 1,500 15 285 13 1,300 16 296 11 1,100 Suppose this firm has chosen to hire 15 workers. What is the maximum wage the firm...
Question: The table below depicts the prices and total costs a local used-book store faces. The...
Question: The table below depicts the prices and total costs a local used-book store faces. The bookstore competes with a number of similar stores, but if capitalizes on its location and the word-of-mouth reputation of the coffee it serves to its customers. Calculate the store's total revenue, total profit, marginal revenue, and marginal cost at each level of output, beginning with the first unit. Output Price per book ($) Total costs ($) Total revenue ($) Total profit ($) Marginal revenue...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Marginal Revenue Total Revenue Number of Pickers Output of Grapes (per...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $250 per flat, calculate total revenue and marginal revenue product (MRP) and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers, Number of Pickers Output of Grapes (per hour) (in flats) Total Revenue Marginal Revenue Product...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Number of Pickers Marginal Revenue Output of Grapes Total Revenue Product...
The following table depicts the number of boxes of strawberries that can be picked in an hour with varying amounts of labor. Calculate marginal revenue product (MRP) and answer two questions about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Number of Pickers Total Strawberry Output Total Revenue Marginal Revenue Product (per Hour) (Boxes per Hour) ($ per Box) ($ per Hour) (5) < Prey 5...
Assuming that the price of grapes is $2 per flat, complete the marginal physical product and marginal revenue product in the table below Instructions: Complete the table below and answer the question. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. 3 Number of pickers (per hour) 1 Output of grapes (in flats) 10 2 28 6 64 7 65 8 61 Marginal Physical Product 18 Marginal Revenue Product...
1. If the current equilibrium wage rate is $3 per hour, how
many hours of labor will you hire?
2. How much output will you produce?
Homework: ASSESS Chapter 10 Homework Save Score: 0 of 1 pt 5 of 21 (4 complete) HW Score: 19.05%, 4 of 21 pts Text Problem 2.1 B Question Help 5.00 Total product (output) 4.00- 550 500- 450- 400- 350 300- 250- 200- 150- 100- 507 3.00 Marginal revenue product (output) 0 400 2.00 100...
la. Use the data in the table below for firm A and fill in all the blanks. (6 points) Total Revenue $ Marginal Revenue Units of Total Quantity of Price Marginal Physical labor Product (MRP) Output Product (MPP) $30 $30 $30 $30 $30 40 32 92 10 b. Use the completed table above to construct the labor demand curve (MRP curve for firm A on the grid below: (4 points) (s x1oo) MRP, MFC 15 14 13 12 10 2...
please briefly explain any answers thanks!
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel. a machete, and a chainsaw. Clearing one acre brings in $1,000 in revenue. Each worker's equipment costs the worker's employer $150 per month to rent and each worker toils 40 hours per week for four weeks each month a. What is the marginal revenue product of hiring one low-skilled worker to clear...
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