please I need to help me with. C and D questions
Homework Answers
Answer)
Profit
Maximization requires that a competitive firm must employ that much
unit of labour where VMP becomes equal to wage.
According to the Marginal Productivity Theory of Labour, labour are paise according to their Marginal Productivity. And, demand curve for labour is value of MP curve, where value of MP is product of Price of output and MP of Labor.
VMP = Price × MPl
If you have any doubts, please comment...
Add Answer to:
please I need to help me with. C and D questions
Workers Total Marginal Value of...
please help me with the graph and how many workers. thank youu 1. Graphing demand for...
please help me with the graph and how many workers. thank youu
1. Graphing demand for labour and computing the optimal quantity A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resource cost) of $270 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labour (MRP) at each quantity of workers. Labour (Number of...
Please, I need workings, I was confused about it, tries may time l did not get...
Please, I need workings, I was confused about it, tries may time l did not get the answers. thanks for your help Amy's Hair Dressing hires hairdressers in a competitive market. The cost for a haircut, other than the labour cost, is €4. The daily number of haircuts varies with the number of workers hired, as shown in the table below: No of workers haircut per day 0 0 1 16 2 36 3 54 4 70 5 84 6...
labor as long as the value of marginal product e profitable to hire units of 4 less than wage Exceeds nerage product C...
labor as long as the value of marginal product e profitable to hire units of 4 less than wage Exceeds nerage product C quals price exceeds wage how many workers should be hired to maximize profits? 10. Given the following table how VMP Wage Marginal Labor Product Labor $32 $100 $128 $100 32 $64 $100 $100 S-48 $100 1-12 Q = 10,000 and K = 500, how much laboris production function Q = 10K + 5L, 11. Given the linear...
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...
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...
1 through 3 Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume...
1 through 3
Homework Assignment #8 1. (6 points) 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 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
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...
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)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....
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price...
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
please help me with the graph and how many workers. thank youu
1. Graphing demand for labour and computing the optimal quantity A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resource cost) of $270 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labour (MRP) at each quantity of workers. Labour (Number of...
labor as long as the value of marginal product e profitable to hire units of 4 less than wage Exceeds nerage product C quals price exceeds wage how many workers should be hired to maximize profits? 10. Given the following table how VMP Wage Marginal Labor Product Labor $32 $100 $128 $100 32 $64 $100 $100 S-48 $100 1-12 Q = 10,000 and K = 500, how much laboris production function Q = 10K + 5L, 11. Given the linear...
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...
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...
1 through 3
Homework Assignment #8 1. (6 points) 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 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
Most questions answered within 3 hours.
-
1.histones are proteins that make up nucleosomes. they bind to
the backbone of DNA in chromosomes....
asked 4 minutes ago -
What is the relationship between a variables value and their
probabilities as it is summarized by...
asked 13 minutes ago -
Balance Sheet
DR
CR
Cash
10000
AR
7000
Supplies
500
Equipment
5,000
Accum depreciation
...
asked 10 minutes ago -
Country
Continent
GDP (millions of US$)
Afghanistan
Asia
 
asked 13 minutes ago -
1) Use the Euclidean algorithm (write in pseudocode) to find the
greatest common divisor of 8...
asked 36 minutes ago -
Based upon the corporate proposal for this week, research three
different data storage options for your...
asked 38 minutes ago -
The equilibrium constant, Kp , for the following reaction is
1.04×10-2 at 548 K. NH4Cl(s) NH3(g)...
asked 57 minutes ago -
During a recent budgeting discussion, the CFO at "NW Accounting
Services" proposed eliminating the marketing research...
asked 56 minutes ago -
Block B has a mass of 3.80kg and is moving to the left at a
speed...
asked 1 hour ago -
If n distinct objects are distributed randomly into
n distinct boxes, what is the probability that:...
asked 1 hour ago -
a) The frequency of light coming out from a laser source is 297
MHz. What is...
asked 1 hour ago -
LABORATORY EXERCISES:
Using nested for loops, write a java program to print the
pattern as shown...
asked 1 hour ago