Homework Answers
Answer:
b) the wage paid to the workers it hires
A price taker is a business that sells such commoditized products that it must accept the prevailing market price for it's products. In labour market, they don't have control over the wage paid. Like wise the price taker firm has no control over market price and therefore they traded market clearing price.
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nstructions When you are ready to gin, click the Take the Quiz button below. Question 11...
nstructions When you are ready to gin, click the Take the Quiz button below. Question 11 5 pts The firm has a gross profit of $100, operating income (EBIT) of $70, taxable income (EBT) of $65, net income of $45, total assets of $4,000, total equity of $1,200, and total sales of $200. What is net profit margin? Answer: % (input percentage points only, round to one decimal place, e.g. enter 12.3 for 12.3%) Previous Next → OCT 5 de
MARKETS FOR PRODUCTIVE FACTORS WORKSHEET 1 Below, you are provided with the amount of a good...
MARKETS FOR PRODUCTIVE FACTORS WORKSHEET 1 Below, you are provided with the amount of a good or service that can be produced with various quantities of labor. You will use this input-output relationship to identify the marginal product of each additional unit of labor. Additionally, you will calculate the marginal revenue product of each additional unit. Part 1: Complete the statement below. The Marginal Product of Labor is defined as change in the quantity of Text (labor, output) associated with...
Calculator ready before you begin the quiz If you get a score that you are unhappy with, you can ...
calculator ready before you begin the quiz If you get a score that you are unhappy with, you can submit corrections to your mistakes and earn back half of the points you missed. To do this, wait until the quiz is closed and the correct answers are viewable Print your quiz and correct your mistakes. Show a reason or recalculation for the correction. Turn in to you instructor within two weeks of the original due date. Question 1 2 pts...
ons: You will have 3 hours to complete the quiz once you begin. Do no Biate...
ons: You will have 3 hours to complete the quiz once you begin. Do no Biate calculations. Round probabilities to the fourth decimal. Question 14 1 pts Suppose the distribution of miles driven on four-year leases follows the normal distribution with a mean of 53,000 miles and a standard deviation of 5,000 miles. The automobile company would like to include a $0.10 per mile penalty for excessive mileage to the terms of the lease. What mileage limit would result in...
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, to navigate to...
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, to navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assign ments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions 1. Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more workers. How should the manager decide which...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of...
4. Marginal resource cost
A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
Labor
Output
Marginal Product of Labor
Value of the Marginal Product of Labor
(Number of workers)
(Units of output)
(Units of output)...
Ron’s Woodturning Company makes high quality wooden bowls from exotic hardwoods from around the world. The...
Ron’s Woodturning Company makes high quality wooden bowls from
exotic hardwoods from around the world. The firm may sell all it
produces to retail outlets at $10/bowl. Ron can hire all of the
workers he needs at a market wage of $90/day per worker. Ron’s
short-run production function is shown below:
a. As Ron hires the first, the second and the third worker, what
happens to his output? What happens to his marginal product?
Explain why this could be occurring....
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where Q is the number of units of output per hour when the firm uses K machines and hires L workers each hour. The marginal products for the production function are MPK = L and MP, = K. The price of K is 4 and the price of L is 2. The firm is currently using K =16 and just enough L (you have to...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) 0 Output Marginal Product of Labor (Units of output) (Units of output) Value of the Marginal Product of...
nstructions When you are ready to gin, click the Take the Quiz button below. Question 11 5 pts The firm has a gross profit of $100, operating income (EBIT) of $70, taxable income (EBT) of $65, net income of $45, total assets of $4,000, total equity of $1,200, and total sales of $200. What is net profit margin? Answer: % (input percentage points only, round to one decimal place, e.g. enter 12.3 for 12.3%) Previous Next → OCT 5 de
MARKETS FOR PRODUCTIVE FACTORS WORKSHEET 1 Below, you are provided with the amount of a good or service that can be produced with various quantities of labor. You will use this input-output relationship to identify the marginal product of each additional unit of labor. Additionally, you will calculate the marginal revenue product of each additional unit. Part 1: Complete the statement below. The Marginal Product of Labor is defined as change in the quantity of Text (labor, output) associated with...
calculator ready before you begin the quiz If you get a score that you are unhappy with, you can submit corrections to your mistakes and earn back half of the points you missed. To do this, wait until the quiz is closed and the correct answers are viewable Print your quiz and correct your mistakes. Show a reason or recalculation for the correction. Turn in to you instructor within two weeks of the original due date. Question 1 2 pts...
ons: You will have 3 hours to complete the quiz once you begin. Do no Biate calculations. Round probabilities to the fourth decimal. Question 14 1 pts Suppose the distribution of miles driven on four-year leases follows the normal distribution with a mean of 53,000 miles and a standard deviation of 5,000 miles. The automobile company would like to include a $0.10 per mile penalty for excessive mileage to the terms of the lease. What mileage limit would result in...
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, to navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assign ments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions 1. Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more workers. How should the manager decide which...
4. Marginal resource cost
A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
Labor
Output
Marginal Product of Labor
Value of the Marginal Product of Labor
(Number of workers)
(Units of output)
(Units of output)...
Ron’s Woodturning Company makes high quality wooden bowls from
exotic hardwoods from around the world. The firm may sell all it
produces to retail outlets at $10/bowl. Ron can hire all of the
workers he needs at a market wage of $90/day per worker. Ron’s
short-run production function is shown below:
a. As Ron hires the first, the second and the third worker, what
happens to his output? What happens to his marginal product?
Explain why this could be occurring....
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where Q is the number of units of output per hour when the firm uses K machines and hires L workers each hour. The marginal products for the production function are MPK = L and MP, = K. The price of K is 4 and the price of L is 2. The firm is currently using K =16 and just enough L (you have to...
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) 0 Output Marginal Product of Labor (Units of output) (Units of output) Value of the Marginal Product of...
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