Homework Answers
Answer: a firm can increase its profit by employing one more worker.
When the marginal value of a product is greater than the cost spend on the wages, this actually adds more value to the firm. The activity of hiring an additional worker increases the output by 1 unit and as a result, the profitability of the firm increases.
Add Answer to:
Question 55 1 pts If the value of the marginal product of labor exceeds the wage,...
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....
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
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...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
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...
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?
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages...
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 7 If the marginal product of labor for a firm decreases as more workers are...
Question 7 If the marginal product of labor for a firm decreases as more workers are hired, we know that there are still gains from specialization left to be exploited. the marginal cost of producing output is constant. all workers are paid the same wage. the gains from specialization are exhausted. the marginal cost of producing output is decreasing. Previous Next No new data to save. Last checked at 1:31pm Submit Q d) Prtscn Home FE 8
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per...
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
Question 1 1 pts Labor Total product Marginal (workers per day) (units per day) product 2 8 12 3 5 In the above table, the marginal product of the second worker is 3 5 Oo oo Question 2 1 pts Labor Total product |(workers per day) (units per day) 0 0 2 Marginal product 0 2 8 3 12 T In the above table, the total product that can be produced with four workers is O 16 Ο Ο Ο...
சம் VU labor markets, firms hire: additional workers as long as the marginal produ s as long as the marginal product of labor is positive. the amount of labor needed to produce the profit-maximizing the amount of labor needed to produce the revenue-max the number of workers they can afford given a fixed budget. ce the profit-maximizing level of output. produce the revenue-maximizing level of output. Ceteris paribus, the value of the marginal product of labor (demand for labor by...
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...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
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...
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?
This Question: 18 pts 9 of 28 (28 complete) in the short-run, there are 3 stages of production. Which of the following is true about stage 3 APL reaches its maximum at the end of this stage O A True B. False MPL < O which indicates that total output is decreasing as the firm hires more workers .A True OB. False The firm can increase output and increase profit by hiring more workers O A True False The firm...
Question 7 If the marginal product of labor for a firm decreases as more workers are hired, we know that there are still gains from specialization left to be exploited. the marginal cost of producing output is constant. all workers are paid the same wage. the gains from specialization are exhausted. the marginal cost of producing output is decreasing. Previous Next No new data to save. Last checked at 1:31pm Submit Q d) Prtscn Home FE 8
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
Most questions answered within 3 hours.
-
Complete and balance the following reactions. In case of no
reaction occurring write NR.
Mix #1:...
asked 5 minutes ago -
If an economy consumes 75% of any increase in income, then an
increase in autonomous investment...
asked 8 minutes ago -
A shotputter throws the shot with an initial speed of 15.8 m/s
at a 38.0 ∘...
asked 23 minutes ago -
Debra and Merina sell electronic equipment and supplies through
their partnership. They wish to expand their...
asked 24 minutes ago -
How does a linear regression allow you to better estimate
trends, costs, and other factors in...
asked 32 minutes ago -
1. (15%) Describe the difference between a pull (Kanban), push
and CONWIP production systems.
asked 29 minutes ago -
QUESTION 5
The total area under the Z distribution curve is equal to:
a.
10
b....
asked 38 minutes ago -
Using Python
The variables x and y refer to numbers. Write a code segment
that prompts...
asked 52 minutes ago -
If
the coefficient of static friction between a box and the floor is
0.35 with what...
asked 54 minutes ago -
A die is designed to punch holes with a radius of 1.08 10-2 m in
a...
asked 59 minutes ago -
government can increase import through
a. export subsidies
b. tax breaks
c. increase import tax
d....
asked 59 minutes ago -
Draw the following in the proper skeletal structure or line
angle formula.
5,6,6-tribromo-3,8-dicyclopropyl-7-isopentyldodecane
asked 1 hour ago