Labor |
Marginal Product of Labor |
Marginal Revenue |
1 |
10 |
20 |
2 |
8 |
14 |
3 |
7 |
10 |
4 |
5 |
8 |
5 |
3 |
4 |
6 |
1 |
2 |
Share of Income |
2015 |
2004 |
Top Quintile |
37.6% |
35.5% |
Fourth Quintile |
22.8% |
22.9% |
Middle Quintile |
17.6% |
17.9% |
Second Quintile |
13.8% |
14.4% |
Bottom Quintile |
8.2% |
9.3% |
The table below shows the marginal product of labor at various employment levels. Assume this firm...
The table below shows the marginal product of labor at various employment levels. Assume this firm is part of a perfectly competitive market and that the market price for the good is $10. Labor Marginal Product of Labor 1 10 2 8 3 7 4 5 5 3 6 1 What is the value of the marginal product of labor at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage...
If a profit-maximizing firm reduces its employment of workers, then the value of the marginal product exceeds the market wage. true or false A change in the wages of waiters and waitresses is a direct cause of a shift in the labor demand curve for waiters and waitresses. true or false A decrease in the final product price could decrease labor demand because demand for labor is a derived demand. true or false
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market Price Quantity TC $500 $10.00 $50 1 $20.00 $27.50 $50 3 $77.50 $50 4 $147.50 $50 5 $250.00 $50 2 According to the table shown, what is the firm's marginal cost from producing the 2nd unit? $27.50 $7.50 $20.00 $10.00 This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market....
9、Let W and L denote the wage and the amount of labor employed, respectively. A firm faces the labor supply curve L = 2W - 6 and the marginal product of labor is given by MPL = 20 - L. The firm sells its output in a perfectly competitive market at $0.50 each. (a) If this labor market is perfectly competitive, find the equilibrium employment, the equilibrium wage, and the number of unemployed people. (b) Suppose that the government imposes...
Table 2 Shows Media Cable’s demand table, total revenue, and marginal revenue at each price. Why, at any price lower than $130, is the marginal revenue from an additional sale less than the price? Table 2 Price Amount Demanded Total Revenue Marginal Revenue $160 0 $0 n/a $130 90 $11,700 $130.00 $100 200 $20,000 $75.45 $80 350 $28,000 $53.33 $40 600 $24,000 -$16.00 $0 850 $0 -$96 .00 Question 5 options: a) Lowering the price means that Media Cable lowers...
ID: A 9. When a monopolist is able to sell its product at different prices, it is engaging in a quality adjusted pricing. b. price differentiation. c. price discrimination. d. distribution pricing. 10. A natural monopoly occurs when a. the product is sold in its natural state (such as water or diamonds). b. there are economies of scale over the relevant range of output. c. the firm is characterized by a rising marginal cost curve. d. production requires the use...
Complete the following labor supply table for a firm hiring labor competitively 9 Marginal Marginal Resource Units of Total Labor Revenue Labor (Labor) Cost Wage Rate Cost Product $14 $ na na 1 14 $38 2 14 28 14 24 4 14 20 5 14 14 6 14 1e Show graphically the labor supply and marginal resource (labor) cost curves for this Instructions: 1. Use the line tool (MRC, plot 6 points) to draw the marginal resource cost curve. 2...
15. The following diagram shows the marginal of labor in the production of lemongrass revenue product of labor and the supply Wage ($/hour) $42 14 MRPL 56 Quantity of labor Express the marginal revenue product of labor in the lemongrass industry mathematically. a. b. Express the supply of 1abor in the 1emongrass industry mathematically. If lemongrass production were many workers would be hired and what wage would they be paid? competitive in both input and output markets, how C. d....
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand curve for its product. Statement 2: A monopolist uses the same profit maximization rule that the perfectly competitive firm uses. Both statements (1) and (2) are false. Both statements (1) and (2) are true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Which of the following is TRUE of the model of perfect competition? There are...
1. What is a monopoly? Name 2 differences between a monopoly and a perfectly competitive market. 2. What is the profit maximizing condition for a price-setting monopoly? 3. Show that MR follows the notion "same intercept, twice the slope" of demand. 4. Is a monopoly the most socially optimal market? How does a monopoly differ from a perfectly competitive market? Explain and show in a graph. What is the difference in welfare? 5. At what point would a monopoly decide...