The above table depicts both the product and labor markets for imported coffee. What is the...
The above table depicts both the product and labor markets for imported coffee. What is the total revenue when 15 workers per day are hired?
|
Labor Input (workers per day) |
TotalPhysical Product |
Product Price |
| 10 | 100 | 50 |
| 11 | 110 | 49 |
| 12 | 120 | 48 |
| 13 | 130 | 47 |
| 14 | 140 | 46 |
| 15 | 150 | 45 |
Homework Answers
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The above table
depicts both the product and labor markets for imported coffee.
What is the...
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...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100 90 80 70 Domestic supply World pnce Domestic demand 50 30 20 10 2 468 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Quanity Refer to Figure 9-1. With trade, Guatemala will export 22 units of coffee. export 10 units of coffee. import 30 units of coffee. import 12 units...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 unit...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 units 12 workers 120 units 1200 units QUESTION 47 If the firm produces 120 units of output with 12 workers and 121 units of putput with 13 work 10 units duct of labor 1 unit 121 units QUESTION 43 Which of these assumption is realistic for a firm in the short run? Both the stre of the factory and...
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...
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...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid to owners who work for the firm Interest on money borrowed to finance equipment purchases • cash payment for raw materials • foregone rent on office space owned and used by the firm QUESTION 45 When a firm's only variable input is labor, then the slope of the production function measures the • quantity of labor • quantity of output total cost • marginal...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
1. based on the table graph the concentration (number of molecules) of both molecules A and...
1.
based on the table graph the concentration (number of molecules) of
both molecules A and B vs time. You shoild have two separate curves
(A and B).
2. all three trials started at different amounts. How did the
final ratios of A and B compare?
3. Did the reactions ever stop?
U Table 1: Trial 1 Trial 2 Trial 3 Time A Time A B Time А B 0 (Initial) 20 40 60 80 100 120 140 160 160...
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
The figure illustrates the market for coffee in Guatemala Price 150 140 130 120 110 100 90 80 70 Domestic supply World pnce Domestic demand 50 30 20 10 2 468 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 Quanity Refer to Figure 9-1. With trade, Guatemala will export 22 units of coffee. export 10 units of coffee. import 30 units of coffee. import 12 units...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
QUESTION 46 of the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 units 12 workers 120 units 1200 units QUESTION 47 If the firm produces 120 units of output with 12 workers and 121 units of putput with 13 work 10 units duct of labor 1 unit 121 units QUESTION 43 Which of these assumption is realistic for a firm in the short run? Both the stre of the factory and...
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...
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...
Question Completion Status: QUESTION 44 Which of the following is an implicit cost? • Salaries paid to owners who work for the firm Interest on money borrowed to finance equipment purchases • cash payment for raw materials • foregone rent on office space owned and used by the firm QUESTION 45 When a firm's only variable input is labor, then the slope of the production function measures the • quantity of labor • quantity of output total cost • marginal...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
1.
based on the table graph the concentration (number of molecules) of
both molecules A and B vs time. You shoild have two separate curves
(A and B).
2. all three trials started at different amounts. How did the
final ratios of A and B compare?
3. Did the reactions ever stop?
U Table 1: Trial 1 Trial 2 Trial 3 Time A Time A B Time А B 0 (Initial) 20 40 60 80 100 120 140 160 160...
In the short run, a tool manufacturer has a fixed amount of
capital. Labor is a variable input. The cost and output structure
that the firm faces is depicted in the table below. Assume the
product price is $3.
Calculate the marginal revenue product and the marginal resource
cost, and then complete the table.
Instructions: Enter your answers as whole
numbers.
Final Exam G Saved Help Save & Exit 2 In the short run, a tool manufacturer has a fixed...
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