Homework Answers
9.Option A
Explanation: It is profitable to hire workers as long as the wage is not greater than the value of the marginal product.
10. Option B. 2
Explanation: After 2 workers, the value of marginal product of labor is less than the wage.
11. Option D. 1000 units
Explanation:
Q = 10K + 5L
Putting the values, we get:
10,000 = 10*500 + 5L
10,000 = 5,000 + 5L
So, 5L = 10,000 - 5,000 = 5,000.
or, L = 5,000/5 = 1,000.
Add Answer to:
labor as long as the value of marginal product e profitable to hire units of 4 less than wage Exceeds nerage product C...
Question 55 1 pts If the value of the marginal product of labor exceeds the wage,...
Question 55 1 pts If the value of the marginal product of labor exceeds the wage, then the firm could increase profit by hiring additional labor. increase profit by reducing the amount of labor hired. increase revenue by lowering output. O reduce total cost by hiring additional workers. Question 56 1 pts Diminishing marginal product suggests that
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...
Assume labor and machines are used in the production of an output. The marginal product of...
Assume labor and machines are used in the production of an output. The marginal product of the last worker hired was 175 units a day and the marginal product of the last machine employed was 850 units a day. The wage to hire a worker for a day is $100 while the cost to employ the machine for a day was $400. Assuming perfect competition what would you recommend the firm do to become more efficient?
The manager of a national retailing outlet recently hired an economist to estimate the firm's production...
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given Q = K^.5 L^.5 and that capital is fixed at 1 unit. a. Calculate the average product of labor when 5 units of labor are utilized. b. Calculate the marginal product of labor when 25 units of labor are utilized. c. Suppose the firm can hire labor...
Assume labor and machines are used in the production of an output. The marginal product of the last worker h...
Assume labor and machines are used in the production of an output. The marginal product of the last worker hired was 175 units a day and the marginal product of the last machine employed was 850 units a day. The wage to hire a worker for a day is $100 while the cost to employ the machine for a day was $400. Assuming perfect competition what would you recommend the firm do to become more efficient?
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Base...
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q=K^(1/2) L^(1/2) and that capital is fixed at 1 unit. a. Calculate the average product of labor when 9 units of labor are utilized. b. Calculate the marginal product of labor when 9 units of labor are utilized. c. Suppose the firm can hire labor at...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
Suppose a firm has the following production function: Q = 2K L. The marginal product of...
Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
please i need the answers. the questions are related, you need to find questions 9 then...
please i need the answers. the questions are related, you need
to find questions 9 then 10
Incorrect Question 9 0/0.1 pts A monopsonist has the production function Q = 4. and faces the following labor supply and product demand equations respectively. W = 2+ 0.05.L P 10 -0.025 How much labor should the firm hire in order to maximize profits if they mark their price 300% above marginal cost? 1st, what is the marginal cost of production and how...
1. If the current equilibrium wage rate is $3 per hour, how many hours of labor...
1. If the current equilibrium wage rate is $3 per hour, how
many hours of labor will you hire?
2. How much output will you produce?
Homework: ASSESS Chapter 10 Homework Save Score: 0 of 1 pt 5 of 21 (4 complete) HW Score: 19.05%, 4 of 21 pts Text Problem 2.1 B Question Help 5.00 Total product (output) 4.00- 550 500- 450- 400- 350 300- 250- 200- 150- 100- 507 3.00 Marginal revenue product (output) 0 400 2.00 100...
Question 55 1 pts If the value of the marginal product of labor exceeds the wage, then the firm could increase profit by hiring additional labor. increase profit by reducing the amount of labor hired. increase revenue by lowering output. O reduce total cost by hiring additional workers. Question 56 1 pts Diminishing marginal product suggests that
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...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
Suppose a firm has the following production function: Q = 2K L. The marginal product of capital is 2L, and the marginal product of labor is 2K. Assume that capital rents for $100 per unit per day, that labor can be hired for $200 per unit per day, and that the firm is minimizing costs. a. The firm will hire units of labor and - units of capital. b. What is the total cost of producing 60 units of output?...
please i need the answers. the questions are related, you need
to find questions 9 then 10
Incorrect Question 9 0/0.1 pts A monopsonist has the production function Q = 4. and faces the following labor supply and product demand equations respectively. W = 2+ 0.05.L P 10 -0.025 How much labor should the firm hire in order to maximize profits if they mark their price 300% above marginal cost? 1st, what is the marginal cost of production and how...
1. If the current equilibrium wage rate is $3 per hour, how
many hours of labor will you hire?
2. How much output will you produce?
Homework: ASSESS Chapter 10 Homework Save Score: 0 of 1 pt 5 of 21 (4 complete) HW Score: 19.05%, 4 of 21 pts Text Problem 2.1 B Question Help 5.00 Total product (output) 4.00- 550 500- 450- 400- 350 300- 250- 200- 150- 100- 507 3.00 Marginal revenue product (output) 0 400 2.00 100...
Most questions answered within 3 hours.
-
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 2 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 3 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 6 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 6 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 6 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 6 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 6 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago -
Lis
out the types and equation of wind profile and the respective
variables in the fds...
asked 7 hours ago