(05.03 MC) Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital 1 30 1 50 2 25 2 40 3 20 3 35 4 15 4 15 5 10 5 5 What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $10 and the price of capital is $20? 01 unit of labor; 3 units of capital O2 units of labor; 1 unit of capital O3 units of labor; 4 units of capital 04 units of labor; 4 units of capital 05 units of labor; 5 units of capital

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 1 50 2 90 3 120 4 140 5 150 155 157 6. The marginal product of labor for the first hour of labor is || (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor is. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Casť's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an…

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 1 3 120 4 140 150 155 6 157 The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 75. (Round your response to two decimal places.) If the wage paid to workers in Die Casť's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $2.00, it should employ worker(s). (Enter your response as an…

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 120 140 150 155 157 4. 6. The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 45. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ 4 worker(s). (Entor your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it ahould employ 3 worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.00, it should employ worker(s). (Enter your response as an…

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for ​$1.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 0 0 1 50 2 90 3 120 4 140 5 150 6 155 7 157 The marginal product of labor for the third hour of labor is ...????. ​(Enter your response as an integer​.) The value of the marginal product of labor for the third hour of labor is ......???. ​(Round your response to two decimal places​.) If the wage paid to workers in Die​ Cast's plant is​ $25/hour, it should employ ......??? ​worker(s). ​(Enter your response as an integer​.) If the wage paid to workers in Die​ Cast's plant is​ $35/hour, it should employ ......???? ​worker(s). ​(Enter your response as an integer​.) If…

9. Consider an isoquant/isocost diagram, with labour measured on the horizontal axis and capital measured on the vertical axis, which can then be used to derive a demand for labour diagram. Following a rise in the wage rate, which of the following statements would accurately describe the changes on the firm's demand curve for labour? (a) There would be a movement up the demand curve for labour and the smaller is the substitutability between the inputs, the more inelastic will be the demand curve for labour. (b) There would be a movement down the demand curve for labour and the smaller is the substitutability between the inputs, the more inelastic will be the demand curve for labour.

5 föt the factors of production be labor and capital equipment. A competitive firm is facing the following input prices: the wage rate is wi = $8 per hour and the rental rate of capital is w2 = $16 per hour. At the current input mix the marginal product of labor is 24 and that of capital is 32. Should the firm change its input mix? Why?

The following table shows the production function for a company. This company sells its product in a perfectly competitive product market at a price of $4 each and hire labor in a perfectly competitive labor market at a wage of $450 per week. Calculate the Marginal MarginalProduct of the 1st, 2nd, and 3rd. Calculate the Value ofMarginal Product of the 1st, 2nd, and 3rd  How many workers should it hire? How do you know? Explain your answer. Show formulas and some of your calculations.

11. Which of the following is not true regarding Figure 11.1? Figure 11.1 Output (units per day) 이이이이 50 48 a) b) 40 3 d) 1 2 1 I 1 1 1 1 3 4 Labor Input (workers per day) I 1 1 T 1 1 1 5 1 1 I I 1 I Total output I 1 1 6 Figure 11.1 represents a production function. Marginal product is zero with the hiring of the fifth worker. Diminishing returns first occur when the second worker is hired. Marginal costs are at maximum when the fifth worker is hired.

Calculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If  the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?