11. Exercise 7.11 Lobo Lighting Corporation currently employs 100 unskilled laborers, 80 factory technicians, 30 skilled machinists, and 40 skilled electricians. Lobo management believes that the marginal product of the last unskilled laborer is 560 lights per week, the marginal product of the last factory technician is 450 lights per week, the marginal product of the last skilled machinist is 560 lights per week, and the marginal product of the last skilled electrician is 525 lights per week. Unskilled laborers earn $400 per week, factory technicians earn $500 per week, machinists earn $700 per week, and electricians earn $750 per week. Calculate the marginal product per dollar input cost for all worker types. Marginal Product per Dollar Input Cost Unskilled laborers Factory technicians Skilled machinists Skilled electricians Is Lobo using the lowest-cost combination of workers to produce its targeted output? Yes No

60 50 40 30 20 10F 2 3 4 Number of Workers Employed per Week Refer to Figure 7-1. If this figure represents Total Product per week, what is the marginal product of the fourth worker hired each week? Quantity of Bicycles Per Week

Flat Screen Televisions Lose $126 per Unit Sold: Sony CorporationMost of the cost of a flat screen TV involves the LCD panel. Globally, 220 million flat screen TVs were sold in 2011 for $115 billion. Although scale economies in massive factories and volume discounts on electronic input components have driven the cost of LCDs down from $2,400 to $500 the last decade, the price has fallen even faster. In 2001, the average selling price of a large LCD panel was over $4,000. By 2011, this price had fallen below $600. Sony Corporation finds its flat screen TVs now fail to cover the full cost of the LCD panels and instead impose a $126 ($500 - $374) loss per TV sold. Nevertheless, the indirect fixed costs of the LCD factories including Korean Samsung, Japanese Sharp, Panasonic, and Sony constructed are partially covered by continuing its operation (continue production). Losses would be greater in the short run if they shut down.As an economic consultant, what would you advise Sony…

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…

Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?

ЕOC 19.07 (and 19.08) A hair salon is considering hiring more workers. The market wage for a hair stylist is $160 per day, and this hair salon charges $30 per haircut. The salon currently employs 4 stylists and know that a fifth stylist would allow them to sell 7 more haircuts per day, a sixth stylist would allow them to sell 6 more haircuts per day, and seventh stylist would allow them to sell 5 more haircuts per day. How many stylists should this salon hire? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 4 b 5 d 7 6.

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…

The price of factor A is GHC20 per units and the price of factor B is GHC300.00 per unit. The marginal product of factor A is 40 units and the marginal product of factor B is 60 units. Should the firm increase employment of factor A and decrease employment of factor B to minimise the total long run cost of producing existing output? Explain

10. the olowing graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. + APMP 100 80 60 MP AP 20 40 60 80 100 120 140 10 Labor What is AVC at its minimum? Multiple Choice O $80 when AP is maximzed O $15 . O$25 .O$40 120000 . O$100 2,000 Ave rage ard m arginal prodictof labor

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