11:14Chegg Home Expert Q&A My solutionsStudent question9. A firm in a competitive labor market sees an increasein wages. What happens to their level of capital andlabor in the long-run? (For all answer increase, decrease,not applicable or ambiguous)a. The substitution effect will cause capital to?b. The scale effect will cause capital to?The total effect on capitald. The substitution effect will cause labor to_?e. The scale effect will cause labor tof. The total effect on labor7expert.chegg.com/qna/authoring/ :Time Left: 01:59:30<기??Gم | 0O0Vol) 1LTE2Tag the question → Step-by-step →SubjectEconomicsSub-subject4G ll.ll3Search And Select|||=@Ť

The competitive market has a large number of sellers and buyers in the market exchanging goods and…

11:14 Chegg Home Expert Q&A My solutions Student question expert.chegg.com/qna/authoring/ Time Left: 01:59:30 9. A firm in a competitive labor market sees an increase in wages. What happens to their level of capital and labor in the long-run? (For all answer increase, decrease, not applicable or ambiguous) a. The substitution effect will cause capital to _? b. The scale effect will cause capital to ? c. The total effect on capital. d. The substitution effect will cause labor to _? e. The scale effect will cause labor to f. The total effect on labor ? OT 0 2 4G | .... - Vol 1 LTE2 | | Tag the question Step-by-step → Subject Economics Sub-subject Search And Select

11:14 Chegg Home Expert Q&A My solutions Student question expert.chegg.com/qna/authoring/ Time Left: 01:59:30 9. A firm in a competitive labor market sees an increase in wages. What happens to their level of capital and labor in the long-run? (For all answer increase, decrease, not applicable or ambiguous) a. The substitution effect will cause capital to _? b. The scale effect will cause capital to ? c. The total effect on capital. d. The substitution effect will cause labor to _? e. The scale effect will cause labor to f. The total effect on labor ? OT 0 2 4G | .... - Vol 1 LTE2 | | Tag the question Step-by-step → Subject Economics Sub-subject Search And Select

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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EM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity cost
29) How many units of labor will the AquaPlant hire based on the figures from the table? 30) What is the economic concept associated with the decline in MPL as the number of labor units increase?
GM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increases
X 15:01 EC5011 - Seminar 2.do... II. Problems and Exercises .ıl 4 1. Consider the following production function: . Does this production function exhibit constant returns to scale? (Hint: Replace K and L by 2K and 2L, respectively, and check if F(2K, 2L) = 2F(K, L).) 2. Consider the following production function: . a. Calculate the marginal product of labour. b. Calculate the marginal product of capital. c. Does this production function exhibit diminish MPL and MPK? d. Does this function exhibit constant returns to scale? 3. Suppose represents the production function of both Mexico and Spain. Use the following information to answer the next questions. L = Population K = Capital Y = Output Country (millions) (trillion) (trillion) Mexico 105 0.18 1.0 Spain 45 0.74 1.7 a. Calculate total factor productivity for both countries using the PF in question 2. b. Calculate per capita income for both countries. c. Explain the difference in per capita income. 4. A snack food factory in the Tuas…
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Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
What is the trend in hours?
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?