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2.2 Explain in detail, the shape of the individual supply of labor curve. Illustrate your
answer with the aid of a diagram.
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- The marginal product of effort, a typical worker in fast-food burger joint, is one- fourth burgers per hour; that is, MPe = .25The price of a burger is $2. The figure graphs Mac’s marginal cost of effort. If Mac increases his effort by one unit per hour, the change in the burger joint’s revenue is $ per hour. That is, what is VMPe , the value of Mac ‘s marginal product of effort ? Plot the VMPe curve in the figure. Mac efficient effort e^ is the solution to what equation? Illustrate the solution in the figure. Mac efficient…The following table contains the relationship between a number of trainers working at a new gym and the number of client's they can train. These client's represent the output of trainers. Client's pay $40 per session. A. Find the marginal product of labor (mpl) and the value of the marginal product of labor (vmpl) for each additional trainer hired and record these numbers in columns in the table. B. Premier trainers earn $200 an hour. How many trainers will the gym hire?3. Optimal use of multiple inputs. In his shop, Jim Valenti retrofits sunroofs into automobiles. The process can use a combination of skilled labor and unskilled labor. Given his current mix of employees, the marginal product of the last unit of skilled labor is 4 sunroofs per day, and the marginal product of the last unit of unskilled labor is 1 sunroof per day. Current market rates for skilled and unskilled labor is $40 and $20, respectively. Is Julian using a least cost combination of inputs? If not, which of type of labor should he use relatively more? Comparison Expression: Result:
- Show the following transaction in the circular flow diagram. Birbhum oil mill produces and sells 300 litres of oil at a price of Rs. 110/litre per day. Birbhum oil mill engages 4 persons in his factory with a wage of Rs. 500/- per dayThe table provides information about the production function for Lindsay's Farm, which uses labor and land to produce its produce. The price of labor is $50 per worker per week and the price of land is $20 per acre. Quantity of Land (acres) 10 10 10 Quantity of Labor (workers) 0 1 2 3 5 Quantity of Produce (bushels) 0 50 100 Table 55-4: Lindsay's Farm. 170 190 When Lindsay increases output from 50 units of produce to 100 units of produce, her marginal cost per unit is equal to:Week 5 Chapter 5: Production Process and Costs For this week read Chapter 5. Answer the following questions Question ·Bottom of Form XYZ restaurant sells donuts at $2 per unit. It uses capital (which it rents at $5 per hour under a contract for 5 and labor (which is paid a wage of $150 per hour of labor services). Complete the following table and use that information to answer the following questions. K L Q MPL APL VML FC VC TC 5 0 0 0 5 1 50 50 50 50 25 150 175 5 2 125 75 62.5 150 25 300 325 5 3 225 100 75 200 25 450 475 5 4 375 150 93.7 300 25 600 625 5 5 450 75 90 150 25 750 775 5 6 450 0 75 0 25 900 925 5 7 400 -50 57.14 -100 25 1050 1075 5 8 425 -75 53.12 -150 25 1200 1225 5 9 450 -25 50 -50 25 1350 1375 5 10 500 -50 50 -100 25 1500…
- Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…3. We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.The marginal product of labor is positive so long as the slope of the production frontier is positive.Assume that firm x produces lotion. After a few months of being in business there is a significant increase in the demand for lotion . Using a diagram explain the impact that this would have on the demand for workers to produce lotion
- Karen works at a fast food restaurant. When her wage rate was $10 per hour, she worked 30 hours per week. When her wage rose to $13 per hour she worked 40 hours per week. When her wage rose to $17 per hour, she decided to work $35 hours per week. a. Draw Karen's individual labor S curve b. Is Karen's behavior irrational or can you find a rational explanation. Explain your answer. You are th3.2.2 Use the law of diminishing marginal returns to explain the shape of the marginal physical product of labor curve.In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. How much does the seventh unit of output add to total cost? Units of capital 100 64 40 24 64 nothing $400 $800 $4,000 $8,000 C 144 120 160 Q-10 Q-20 280 Units of labor Q-30 400
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