5. (Figure: The Total Product) Use Figure: The Total Product. For hiring labor between zero and L₁, the: Figure: The Total Product Total output (per period) OO 4₁ B Total product L₂ Units of labor (per day) marginal product of labor is decreasing. marginal product of labor is increasing. total product is decreasing. total product is increasing at a diminishing rate.

5. (Figure: The Total Product) Use Figure: The Total Product. For hiring labor between zero and L₁, the: Figure: The Total Product Total output (per period) OO 4₁ B Total product L₂ Units of labor (per day) marginal product of labor is decreasing. marginal product of labor is increasing. total product is decreasing. total product is increasing at a diminishing rate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
4. Marginal resource cost A company operates in a perfectly competitive market, selling each unit of output for a price of $30 and paying the market wage of $285 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) (Number of workers) (Units of output) 0 1 2 3 4 5 0 16 31 45 56 64 16 15 14 11 8 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for…
34. The marginal cost of a unit of labour in a perfectly competitive labour market is equal to: The average marginal revenue product of all workers hired B.) The market wage rate V C. The price of the output d. The average variable cost of production
4. Competitive labor market equilibrium A company operates in a perfectly competitive market, selling each unit of output for a price of $30 and paying the market wage of $375 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labor (MRP) at each quantity of workers. Labor Input Total Output (Number of workers) (Units of output) Marginal Product Marginal Revenue Product (Units of output) (Dollars) WAGE RATE (Delars per day) On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) 500 Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker…
2. Given the following labor data of Meow Company. (1) Number of workers, (2) Number of cakes baked, Y (3) Marginal product of labor, MPN (4) Marginal revenue product of labor, MRPN (when P = RM40) 1 33 55 60 4 77 5 85 6. 89 7 110 a) Calculate and fill in the yellow colored blanks in the above table. (8 marks) b) What can you conclude from your answer? (2 marks)
8. In a perfectly competitive labour market, firms are wage takers and the marginal cost of labour equals: A. The average cost of labour B. The marginal product of labour C. The marginal revenue D. The total cost of labour
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
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Question 23 of 30 The marginal product of a factor shows how much an additional unit of a factor adds to unit costs. dollar revenue. the level of production. O profitability. The marginal revenue product of a factor shows how much an additional unit of a factor adds to O profitability. the level of production. unit costs. dollar revenue. 46°F a