2. Consider Kadokawa.inc, a merchandisingcompany in japan producing keychain with a flatrate of 3$ per keychain.NumberNumber ofMPL TRMRPLkeychainsproducedper dayofWorkers13028031104135... ..520170730...............8.15а.Fill in all the blanks in the table aboveb. Verify that MRPL for this firm can becalculated in two ways: (1) change in TRfrom an additional worker and (2) MPL timesthe price of output

8 . 15 .... .... ..... a. Fill in all the blanks in the table above b. Verify that MRPL for this firm can be calculated in two ways: (1) change in TR from an additional worker and (2) MPL times the price of output

8 . 15 .... .... ..... a. Fill in all the blanks in the table above b. Verify that MRPL for this firm can be calculated in two ways: (1) change in TR from an additional worker and (2) MPL times the price of output

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter17: Capital And Time

Section: Chapter Questions

Problem 17.6P

See similar textbooks

Related questions

Q: Assume a firm is trying to produce q0 units of output at the lowest total cost. The wage decreases,…

A: There is one isoquant (q0) which shows all the possible combinations of L and K that produces the…

Q: Labor Output Number of workers) (Shovels) 80 2 150 3 210 4 250 270 e blue points (circle symbal) to…

A: Marginal Product Line (MPL) Labor Output MPL 0 0 ------ 1 80 80 2 150 70 3 210 60 4…

Q: Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job and…

A: Economic cost includes both implicit costs and explicit costs. Implicit costs are those costs which…

Q: From the production data in the table below, calculate the VMP for the 2nd unit of labor. Assume the…

A: The Value of Marginal Product (VMP) calculates the amount of a firm's revenue that a unit of…

Q: A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the…

A: Profit is the difference between total revenue and total cost. In general, profit is maximized at…

Q: The price of factor A is GHC20 per unit and the price of factor B is GHC300.00 per unit.The marginal…

A: Answer: As per the given question price of factor A is GHC20 per unit and the price of factor B is…

Q: The slope of an insoquant describes the: a) relative prices of the two inputs. b) rate at which one…

A: The objective of the question is to identify what the slope of an isoquant curve represents in the…

Q: Pat's company, Tasty Tidbits, competes with Evie's and Johanna's company in the Guelph catering…

A: Optimal bundle is where the marginal rate of technical substitution is equal to the ratio of wage…

Q: Suppose the wage rate for labor is $20 an hour and the rental rate for capital is $50 per hour.…

A: Isocost curves are those curves that represent those combinations of inputs that can produce a given…

Q: Suppose a firm faces the following average and marginal products of labor: APL = 200 + 5L - 0.08L2…

A: Stage II of production begins at the point where the marginal product of labor (MPL) and average…

Q: ... Assume that the price of a car wawsh is $10 and the marginal product of labor at the car wash is…

A: Marginal product is the change in total product due to an additional labor hired. Marginal revenue…

Q: If a firm uses n inputs (n > 2), what inequality does the theory of revealed cost minimization imply…

A: A financial strategy called cost minimization aims to get the highest-quality products and services…

Q: a. What is the MRP? What is the MRC? MRP = $ %3D MRC = $ Should the firm add this delivery vehicle:…

A: Marginal revenue product refers to the additional revenue earned by using an additional unit of a…

Q: 2. Assume the technology is described by y =(x,x2)i and that prices of inputs are wi and…

A: A conditional factor demand is the cost-minimizing level of an input (factor of production) such as…

Q: Suppose a firm faces the following average and marginal products of labor: APL = 50 + 2L - 0.05L2…

A: Production smoothing or production evening out, is the cycle by which firms fulfill the demands of…

Q: 1. Computing labor productivity and its relationship to the demand for labor Sizzler's produces…

A: Wages and demand for labor have a negative relationship. When wages rise, DL(demand for labor)…

Q: What should the manager do? Group of answer choices Reduce the number of workers working in his…

A: The optimal labor demand condition refers to the level of employment where a firm maximizes its…

Q: Tim works 51 hours per week, and his wage is $20 per hour. If his wage increases to $40 per hour,…

A: Initially, the wage rate is $20 per hour and Tim works 51 hours per week. Now the wage rate…

Q: A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…

A: Marginal Revenue Product(MRP) is the revenue(R) generated by an additional vehicle used for…

Q: A breeder tells you he has determined for each 1-lb increase in weaning weight profit increases by…

A: GIVEN A breeder tells you he has determined for each 1-1b increase in weaning weight profit…

Q: Emma is employed at a contract where he can vary his labour supply between 0 and 40 hours per week.…

A: Total time available = 40 hours/week Time Constraint : h + L = 40 , where h = labor hours , L =…

Q: The price of factor A is GHC20 per units and the price of factor B is GHC300.00 per unit. The…

A: Given: price of factor A =GHC 20 per unitsprice of factor B =GHC 300.00 per unitmarginal product of…

Q: A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…

Q: Wage (RM) M 12 N Quantity of labour 3 a. Calculate the elasticity of labour demand between the wage…

A: The number of labor-hours that an employer is willing to hire depending on numerous exogenous…

Q: 1. Suppose a short-run production function is described as Q = 40L 0.04L2 where L is the number of…

A: Marginal Product of Labor(MPL): refers to the change in output (quantity produced) resulting from…

Q: For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2.…

A: Marginal Revenue Product = (Marginal Physical Product)*Marginal Revenue or P

Q: Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is…

A: The average product of labor is calculated by dividing the total product by the number of labor used…

Q: Calculate the Marginal Product (MP) at each input level. If the price of printer is $100 each,…

A: Marginal product of labor is the ratio of change in total product and change in labor input. MPn =…

Q: 3:56 QCCFIIMicCh7.docx QCCFIIMicCh7.docx 8. Marginal product is: the increase in total output…

A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…

Q: It is easy to conclude that when hiring workers in the short run whose marginal productivity rises,…

A: When the marginal product is increasing, the average product increases because the addition of every…

Q: Bob the builder, a contractor, uses hired labor and equipment to add verandas to his client's homes.…

A: Given: q=12L1/3K1/3 Wage (w) = $1000 Rental cost (r) = $8000

Q: The marginal product of effort, a typical worker in fast-food burger joint, is one-…

A: The marginal product of an input is the extra output that results from adding one unit of that input…

Q: If a firm uses n inputs (n > 2), what inequality does the theory of revealed cost mini- mization…

A: Cost minimization is the process of cutting costs associated with pointless or ineffective…

Q: A competitive firm is selling a oroduct on Rs 30 . Is it possible that he sells the product on Rs 35…

A: The perfectly competitive is the type of market where there large number of buyers and sellers. Each…

Q: Define price taker .

A: Perfection competition is a market form in which there are a large number of firms producing…

Q: Consider a small business that makes pastries. The business has rented a building to be used as its…

A: Consider a small business that makes pastries. The business has rented a building to be used as…

Question

2. Consider Kadokawa.inc, a merchandising
company in japan producing keychain with a flat
rate of 3$ per keychain.
Number
Number of
MPL TR
MRPL
keychains
produced
per day
of
Workers
1
30
2
80
3
110
4
135
... ..
5
20
170
7
30
.....
.....
.....
8.
15
а.
Fill in all the blanks in the table above
b. Verify that MRPL for this firm can be
calculated in two ways: (1) change in TR
from an additional worker and (2) MPL times
the price of output

Expert Solution

STEP 1 (INTRODUCTION)

According to MPTD (Marginal Productivity Theory of Distribution) factors of production such as labour or capital are paid as per their marginal productivity. Thus, the value of the marginal product of labour is the demand curve for labour.

STEP 2 (EXPLANATION part 1)

Numbers of workers	Number of keychains produced per day	MP_L	TR	MRP_L
0	0	0	0	0
1	30	30	90	90
2	80	50	240	150
3	110	30	330	90
4	135	25	405	75
5	155	20	465	60
6	170	15	510	45
7	180	10	540	30
8	185	5	555	15

Step by step

Solved in 4 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

AVAYA 202 11-42an Feat EIN EIN G Google Account * Mind Tap - Cengage Learning com/static/nb/ui/evo/index.html?deploymentid%35796251885001781434293041195&elSBN=9781337106603&snapshotld%=2888453&id%3D1458809379& Q Searc * CENGAGE MINDTAP Problems: Chapters 7, 8, and 9 The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $24, $14, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $14, $24, $30, and $34 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $2 $4 $8 $14 $24 $30 $34 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be v widgets. Grade It Now Save & Continue Continue without saving 31 hp
User passwords for the mainframe at a finance firm consists of five letters followed by two numbers. How many different passwords are possible? a. 33,153,120,000 Ob. None of these Oc. 1,188,137,600 Od 657,800 e. 7,893,690
Marvel Woodcraft makes fumiture. Marvars expected sales are 21000 bookcases for the quarter. The company begins the quarter with invertory of 3,000 bookcases and warts te heve enough finished beokceses en hand et the end of the auener to provide for 15N of the nest querter's enoected seies of 27000 bookcases. gnoring any begirving iventory r so board feet are required for anch bookcase and the wood costs $2 per board foot, how much will Marvel pay for the bookcases a neads produce during the querter Mte Choe SA o s2900.000 S405.000
Q ch 14 Flashcards | Quizlet b Search results for 'The following x + A ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5984331885001331312624185366&elSBN=9780357133699&id=138. & Paused E Apps * Bookmarks Aol. AOL.com - Welcom... 6 HRCP USF FCU G Inbox Gmail EDD Employment Devel.. 2 Pocket Prep O Other bookmarks E Reading list AT&T Yahoo Mail >> CENGAGE MINDTAP Q Search this course Topic 8 Assignment 6. Problems and Applications Q5 The following graph shows the long-run aggregate-supply curve (LRAS), the short-run aggregate-supply curve (AS), and the aggregate-demand curve for an economy. A-Z 目 LRAS Aggregate Supply Aggregate Demand Aggregate Supply bongo Aggregate Demand Quantity of Output The economy is in a recession v with low v unemployment and low output. True or False: To return the economy to the natural rate of output, the Fed could sell government bonds. O True O False 7:15 PM O Type here to search 57°F 2/26/2022 Price Level
A Not secure | ng.cengage.com/static/nb/ui/evo/index.html?deploymentld%3D599297248878548653463891880&elSBN=9780176= Apps Favoris du domaine Friv : ONLY THE VE. OZ Jorge Cruise's BBQ.. BE Ref Centre - Course... Disque 10 Agenda M Courriel Ru: - CENGAGE MINDTAP ssignment 1 - Part 4 of 4 - Chapter 5 Questions Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good without any close substitutes is likely to have relatively elastic v demand, since consumers cannot easily switch to a substitute good if the price of the good rises. A good's price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the most elastic demand? O Diamond necklace O A heart valve for heart attack victims The price elasticity of demand for a good…
Use the charts to find aw of each.
misu sheet, owner of the bedspread shop, knows that his company will pay no more than $115 for a comforter. misu sheet wants to advertise the comforter as "a percent markup on cost." what is the equivalent markup on cost compared to the 2o percent markup on selling price? ;
Automobile repair shops typically recom- mend that their customers change their oil and oil filter every 4,000 miles. Your automobile user's manual suggests changing your oil every 6,500–8,500 miles. If drive you your car 52,000 miles each year and an oil and filter change costs $31, how much money would you save each year if you had this service performed every 6,500 miles?
how was EVwSample info calculated for this problem?
Typed plzzz And Asap Thanks
Lewis’s management has been considering movingto a new downtown location, and they are concerned that these plans may come to fruition priorto the equipment lease’s expiration. If the moveoccurs then Lewis would buy or lease an entirelynew set of equipment, so management wouldlike to include a cancellation clause in the leasecontract. What effect would such a clause haveon the riskiness of the lease from Lewis’s standpoint? From the lessor’s standpoint? If you werethe lessor, would you insist on changing any ofthe other lease terms if a cancellation clause wereadded? Should the cancellation clause containprovisions similar to call premiums or any restrictive covenants and/or penalties of the type contained in bond indentures? Explain your answer.
What is the 4p ( Product, price, place, promotion) of caribou coffee ?