A firm's demand for labor curve is also called itsmarginal valuation curve.marginal benefit of labor curve.marginal factor cost of labor curve.marginal revenue product of labor curve.

The labor demand curve shows the relationship between wage rate and demand for labor. There is an…

Answered: A firm's demand for labor curve is also…

A firm's demand for labor curve is also called its marginal valuation curve. O marginal benefit of labor curve. O marginal factor cost of labor curve. O marginal revenue product of labor curve.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: s not maxim

A: Marginal Revenue is the amount of additional revenue being generated when additional Labor is being…

Q: A manager hires labor and rents capital equipment in a very competitive market. Currently the wage…

A: Answer to the question is as follows:

Q: 4. What must the relationship between marginal productivities and input prices if a firm is not…

A: The additional output, return, or profit generated per unit by benefits from production inputs is…

Q: The following graph shows the marginal and average product curves for labor, the firm's only…

A: ATC = TC/Q Where, ATC = Average total cost TC = total cost Q= Output

Q: ot the production function for Gopher Excavators on the following graph. Production Function MOL O 3…

A: A good's price flexibility of demand is a proportion of how delicate the quantity demamded is to its…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

Q: QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A…

A: The marginal revenue product of labor (MRPL) is the incremental revenue that is received by the firm…

Q: Average and marginal product of labor AP, MP 2 4 $0.25 $5 $6.67 $7.06 $10.25 6 L 8 I 10 12 AP Labor…

A: The marginal cost of employing labour will be calculated as a change in total cost of labour from…

Q: The local ice cream shop is trying to figure out how many workers to hire, and part of the decision…

A: Answer to the question is as follows :

Q: 10. The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Let the factors of production be labor and capital equipment. A competitive firm is facing the input…

A: Cost is minimized where the right combination of labor and capital is used. following is the…

Q: Coldbox Corporation hires its workers in a perfectly competitive labor market and produces and sells…

A: Total product shows the total amount of goods produced by labors. Marginal productivity shows the…

Q: Adam operates a small shop specializing in party favors. He owns the build- ing and supplies all of…

A: The Accounting profit are the profits that are calculated by deducting the Total explicit cost from…

Q: can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a…

A: The profit maximizing condition is given as MRP( marginal revenue product) = wage

Q: Which of the following determines the firm's demand curve for labor? a.The size of the labor force…

A: At the point when the marginal revenue result of work is diagramed, it addresses the association's…

Q: XYZ Co. operates in a competitive market. Its marginal product of labor is 1/L, and it takes the…

A: A perfectly competitive firm demands labor at the following point in the short run. MPL = W/P Where…

Q: A firm's demand for labor will increase if the O marginal product of labor decreases. O price of the…

A: A firms demand for labor depends on various factors like :- 1) marginal productivity of the labour…

Q: Suppose that labor is the only input used by aperfectly competitive firm. The firm’s…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: In theory - firms are suppose to hir labor up the the point where the marginal revenue product…

A: The production factor called labour is employed in the creation of goods and services. To produce…

Q: Consider production function Q = K³L3 i. Find RTS ii. Is above production function homogenous?…

A: We will answer the first three subparts only. Please resubmit the question with any other parts…

Q: n 2018, General Motors (GM) announced that it would reduce employment by 14,000 workers. a. What…

A: Theory of factor pricing based on marginal revenue productivity is of particular importance in…

Q: A firm should continue to hire a resource as long as the resource's marginal revenue product exceed…

A: This question addresses the decision-making process for a firm regarding the hiring of resources. It…

Q: Suppose that labor is the only input used by a perfectly competitive firm.The firm's production…

A: (a) Marginal product: Marginal product is the incremental change in the output by employing an…

Q: 200 160 Average and Marginal Product 80 40 MP AP 0 10 20 30 40 50 Labor In the figure above, the…

A: The cost per output unit is known as the average cost. The average cost may be calculated by…

Q: Innovations in technology that cause an increase in the marginal product of a resource will:…

A: If marginal product i.e. marginal physical product of a resource goes up, that means, the yield of…

Q: In the marginal productivity theory of income distribution, when all markets are purely competitive,…

A: The oldest factor renumeration theory is most likely the marginal productivity theory of income…

Q: Input (Labor) Output TEC TVC TC MC ATC AVC 50 $125 $15 85 $125 $30 OA-S35 -525.83 O A-5280 B-5182…

A: Formula to calculate ATC:- ATC=TCQ Formula to calculate…

Q: Item 9 The following graph shows the marginal and average product curves for labor, the firm's only…

A: When L = 60, TVC = 2,000 x 60 = 120,000 AVC = TVC / Q = 120,000 / 3,600 = $33.33

Q: Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of…

A: Marginal revenue:Marginal revenue is the additional unit that is added to the total revenue. It is…

Q: To maximize profit, a firm O A. uses the quantity of land at which the rental rate equals the value…

A: Marginal product is the change in total output produced by hiring an additional unit of worker.

Q: A famous tennis star is paid $200,000 for appearing in a 30-second television commercial. The actor…

A: Revenue is the receipts a producer receives by selling its product. Revenue is the product of price…

Q: Barb's Bakery employs three workers who produce 6 cakes per hour. After Barb hires a fourth worker,…

A: Average product means the production per labor whereas marginal product is the change in total…

Q: Quantity produced Fixed Cost 6,000 6,000 Number of workers Variable Cost 1,000 1,900 2,700 3,400 1…

A: Answer: Given that: Number of workers Quantity produced Fixed Cost Variable Cost 0 0…

Q: A firm's demand curve for labor in a perfectly competitive marel is portion of its curve. Select…

A: Perfect competition is an ideal type of market structure where all producers and consumers have full…

Q: mega Custom Cabinets produces and sells custom bathroom vanities. The firm has determined that if it…

A: Here, the correct option from the given options are given under as by the following method;

Q: suppose Fred produces 500 litres of milk every day with 10 workers. the price of milk is $12 per…

A: Given Price of milk = $12 Rach worker get wage w = $550 Margin product of the last worker employed…

Q: Amanda owns a small bakery in the perfectly competitive pastry industry. She is considering whether…

A: A market form characterized by a large number of buyers and sellers, homogenous products, perfect…

Question

A firm's demand for labor curve is also called its
marginal valuation curve.
marginal benefit of labor curve.
marginal factor cost of labor curve.
marginal revenue product of labor curve.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define labor demand curve

VIEW

Step 2: Choose the right Answer

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

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

The supply of labor is determined by the: marginal product of labor. opportunity cost of hiring labor. number of workers. All of these are true.
Which of the following determines the firm's demand curve for labor? a.The size of the labor force b.The marginal product of labor c.The total product of labor d.The average product of labor
a and b
The least-cost rule states that a firm should employ labor such at the marginal product per dollar spent on labor is equal to Multiple Choice the marginal product per dollar spent on capital. the wage rate. the marginal cost of labor. the marginal product of labor.
When a firm is a perfect competitor in the product market, its demand curve for labor will _____ because the _____ product declines as additional workers are hired. Select one: a. slope downward; average b. be horizontal; average c. slope upward; marginal d. slope downward; marginal
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is depicted in the table below. Assume the product price is $4. Calculate the marginal revenue product and the marginal resource cost, and then complete the table. Instructions: Enter your answers as whole numbers. Quantity of Labor Marginal Product Marginal Revenue Hourly Wage Rate ($) Marginal Resource Total Product Total Labor Product ($) Cost ($) (Labor) Cost ($) 10 400 5 50 es 11 420 20 8. 88 12 438 18 11 132 13 454 16 14 182 14 468 14 17 238 15 480 12 20 300 The equilibrium wage rate ($) = The equilibrium level of labor use = workers
A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of its curve. Select one: a. average total cost b. marginal revenue C. total revenue d. value of the marginal product of labor
10. The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price of output is $3 and there are no fixed costs, what is the profit-maximizing level of output?
What is the Marginal Cost (MC) for the 40th unit of output? Quantity of Labor Total Output 0 1 2 0 3.33 -5 5 3 4 56 6- 0 16 40 60 72 80 84 Fixed Cost $160 Variable Cost . $80 $160 $240 $320 $400 $480 Total Cost
You are given the following table by one of your analysts. Provide the profit maximizing point and explain how you would determine how much labor you will need to maximize profits.
Give type answer
A firms demand curve for labor coincides with the: marginal cost curve average cost curve marginal revenue curve marginal revenue product curve