The next 3 questions refer to the following:A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number ofworkers and the number of houses that can be cleaned per week.Number ofHousesCleaned091724303536Workers0123456ICH1. The marginal revenue from the fourth worker is $2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than$3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

Number of workersHouses cleaned0019217324430535636

A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number of workers and the number of houses that can be cleaned per week. Number of Workers 0 123456 Houses Cleaned 0 9 17 24 30 35 36 1. The marginal revenue from the fourth worker is $ 2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than $ 3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number of workers and the number of houses that can be cleaned per week. Number of Workers 0 123456 Houses Cleaned 0 9 17 24 30 35 36 1. The marginal revenue from the fourth worker is $ 2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than $ 3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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A housecleaning company receives $25 for each house cleaned. The table below gives the relation between the number of workers and the number of houses that can be cleaned per week. Number of Workers Houses Cleaned 1 9 2 17 3 24 4 30 5 35 Based on the information in the table, if the company want to maximize profit and hires three workers, the wage rate of a housecleaner can be no more than
QUESTION 15 Answer this question based on the information in the table:If hiring the 6th worker increases total product by 7 units and the price of each unit is $2, which of the following is true? Number of Workers Total Cost 0 50 1 110 2 160 3 200 4 240 5 250 6 260 7 280 8 310 9 350 10 400 The firm should not hire the 6th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 6th worker as MR>MC. The firm should not hire the 6th worker as MR<TC.
Consider a fishery with the following production function where L is the number of fishermen and TP (total product) is the total number of fish caught among all fishermen. L 1, 2, 3 , 4, 5, 6 , 7, 8, 9, 10 TP 18, 34, 48, 60, 70, 78, 84, 88, 90, 90 The price of fish is $2 and the wage of a fisherman is $24. A. If the fishery is private property, how many fishermen will the owner hire? B. If the fishery is common property, how many people will come to fish? (Assume people fish as a job and not for recreation) c. What is the efficient number of fishermen?
Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary (Thousands of dollars) Number of Quarterbacks 0 о 100 1 200 2 300 3 400 4 500 5 Total Cost of Quarterbacks (Thousands of dollars) Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) 100 700 100 300 650 400 500 600 900 700 550 1,600 900 500 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 Labor Supply 600 MFC MRP 500 400 300 200 100…
Answer this question based on the information in the table:If hiring the 7th worker increases total product by 5 units, and the price of each unit is $2, which of the following is true? Number of Workers Total Cost0 501 1102 1603 2004 2405 2506 2607 2808 3109 35010 400 The firm should not hire the 7th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 7th worker as MR>MC. The firm should not hire the 7th worker as MR<TC.
The following diagram provides the demand for labour (DL) of a remote gold mine, and the local community's supply of labour (SL). The mining company has a monopsony in the local labour market. W ($ per week) 2000 1500 1000 500 0 L (miners) 5 10 15 20 25 30 1. Use the information in the diagram to provide an equation for the demand for labour function and the supply of labour function. Show your work in the space provided. 0 SL 2. From the information in the diagram, estimate the mine's expenditure on labour (E) function its marginal expenditure on labour (ME) function. Show your work in the space provided. 3. The profit maximizing monopsonist will Q = miners and pay them a wage w = $_ week. Show your work in the space provided and in the above diagram. 4. The Dead-weight-loss from monopsony is DWL = $_ this paper and on the above diagram. Show your work on the back of per
Greg is running an economic consulting company with three employees. He is considering hiring more employees. The going salary for economic consultants with the skills the company needs is $118,000 per year. Each new employee will need a computer and other equipment that cost $3,000 per year. Each client pays the company $30,000 per year. The table shows how the number of clients depends on the number of employees. What is the company's marginal revenue from the first additional employee? ($) Numer of employees 3- 10 4- 15 5- 19 6- 22 7- 24
Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell?
Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell? What will be the price of a zamboni? If the market for zambonis were competitive, how many zambonis would be produced? If the market for…
Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. If the market for zambonis were competitive, how many zambonis would be produced? If the market for zambonis were competitive, how many assembly workers would be hired? If the market for zambonis were competitive, at what price would zambonis be sold?
High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Workers Chairs Produced per Hour 1 10 2 18 3 24 4 28 5 30 Please enter your answers for Value of the Marginal Product as numerical answers rounded to the nearest dollar (ie. 30 or $30, not "Thirty dollars." When answering how many workers the firm will hire just enter a number from 0-5 and nothing else (ie. 4 not "Four" or "Four workers"). What is the "Value of the Marginal Product" (VMP) for the third worker? What is the Value of the Marginal Product (VMP) for the fifth worker? How many workers will this firm hire if the hourly wage rate for workers is $70/hour How many workers will this firm hire if the hourly wage rate for workers is $50/hour
part A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers at $8.50 per day. Number of pickers 1234567890 (e) Briefly explain your answer. (b) (c) Value of pumpkin output $30 48 62 72 80 84 87 A) The profit-maximizing pumpkin farmer should hire only (a) One pumpkin picker because his contribution to output is greatest. (b) Three pumpkin pickers because the fourth costs more than he earns. (c) Four pumpkin pickers because the fifth costs more than he earns. (d) Nine pumpkin pickers because the value of the marginal product of the tenth picker is zero. Ten pumpkin pickers because costs will equal revenue. 89 90 91 The Great Pumpkin, in an attempt to make the pumpkin pickers better off, legislates that pumpkin pickers must be paid a wage no less than $14.50 per day. If our profit-maximizing farmer complies, which of the following will be correct? (a) The quantity of pumpkin output will fall. The value of the average product of labor will…