A restaurant with one, two, three, or four employees can serve 35, 50, 64, or 75 customers, respectively. The marginal product of the third worker is:
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A restaurant with one, two, three, or four employees can serve 35, 50, 64, or 75 customers, respectively. The marginal product of the third worker is:
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- The following table depicts the weekly output of a firm that manufactures computer printers. The printers sell for $100 each. Calculate the marginal product and the marginal revenue product, and then fill in the blanks in the table below. Instructions: Enter your answers as a whole number. Labor Input (Workers per Week) Total Output Marginal Revenue Product Marginal Product |(Printers per Week) 10 200 11 218 12 234 13 248 14 260 15 270 16 278 If the weekly wage paid to workers is $1,600, the optimal number of workers hire isConsider a perfectly competitive firm that uses labor as an input. The firm faces a market price of $10 for each unit of its output. The total product, and the marginal product of labor that the firm receives from hiring 1 to 5 workers are reported in the table below. What is the value of the marginal product of labor (VMP) for the first worker? Value of the Marginal Product of Labor Labor input (# workers) Total product (# goods) Marginal Product of Labor (MPL) 1 17 18 13 |22 4 25 3 26 Provide your answer below:The graph below depicts the major employer in a small town. At what quantity of workers does the marginal benefit of hiring the next worker equal the marginal cost? Multiple Choice 20 workers 60 workers 40 workers 50 workers
- Consider an economy with 2 workers. If the value of the marginal product of labor (VMPL) is $50 and the marginal product of labor (MPL) is 15, what is the market price (P)? Provide your answer below:Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by three units per hour, then to maximize profits the firm should Group of answer choices not change the number of workers it currently hires not hire an additional worker. hire another worker. There is not enough information to answer the question.Refer to the table below. Diminishing marginal productivity begins when the: A). third worker is hired. B). fourth worker is hired. C). fifth worker is hired. D). sixth worker is hired.
- PQ 13.05 A restaurant with one, two, three, or four employees can serve 35, 50, 64, or 75 customers, respectively. The marginal product of the third worker is: Type your numeric answer and submitGull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320 Calculate the marginal product of each worker. Calculate the marginal cost, Average total cost, and average variable cost of each level of output.The sole hirer in a labor market confronts the following labor supply curve: Labor Wage 1 8 2 16 3 24 4 32 5 40 6 48 The total wage bill when 3 units of labor are hired is Type your answer here are hired is Type your answer here The marginal costs of hiring the 4th unit of labor to the firm are Type your answer here . The total wage bill when 4 units of labor
- Suppose the hourly wage rate is $14, the rental price of capital is $2 and the price of output is constant at $42 per unit. Firm's production technology is q = 4K0.25 0.75, the marginal product of employment is MPE =3K0.25E-0.25 and the marginal product of capital is MPK = K™ 0.75 0.75. What is firm's optimal demand of labor if firm plans to produce q=19 units of outputs in the long-run? (please keep 1 decimal place in your answer)According to the Economics Policy Institute (Mishel and Wolfe, 2019) CEO pay has grown 940% since 1978 while the compensation of the average worker has only risen 12%. While you can easily find sources that provide statistics that conflict with these numbers, you would be hard pressed to find any credible source that refutes the idea that the rate of pay of CEO’s and other upper-level managers has not dramatically increased relative to an organization’s lower-level employees in just about any 10 or more year period over the past 60 years. In the world of Adam Smith, the “invisible hand” of the free market capitalistic model would address inequities/out of balances. Are the forces represented by the “invisible hand” working? Why or why not? Is there an ethical dimension to the discussion of upper-level manager compensation? Why or why not? How does (or does it?) levels of pay of upper management impact the rest of us commoners?Labor(workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.