Problem 08-02 algoRefer to the figure to answer two questions.Marginal Revenue Product(per hour)$22$20$18$16$14$12$10$8$6$4$22worker(s)MRPb. $10 an hour?4worker(s)6Quantity of Labor(workers per hour)8According to the figure, how many workers would be hired if the prevailing wage wereInstructions: Enter your responses as a whole number.a. $14 an hour?10 12 14

For a salary of $14 per hour, we identify the point on the MRP line that corresponds to $14 on the…

Answered: According to the figure, how many…

According to the figure, how many workers would be hired if the prevailing wage were Instructions: Enter your responses as a whole number. a. $14 an hour? worker(s) b. $10 an hour? worker(s)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose Kara maximizes her profits by hiring workers to produce hand-made soaps. Her soaps sell for $1 each. How should Kara decide on how many workers she should hire? a.Hire workers up to the point when the price of her soaps starts to fall from $1 b.Hire workers up to the point when the total product of all her workers is at its maximum c.Hire up to the point when the wage rate equals to the value of the marginal product of the last worker hired d.Hire up to the point when the marginal product of the last worker hired is equal to zero
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AA A platform.everfi.net Sign In - The... C Teacher Page E EverFi Educa... E Module 7: In... C Clever | Teac... EverFi Educa... KEYS TO YOUR COLLEGE FUTUREECAREER My life goals A Resources Question 1 of 5 When gathering information about certain occupations, be sure to understand how you are paid. What is the difference between a salary and an hourly wage? An hourly wage usually has benefits and is flexible whereas a salary does not. A salary is paid no matter how many hours you work whereas an hourly wage is paid only for the time on your job.
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Consider the labor market for webpage designers illustrated in the graph to the right. What is the equilibrium wage? per hour. (Enter a numeric responses using an integer.) Suppose fewer firms demand webpages. Use the line drawing tool to draw either a new labor supply curve or a new labor demand curve that shows how this affects the labor market for webpage designers. Carefully follow the instructions above, and only draw the required objects. As a result of this change, the equilibrium wage increases decreases Wage (dollars per hour) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- Market for webpage designers Labor supply₁ X Labor demand₁ 20 40 80 100 120 140 60 Quantity of labor Q Ly ✪
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Would the owner of a profit-maximizing clothing store hire another worker for $85 per day if that worker added faster service, increasing sales and revenue by $80 per day? Why or why not? Explain your answer. BI UV A/ Paragraph 영 + X 11.
Fill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output is sold at a price of AED 10. Number of workers Total Output Marginal Product of Labor (MPL) Value of Marginal Product of Labor VMPL = P x MPL Wage per Worker W Profit Margin (PM)PM=VMPL-Wage 0 0 - - - - 1 60 300 2 110 300 3 150 300 4 180 300 5 200 300 6 210 300
What is the output of the 8th worker? Group of answer choices: 0 -10 10 5