b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above. I would like questions i,ii,iii answered please.

Q: How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and…

A: Marginal revenue of product = Price* Marginal Product

Q: A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers…

A: Marginal cost is the increase in cost incurred from hiring an additional picker. Value of marginal…

Q: 6) Refer to Table below. If the price of output is $20 per unit, the marginal revenue product of the…

A:

Q: A The table below shows the total product from different levels of labor. Suppose the hourly wage…

A: Variable costs refer to the costs of production that are dependent on the output of  a firm, i.e.,…

Q: croom employees who unpack and prepare clothing for displays are mostly young Asians and an…

A: Option 2 Race

Q: Question 2 2a(I)  A snowboard company currently hires 10 skilled employees who are paid a weekly…

A: The total cost of production is the aggregate of fixed and variable costs that are spent in the…

Q: 60 50 40 30 20 10F 2 3 4 5 Number of Workers Employed per Week Refer to Figure 7-1. If this figure…

A: Marginal product  of Labor refers to additional output that results from hitting one more unit of…

Q: A company produces canned drinks and sells them to supermarkets at $2 per unit. The resources the…

A: The optimal quantity of output is such a quantity of output where profit is maximized.

Q: When hiring a new employee, a business has to pay certain expenses on this employee including wages…

A: Cost is an economic concept that refers to the resources, both monetary and non-monetary, that are…

Q: 6. We have the production function, Q= fl K,L). Factor prices are r and w respectively and the…

A: Here, we have Production function, Q=f(K,L) Rental rate of a unit of capital is given by r which is…

Q: Q = E^2/3 * E^ 1/3 MPE = 2/3 (K/E)^1/3 WAGE = 10 PRICE = 50 CAPITAL = 1000 R = 25 A. HOW MANY…

A: The wage rate definition is the rate of compensation for a worker. It is one of the central themes…

Q: Typed please

A:

Q: The table shows the short-run total product schedule for the campus bookstore. When the 5th employee…

A: Total product is the aggregate quantity of output produced by employing given inputs. Marginal…

Q: Refer to Table below. If the price of output is $20 per unit, the marginal revenue product of the…

A: Here Table consists of the information or output which is used to find the marginal revenue at each…

Q: Which statement is true? a. Outsourcing is often helpful when a single firm does not achieve…

A: When talking about outsourcing, it can be said that it is the interaction between two business firms…

Q: (d) [ ] Indicate and show whether this production function exhibits increasing, decreasing or…

A: Constant returns to scale is a concept in economics that occurs when an increase in all inputs…

Q: When you have diminishing marginal returns to labor A. variable costs fall as more output is…

A: Labor is the physical, mental, and social effort used for producing goods and services in the…

Q: Full explain this question and text typing work only      We should answer our question within 2…

A: The change in production due to the employment of extra labor is known as the marginal product of…

Q: Question 1 The market for drones is perfectly competitive. Labor is the only variable input. The…

A: Fixed cost is the cost that does not change when there is a change in the quantity of output.…

Q: (a) Why does the labour demand curve slope downwards?

A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first question. If…

Q: Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600 per…

A: Given:Rent (Fixed Cost)=$1000Wages (Variable Cost)=$600n per workerWe know,Total Cost= Fixed…

Q: Quantity of Marginal Product Marginal Revenue Product Labor 2611 1 20 $40 14 28 3 12 24 4 8 16 6. 12…

A: MRP or Marginal Revenue Product is the increase in the revenue due to the hiring of an additional…

Q: Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of…

A: The terms used in your table are defined as follows:Working hours (input): This shows how much…

Q: Discuss how Law of Diminishing Marginal Returns (LDMR) is important to a factory owner in terms how…

A: Law of diminishing returns is the situation where the additional output increases by less when the…

Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…

A: Given:- Fixed cost=$50 Wage rate=$10 per labor unit Market determined price=$2 To calculate:- Part…

Q: Number of Workers Total Costs Marginal Costs Total Revenue Marginal Revenue Total Profit S (50.00) S…

A: Here, the given table provides information about total cost, marginal cost, total revenue, marginal…

Q: Consider the following set of data that looks at how output changes following changes in inputs.…

A: We can illustrate the definitions of Marginal Product of Labor to answer this question.

Q: Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable…

A: * SOLUTION :-    Given that ,

Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: If the equilibrium price per unit of output dencreases, what would you expect to happen to the…

A: Imperfect competition refers to a scenario in which the features of an economic market do not meet…

Q: Question 6. Firm theory (a) For a firm, the marginal product of capital is 3.5. This year, its…

A: In economics, a production function is a mathematical equation that expresses the maximum possible…

Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…

A: The measure that depicts expenses being incurred for carrying out transactions of the business is…

Q: 15) In a competitive labour market, firms will hire labour up to the point where the marginal…

A: Competitive labor market: A perfectly competitive labor market is a market structure where the firms…

Q: Jay has opened a pizza restaurant. For this restaurant there are only two inputs, rent, and workers.…

A: Cost refers to the total expenses that incur in process of production of goods and services by a…

Q: Economics Corner Coffe sells coffee at $2 and can rent espresso machines at $500 per month. It has…

A: Corner coffee sells coffee at $2  Rent of 1 espresso machine is $500 Formula to calculate Marginal…

Q: Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00,…

A: Given: Price of product (P)=GH 2 Cost of labor=GH 10

Q: Engr. Sy wants to calculate the break-even point for the number of jobs needed for the new transport…

A: Here, Given information is: Fixed cost: P59 Variable cost per job: P2.63 Selling price for each…

Q: nectly compettive market must figure order to maximize profits. This firm knows that the cost to…

A: Worker Pay Output Price Total Revenue Fixed Cost Var. Cost Total Cost Marg. Cost Marg. Rev Total…

Q: Quantity of output (# of cookies per hour) Total product curve Quantity of Input (# of workers) .…

A: The figure you sent shows a total product curve, which shows the total number of cookies produced as…

Q: Question 2 2a(I)  A snowboard company currently hires 10 skilled employees who are paid a weekly…

A: The total cost of the firm is calculated by adding the variable costs- the total wages, and the…

Q: Suppose Mr. Saad is a producer of Lola Loo chocolate, following is the information available of his…

A: The firm can only change the quantities of the variable inputs i.e. Labor in the short run and the…