Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on thefollowing graph using the blue points (circle symbol).Note: Remember to plot each point halfway between two integers. For example, when the numberof workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontalcoordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connectthe points.10006MPL807060504030201045LABOR (Number of workers)The following graph shows the demand for labor for three different prices per shovel:15013512010575602.5, 404530153LABOR (Number of workers)Given the company's marginal product of labor curve shown on the second graph, linegraph shows Gopher's demand for labor when the price of a shovel is $0.50, and lineGopher's demand for labor when the price of a shovel is $1.50.on thisshowsMPL (Shovels per worker)WAGE (Dollars per worker) Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company'sproduction function:LaborOutput(Number of workers)(Shovels)100219532754340375

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Description: Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on thefollowing graph using the blue points (circle symbol).Note: Remember to plot each point halfway between two integers. For example, when the numberof work

Calculation of MPL: Labor Output (TP) MPL 0 0 1 100 100 2 195 95 3 275 80 4 340 65…

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Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.

Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.

Question

Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the
following graph using the blue points (circle symbol).
Note: Remember to plot each point halfway between two integers. For example, when the number
of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal
coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect
the points.
100
06
MPL
80
70
60
50
40
30
20
10
4
5
LABOR (Number of workers)
The following graph shows the demand for labor for three different prices per shovel:
150
135
120
105
75
60
2.5, 40
45
30
15
3
LABOR (Number of workers)
Given the company's marginal product of labor curve shown on the second graph, line
graph shows Gopher's demand for labor when the price of a shovel is $0.50, and line
Gopher's demand for labor when the price of a shovel is $1.50.
on this
shows
MPL (Shovels per worker)
WAGE (Dollars per worker)

Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's
production function:
Labor
Output
(Number of workers)
(Shovels)
100
2
195
3
275
4
340
375

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