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Explain why firms will experience diminishing marginal returns to labor in the short run.
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- Explain the difference between diminishing total returns and diminishing marginal returns to labor.Labor demand In the long-run:describe what a firm will do when its long-run condition is not met, i.e, when will it hire more or less labor?Why does the learning curve apply mainly to direct rather than indirect labor?
- Following is information on the production levels of three different firms. Firm A is currentlyproducing at a quantity where it is experiencing increasing returns. Firm B is currentlyproducing at a quantity where it is experiencing diminishing returns. Firm C is currentlyproducing at a quantity where it is experiencing negative returns.a. If each of the firms cut back on its labor force, what will happen to its marginalproduct of labor? And why?b. If each of the firms adds to its labor force, what will happen to its marginal product oflabor? And why?Assuming the firm is minimizing its cost and the price of labour is $10 per unit and the price of capital is $20 per unit. the marginal product of labour is 50, what must the marginal product of capital be?What is it called when each additional worker hired contributes successively smaller amounts of output?
- Assuming labor is the only variable factor and paid at a constant wage rate ? show that the average variable cost (AVC) is inversely related to productivity?a) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). productFrom the production data in the table below, calculate the VMP, for the 2nd unit of labor. Assume the wage rate is $80 and the price of the firm's output is $5. (Give the numeric value only for your response; do not include commas, dollar signs, etc.) Capital Labor Output (Q) 100 100 1 20 100 44 100 66 100 4 84 100 96 100 104 100 7 98 Numeric Response
- define marginal product of labor and value of the marginal product of labor.describe how a competitive,profit-maximizing firm decides how many workers to hire.The following table shows the production function for a company. This company sells its product in a perfectly competitive product market at a price of $4 each and hire labor in a perfectly competitive labor market at a wage of $450 per week. Calculate the Marginal MarginalProduct of the 1st, 2nd, and 3rd. Calculate the Value ofMarginal Product of the 1st, 2nd, and 3rd How many workers should it hire? How do you know? Explain your answer. Show formulas and some of your calculations.Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing the weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week. What is the marginal product of hiring five workers instead of four? What is the weekly wage rate earned by the fifth worker?
