Gill's Pro Golf hires workers to give golf lessons.The market for golf lessons is perfectly competitive, and theprice of a lesson is $10.00. The labor market is competitive,and the wage rate is $90 a day.The table shows part of the workers' total product schedule.To maximize profit, how many workers does Gill's hire andhow many lessons does Gill's produce?Workers34569Lessonsper day23385059765Gill's will hireworkers to maximize profit.Gill's produceslessons a day to maximize profit.C

Step 1: First find the marginal product of labor (MPL) as the addition made to total product for…

Answered: Gill's Pro Golf hires workers to give…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Stephanie produces earrings. She sells each pair of earrings for $8. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter our answers as a whole number. Stephanie’s Earring Shop and Revenues Labor Total Product Marginal Product Price Total Revenue Marginal Revenue Product (workers) (pairs of earrings) (pairs of earnings) (dollars) (dollars) (dollars) 0 0 - $8 $0 - 1 25 25 8 ____ $ _____ 2 38 13 8 _____ _____ 3 49 11…
Part E please
e table below shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly's marginal revenue. Labor Marginal Product of Labor Marginal Revenue ($) Marginal Revenue Product ($) 1 24 0.80 2 20 0.75 3 16 0.70 4 12 0.67 5 8 0.65 6 4 0.64 Fill in the final column of the table by calculating the value of the marginal revenue product. If the monopoly operates in a perfectly competitive labor market where the going market wage is $11.20, what is the firm's profit maximizing level of employment in terms of quantity of Labor? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
please read the question carefully as there are multiple questions with the same graphs that is shown on the image
Please help me with the following question
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The accompanying table shows how total donations, average donations, total labor costs, and average labor costs vary depending on the number of employees State U hires for its fundraising activities: Number of Employees Total DonationsAverage Donations Total Labor CostsAverage Labor Costs 1 2 $ 30,000 42,426 $ 8,000 3 $ 17,321 $ 17,000 27,000 4 60,000 9,500 5 13,416 50,000 The net benefit of hiring fundraisers is largest when employees are hired. Select one: a. 1 b. 2 c. 3 d. 4
Use the following schedule for a perfectly competitive resource market to answer the 4 questions that follow: # of workers Total output Product Price 0 0 $3 1 16 $3 2 26 $3 3 34 $3 4 40 $3 5 44 $3 At a wage rate of $11, how many workers would this Firm elect to employ? At a wage rate of $23, how many workers would this Firm elect to employ? How many MORE workers will the Firm hire when the wage rate is $15 instead of $30? If the product price increases from $3 to $4, then at a wage rate of $15, how many workers will this Firm employ?
Expert bro Hand written not allowed.
1. The demand for labor Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 0 1 16 2 30 3 42 4 52 5 60 Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $15 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $15 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product 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. WAGE RATE (Dollars per worker) 300 270 240 210 180 150 120 90 60 30 0 0…
Please help with the following.
Billy is hiring workers to help him install solar panels. The table below presents the marginal product (in terms of solar panels installed per week) of various workers. Assume this is a perfectly competitive market. a. What is the marginal revenue product of each worker if the current market price to install one solar panel is $50? What if the current market price is $100? $150? Using the table below, fill in the “Marginal Revenue Product” columns for each price. Labor Productivity and Marginal Revenue Product for Solar Panel Installers Labor (workers) Marginal Product (solar panels) Marginal Revenue Product for P = $50 (dollars) Marginal Revenue Product for P = $100 (dollars) Marginal Revenue Product for P = $150 (dollars) 1 14 $ $ $ 2 12 3 10 4 8 5 6 6 4 7 2 b. Graph the three marginal revenue product curves (for prices of $50, $100, and $150) based on your answers to part a. Instructions: Use the tools provided "MRP (P…

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