Answered: Given the information from the graph…

Given the information from the graph below, draw the cost curve of the firm showing the minimum costs corresponding to the level of output.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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The data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 5 6. 120 30
Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 0 20 40 60 80 Demand Supply 100 120 QUANTITY OF LABOR (Number of workers) Now consider the effects of the wage change on the entire industry. Demand Supply ? Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will…
Hi, What is the answer to part 2 of the question, "number of workers Ralph hires"? I have tried answering but am not getting it correct. Please help, Thank you.
Factor Cigars (100 boxes) Soybeans (100 bushels) Acres of land (T) TC= 0.2 TS= 0.8 Hours of labor (L) LC= 0.4 LS= 0.4 where, TC = the number of acres of land used to produce 100 boxes of cigars. LC = the number of labor hours used to produce 100 boxes of cigars. TS = the number of acres of land used to produce 100 bushels of soybeans. LS = the number of labor hours used to produce 100 bushels of soybeans. The table above shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods. According to this data, the cigar industry currently uses a land-labor ratio equal to
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Average Labor Productivity (Y/L) 4.56 4.54 4.52 4.50 4.48 4.46 4.44 4.42 4.40 4.38 4.36 4.34 4.32 4.30 4.28 4.26 4.24 4.22 4.20 4.18 4.16 4.14 4.12 4.10 4.08 4.06 4.04 4.02 4.00 3.98 3.96 1.9 2.0 Capital per worker = 2.3 Per Worker Production Function Average labor productivity = 4.36 Real GDP per capita = 65940.37 2.1 Required investment = 34500.00 2.2 Capital per Worker (K/L) The graph above shows the per-worker production function for a hypothetical country. We will make 2020 as our base year and study how economic conditions will compare to this year in 2021 under different assumptions about national saving. So, starting from the next question all the questions about economic growth will be about 2021 under different scenarios. Here are the pertinent information about the base year. 2020 (The Base Year) Amount of physical capital (K) = 230,000 units Number of workers (L) = 100,000 persons Population = 348,800 persons Population, and hence labor, grows at a rate of 5 percent per…
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Please assist on answering the questions below
What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30
The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.
a) SUPPOSE A FRIM PRODUCE OUTPUT USING THE PRODUCTION FUNCTION Q= 5KL .WAGE RATE FOR HIRING LABOR IS 200 AN HOUR AND COST OF USING CAPITAL IS 100 PER HOUR. FIND OUT THE OPTIMAL QUANTITIES OF LABOR(L*) AND CAPITAL(K*) TO PRODUCE 1000 UNITS OF OUTPUT? ALSO SHOW THE RESULT GRAPHICALLY AND INTERPRET .