100MPL402010LABOR (Number of worker)The following graph shows the demand for labor for three different prices per shovel:15013612010675453015LABOR (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 $1.00.on thisshowsuouOM Jad segog) 30WM Gopher Excavators produces shovels in a small factory and sells the shovels in a competitivemarket. The following table shows the company's production function:Output(Number of workers) (Shovels)Labor11001952754340380Use the blue points (circle symbol) to plot the production function for Gopher Excavators on thefollowing graph.40Producion Function34010013040LABOR (Number of workana)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.(genoygl indino

A production function illustrates the relationship between the inputs used and the output produced in a production process. It measures the quantity of output that can be produced using a given amount of input. The marginal product of labor is the change in total output when the labor is increased by one unit. The marginal revenue product is the change in total revenue resulting from a unit change in labor.The production function of the firm is given in the figure below. The marginal product of labor is calculated as the ratio of change in total product or the output to the change in labor. The marginal product of the first labor is calculated as, Marginal product=Change in outputChange in labor=100-01-0=100 Similarly, the marginal product of other units of labor is calculated. Labor Output MPL 0 0 - 1 100 100 2 195 95 3 275 80 4 340 65 5 380 40 The marginal product curve is given in the figure below. The marginal revenue product of labor is equal to the product of marginal product and price of the product. When the price is $0.50, and $1, the marginal revenue product of each unit of labor is calculated as, Labor Output MPL MRPL at price $0.50 MRPL at price $1 0 0 - 1 100 100 50 100 2 195 95 47.5 95 3 275 80 40 80 4 340 65 32.5 65 5 380 40 20 40 The maximum wage that the firm is willing to pay for each unit of labor is equal to the marginal revenue product. Therefore the labor demand curve is illustrated by the marginal revenue product of each labor. Hence the line M shows the labor demand when the price is $0.50 and line N shows the labor demand when the price is $1.00.

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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: Output (Number of workers) (Shovels) Labor 1 100 2 195 275 3 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. Producion Funtion LABOR Number of work 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. DUTPUT (Showe)

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: Output (Number of workers) (Shovels) Labor 1 100 2 195 275 3 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. Producion Funtion LABOR Number of work 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. DUTPUT (Showe)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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