High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Chairs Produced Workers Per Hour 1 10 18 3 24 4. 28 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70? Multiple Choice 1

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Chairs Produced Workers Per Hour 1 10 18 3 24 4. 28 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70? Multiple Choice 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Graph the demand for labor as a function of the wage using this data. What happens to the number of workers when wage goes up? How many workers will be hired and how many cookies made at a wage of 40.50? Please give me the equations so I can understand how to create this graph.
Hand written solutions are strictly prohibited
38) In the short run, the marginal product of labor might increase initially as more workers are hired because A) the first workers hired get to use the best equipment. B) specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. C) the best workers are hired first and later hires are not as skillful. D) beyond some point, a firm has hired too many workers.
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.
You are given the following schedule for the production of pens by a firm Labor Total Product 0 0 1 20 2 50 3 70 4 80 5 85 6 82 If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30 per day, how many workers should be hired? Explain your answers clearly.
no handwritten notes
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:
c and d