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 0 1 2 3 4 5 Multiple Choice For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $30? 2 J 3 0 10 18 24 28 30

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 0 1 2 3 4 5 Multiple Choice For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $30? 2 J 3 0 10 18 24 28 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon. Agricultural workers in the area are paid a fixed wage rate of $90 per day. Use this information and the information in the table below to answer the questions that follow. What is the marginal product of labour for employing a third worker? What is the value of marginal product of labour for employing a sixth worker? $ Workers 0 1 2 3 4 5 6 Quantity of Milk per day(gallons) 0 70 130 180 220 240 250 Units
5 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 0 1 2 3 4 5 Multiple Choice For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $30? 1 0 3 10 18 24 28 30
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Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell? What will be the price of a zamboni? If the market for zambonis were competitive, how many zambonis would be produced? If the market for…
The following graph depicts the daily labour supply curve for Jake, a worker in the construction industry in Vancouver. 30 27 24 18 15 12 Labour Supply 3 2 3 4 5 7 8 10 LABOUR (Hours worked) If the wage rate is $30 per hour, Jake will supply hours of work per day. additional The wage rate must be S per hour for Jake to supply 2 hours of work per day. fewer If the wage rate decreases from $30 per hour to $9 per hour, Jake will supply hours of work per day. WAGE (Dollarsper hour) 21
Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. If the market for zambonis were competitive, how many zambonis would be produced? If the market for zambonis were competitive, how many assembly workers would be hired? If the market for zambonis were competitive, at what price would zambonis be sold?
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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 $20.00 per hour and the price of a Hamburger is $8.00 and the production function for the workers is: Q = 11L – 0.25L^2 a. 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: b. Compute the maximum profit at Your Restaurant. (note—consider that profit involves Total Revenue and Total Costs). 1 Point c. Compute the profit created if You hire an additional worker. Explain why it is or is not profit maximizing to hire an additional worker. The idea of this question is to recognize that we can find the profit maximizing quantity of labor– after that point, profit begins to…
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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