Answered: If a worker in a shop sells 10 pairs of…

Business

Economics

If a worker in a shop sells 10 pairs of sunglasses a day at $15 each, what is their Value Marginal Product of Labor?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 5SCQ: If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275...

See similar textbooks

Related questions

Q: Suppose that hiring a third worker at the campus coffee shop increases sales from $115 per hour to…

A: marginal product of a person refers to the additional output by produced by a person when it…

Q: 1 3 Consider the production function f (x,,x,) = x+x; . Derive the marginal products of factor 1 and…

A: The given production function, fx1,x2= x114x234 The marginal products are determined by derivating…

Q: AFC Q (workers) (units) MPL FC VC TC AVC ΑTC MC (units) (S) ($) (S) (S) (S) (S) (S) 1 90 210 3 320 4…

A: The table is filled below using the following formulas MPL= Change in Q/ Change in L TC= VC+FC ie…

Q: Explain the circumstances under which the Marginal Product of Labour diminishes. What are the…

A: Since multiple questions have been posted, we will answer the first question for you. If you want…

Q: Suppose that a shoe manufacturer that employs 6 workers is able to increase the average product of…

A: Marginal product is the change in the output because of employing additional labor.

Q: In a sandwich shop. Employees are paid €3 per hour, and a sandwich sells for €1. If the sandwich…

A: Wage rate = €3/hour Price of sandwich = €1/sandwich

Q: Units TP VC FC TC МС of Labor

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: What is meant by an inferior factor of production? How would the firm’s demand for labour be altered…

A: In economic representations, factors of production can be described as inputs that are utilized for…

Q: please help

A: Profit maximization requires price of inputs to be equal to value of Marginal product of inputsP *…

Q: Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: The law of diminishing marginal product states that when more and more variables factors are used,…

Q: The marginal product of labor is the additional:

A: Marginal product of labour is the change in output that results from employing an added unit of…

Q: Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of…

A: Production function shows different combinations of labor and output produced using labor

Q: 20. SG store sells its products at a price of $60,000 per unit. it is assumed that labor is the only…

A: Answer; Option (d) is correct $960,000

Q: true or false The marginal revenue product of labor is the extra revenue associated with the last…

A: False A marginal revenue product (MRP) is defined as the market value having an one additional…

Q: Using the figure below, if Company X hires 12 workers what will their marginal product be?

A: The creation of additional output as a result of the additional input that is being placed into the…

Q: The amount of fish caught per week on a trawler is a function of the crew size assigned to operate…

A: Maximizing profits is the point where the total revenue is higher than the total cost incurred by…

Q: Suppose Charles owns a lawn-mowing company. Assume that without workers, no yards are mowed. When…

A: The firms and businesses are the entities who make various goods, and services, and then sell them…

Q: When a firm experiences diminishing marginal product, what is the shape of the curve that represents…

A: The marginal product of labor is the change in the additional output because of the change in the…

Q: The table below lists the marginal product per hour of workers in a light bulb factory. Light bulbs…

A: (a). A firm always hires to the point where wage equals the value of the marginal product. Wage…

Q: Dinners are prepared in a process with two resources. The first resource has a capacity of 6.2…

A: The time sum of all process stages is used to calculate total labor content. If a procedure has two…

Q: Robert can make 10 pizzas each hour. He works 8 hours each day. He Is paid $100 a day. The shop can…

A: The marginal product of labor (MPL) measures that by how much the output is going to change when a…

Q: What is the firm's average fixed cost of producing 1,500 gadgets?

A: Fixed cost refers to the cost incurred by a firm irrespective of the level of output produced by a…

Q: (TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata…

A: The marginal product of a worker (MPL) reflects the additional output made by the manufacturing firm…

Q: 1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of labor

A: We are going to use Marginal rate of technical substitution concepts to answer this question

Q: on. What is the marginal revenue product of the fifth worker?

A: Marginal revenue is the addition to total revenue. So we need to find total revenue.

Q: The value of marginal product of an input is the value of the: Select one: a. total outout produced…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: You are the owner of a puppet manufacturing company. Suppose that labour is the only variable input…

A: When labor is the only variable factor used in the production process then the marginal cost of…

Q: Why does the learning curve apply mainly to direct rather than indirect labor?

A: The learning curve implies that labor becomes more efficient after working for several years. This…

Q: Explain how a firm’s production function is related toits marginal product of labor, how a firm’s…

A: Production function shows the relationship between the inputs and the output, i.e. the different…

Q: # of Pickers Total # of Strawberries Picked 1 180 380 3. 580 780 5 940 6. 1080 7 1180 1160 9. 1080…

A: Answer: The marginal product of labor: marginal product of labor refers to the additional quantity…

Q: How is marginal product affected if workers are added who are equally good at the job? a. The…

A: Law of diminishing return to scale implies that as the number of a variable input is raised keeping…

Q: Dolls are fabricated in a process with two resources. The first resource has a capacity of 1.5 dolls…

A: The correct answer is given in the second step.

Q: Your enterprising uncle opens a sandwich shop that employs 11 people. The employees are paid $15 per…

A: Number of employed = 11 people Given wage = $15 Selling price = $3

Q: Weekly production for a potter varies with the number of workers employed, as shown in the table…

A: Dear student, you have asked multiple sub-part questions in a single post. In such a case, I will be…

Q: .With which of the theories of wages, is the name of John Stuart Mill associated? O Marginal…

A: To find : John Stuart Mill is associated with which theory of wages.

Q: When the marginal product of an additional worker is less than the marginal product of the previous…

A: In a market, the productivity of the input resources is known as the returns from the inputs used in…

Question

Economic question

Solve it early I upvote.

If a worker in a shop sells 10 pairs of sunglasses a day at
$15 each, what is their Value Marginal Product of Labor?
O $150
m
O $15
O $10
inc
dec
O $25

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is die price commonly called in the labor market?
Give the three reasons that explain why the division of labor increases an economys level of production.
Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?
Continuing from Exercise 7.1, the films factory sits on land owned by the firm that it could rent for 30,000 per year. What was the films economic profit last year?
Question 1 The table below gives the number of workers and their possible daily output for a company. The wage is $150 per day. What is the marginal product of the 30th worker and the marginal cost of that worker's output? Workers 10 20 30 Total Product 2500 5300 8400 O a. Marginal Product is 8400 and Marginal Cost is $56.00 O b. Marginal Product 103.3 is and Marginal Cost is $1550 O c. Marginal Product is 310 and Marginal Cost is $0.483 Od. Marginal Product 5900 is and Marginal Cost is $4500 1 points
Production costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, find out the marginal cost of the 46th book produced, in dollars.
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: Labor Output (Shovels) (Number of workers) 0 0 1 100 2 195 3 275 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (?) 400 O -O- 360 Production Function 320 280 240 200 160 120 80 40 0 O 0 2 2 5 LABOR (Number of workers) 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. ? 100 90 80 70 60 50 40 30 20 OUTPUT (Shovels) MPL (Shovels per worker) 10 0 0 O 1 1 2…
Refer to Table 14-2. What is the marginal product of the first worker? O a. 300 units O b. 50 units O c. 200 units O d. 100 units Labor (Number of workers) 0 1 Table 14-2 2 3 4 Output Marginal Product (Units) (Units) 0 300 500 600 650
MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)
15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units
Mr. R is working from7:30 AM to 3:30PM including lunch break for 5 days every week in jewelry design shop. His main task is designing authentic men's jewelries. He agreed to be paid by piece rate of 15 OMR /design for 15 weeks. If his daily output is 10 designs, calculate total earnings. O ,050 OMR O 10,500 OMR O 750 OMR O 11,250 OMR Labor demand and supply of labor are external factors that impact compensation practices. If supply of labor is less than the labor demand, most employers offer to jobseekers. O Higher rate Going rate O Lower rate O Market rate
7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od not