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- QUESTION 4 Which of the following would we expect to cause a change in the demand for labor? a. People decide that having two jobs is better than one b. People decide that not having a job is better than having one c. Change in the technology used to produce goods and services d. Change from the imperial system to the metric systemNoneA firm produces and sells a good for $95. To produce this good they purchased materials for $11, they paid wages of $31, and they paid rent of $15. What is the firm's value added? Enter a whole number with no dollar sign.
- A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor (Number of workers) Output (Units of output) Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) 0 1 77°F Mostly sunny 2 3 4 5 0 20 39 57 72 84 AAAAA 20 19 18 15 12 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate…Which one of the following is a characteristic of the service sector? O Intangible products O Little customer contact O Tangible products O Standardized productsWhich of the following is a factor of production at a university? electricity the faculty lab concentrations to use in experiments Scantron sheets Show Transcribed Text People with lower levels of human capital will tend to: earn salaries higher than their value the marginal product. earn salaries based on the marginal cost of their labor. receive lower salaries than those with higher levels of human capital. work only in union jobs. Show Transcribed Text C Babette's Artisan Breads, in Denver, Colorado, is considering hiring another baker. The bakery knows that the average product of its bakers is currently 80 loaves of bread per day. It also believes that the next baker hired will produce an extra 75 loaves of bread per day. A loaf of bread sells for $6. The bakery should hire another worker: Obecause the marginal product is below the average product. Oonly if the new baker's daily wage is $500 or more. O only if the new baker's daily wage is $360 or less. Oonly if the new baker's…
- question 1 microeconmicsRelationship between the Quantity of inputs used to make a good and the quantity of output of that good is called ………… a) Production function b) None of the mentioned c) Import d) ExportQuestion. 1 - word count should be around 100-150 words Maryam is a young woman who has just started her career. She works 40 hours a week and makes a good wage. One day she wins 1 million naira. Based on the theory of labor supply, how does this affect her hours of work. ( add graph)
- Tools Table Window Help Problem Set 3-edited - Saved to my Mac ences Mailings Review View O Tell me 三 AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe 三v Normal Body Text List Paragraph No Spacing AGEC 317-203/503 Problem Set 3 Due at 11:59pm on Nov 2nd Please show all your work to obtain credit for this homework 1. Consider the following simple model of hourly wage model: wage = 20 – 2 female + 2· educ – female · educ where wage is measured in dollars per hour, educ is years of education, female is a gender dummy variable, where female = 1 if the observation is female female = 0 if the observation is male Plot between the relationship between wage and educ for female and male based on this model. Be sure to label the graph, including intercept and slope values as well as the lines for male and female. es) 2 Focus stv MooR eok DreNadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?Consider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $330 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the…
