In the short run, which one of the following causes a competitive firm to hire more labor?

Q: In short-run production with two inputs where land is a fixed input labor is a variable input, once…

A: Marginal product of labor (MPL) is defined as the change in the product of labors by employing one…

Q: s not maxim

A: Marginal Revenue is the amount of additional revenue being generated when additional Labor is being…

Q: Suppose that the tempeh industry is initially operating in long-run equilibrium at a price level of…

A: In any market, equilibrium occurs at such a price where the quantity of the good or service demanded…

Q: A firm will be better off by hiring an additional worker only when: The overall benefit is greater…

A: A firm will be better off by hiring an additional worker only.

Q: Why is the long run labor demand curve more elastic than the demand for labor in the short run?…

A: In a labor market, firms enter to make a demand for labor because they need labor for making…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Total labor cost is the total cost of hiring laborers. Total labor cost is calculated as units of…

Q: WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 0 Supply 36 Demand 72 12 24 48 60 QUANTITY OF LABOR…

A: Excess supply with union wages refers to a situation in the labor market where the number of workers…

Q: Given this data, complete the table: Quantity of Avocados Marginal Product of Labor (MPL)…

A: A firm under the perfectly competitive labor market maximizes its profit by hiring workers upto the…

Q: In a perfectly competitive market a firm produces where  equals to  . If MR is greater than MC, the…

A: In perfect competition, there are large number of firms selling identical goods

Q: Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The…

A: Assuming the Jaguars is a monopsony employer, the number of quarterbacks hired will be 2 thousand,…

Q: The following table shows the relationship between the number of trainers working at the new gym (SD…

A: Marginal product is the change in total product due to an additional unit of input.  Marginal…

Q: At that price ($3), what is the profit that Farmer Johnson earns in the short- run? (Please enter…

A: Total cost = Average total cost * quantity Total revenue = Price * quantity Profit = Total revenue -…

Q: The demand for carpenters is driven by demand for wood furniture produced by that labor. This…

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Q: Suppose a firm produces the following products. Calculate and fil in the missing values in the table…

A: The value of marginal product of labor is the measure of the additional value generated by an…

Q: Calculate the total labor cost and the marginal resource cost, and then fill in the blanks in the…

A: The marginal resource cost is the additional cost incurred by employing one more unit of the input.

Q: When a firm is a perfect competitor in the product market, its demand curve for labor will _____…

A: The demand and provide of labor are determined within the marketplace. The participants within the…

Q: Fresh Veggie is one of many small farms in Florida operating in a perfectly competitive market. Farm…

A: The marginal productivity will be calculated as an extra amount produced when one extra unit of a…

Q: if the rent of the building the firm occupies increases what will happen to the firm's…

A: In a perfectly competitive market the optimal level of output produced is given by the point where…

Q: Let the factors of production be labor and capital equipment. A competitive firm is facing the input…

A: Cost is minimized where the right combination of labor and capital is used. following is the…

Q: PRICE (Dollars per swing, In the short run, given a market price equal to $20 per swing, the firm…

A: In a perfectly competitive market, the firm produces at the point where its marginal cost (MC) is…

Q: Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage…

A: The hourly market wage is $10. The market is perfectly competitive in this scenario. In a perfectly…

Q: A firm in a perfectly competitive market uses only workers to produce output. The relationship…

A: Answer: Given, Wages (variable cost) = $100 per worker Fixed cost = $500 (a). The formula to be…

Q: You are given the following table by one of your analysts. Provide the profit maximizing point and…

A: Marginal revenue is the addition to the total revenue from the sale of an additional unit of output.…

Q: Consider the following table illustrating the hourly production of zidgets. Furthermore, suppose the…

A: Total cost is the sum of variable cost and fixed cost. Variable cost depends on the units of…

Q: Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage…

A: Marginal resource cost refers to the change in the total cost when one more unit of the variable…

Q: Correctly illustrate graphs for BOTH the market and a firm in perfect competition in the market: a.…

A: A perfect competition is a structure of a market in which there are many sellers and buyers. The…

Q: Which of the following determines the firm's demand curve for labor? a.The size of the labor force…

A: At the point when the marginal revenue result of work is diagramed, it addresses the association's…

Q: A measure of how sensitive the amount of labor firms will hire is to changes in the wage rate.

A: Explanation:  The physical property of labor demand is the quantitative relation of the…

Q: In part 2, part b, you solved the question with supply of labor. We haven't seen that issue. we know…

A: b) Derive the rule of labor hiring for a firm that operates in the short-run.   Solution of this…

Q: Given the following parameters: Perfect Competition in Labour Market Perfect Competition in Output…

A: Perfect competition happens when all organizations sell indistinguishable items, market share…

Q: Consider a firm in a perfectly competitive market. The firm's production function is q=5L 2K.3 The…

A: The total cost of a firm is equal to the cost of labor (variable cost) and cost of capital (fixed…

Q: Consider this graph represents McDonald's demand for labor. Choose the 2 scenarios that would shift…

A: According to MPTD (marginal productivity theory of distribution), the demand curve for labour is the…

Q: Here is the production schedule based on labor from a firm making small stufted animals to sell at…

A: We know that profit-maximizing firms hire workers up to the point where the value of the marginal…

Q: (g) Now assume that the market in which Dave's General Store operates is in long-run equilibrium.…

A: In case of Perfect Competition, there are large number of firms producing identical products. An…

Q: A firm should continue to hire a resource as long as the resource's marginal revenue product exceed…

A: This question addresses the decision-making process for a firm regarding the hiring of resources. It…

Q: The production function for a price-taking firm is given by q = 2.5k0.4L0.4. What are the demand…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: what is the amount of the total fix cost

A: Total cost (TC) = total fixed cost (TFC) + total variable cost (TVC)  Average total cost (ATC) = TC…

Q: Consider the table above. Assume that the resource and output markets are both perfectly…

A: Answer in step 2

Q: The following graph plots daily cost curves for a firm operating in the competitive market for…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: A firm in a competitive market should hire workers up to the point where the value of the marginal…

A: Competitive market refers to a market scenario in which there are large/huge number of buyers and…

Q: A pizzeria, which operates in a perfectly competitive hospitality market, can produce pizzas if it…

A: Given; Cost of premises and oven= £10 per night Cost of ingredient= £3 per pizza Cost of workers=…

Q: Suppose the firm only produces good X and that the price of good Y, a substitutegood, decreases.…

A: The objective of the question is to understand the impact on the optimal quantity of labor a firm…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: We have to calculate The equilibrium wage rate and equilibrium level of labour use.

Q: According to macroeconomic theory, in a perfectly competitive market a company: Group of answer…

A: Perfect competition is a perfect kind of market structure where all customers and producers include…

Q: Taco King produces tacos The market for tacos is perfectly compettive, and the price is $3.50 a…

A: "Marginal product of variable input is how much extra units of a product is produced when more of…

Q: Explain with diagrams how a perfectly competitive industry will respond at both the industry and…

A: Any perfectly competitive market sells identical products. There are a number of firms that are…