Jerry was working as a dish washer at Hyatt Hotel for years. A few months ago, the hotel installed automatic commercial dish washing machines. The demand for this low skill labor shifts to ______________due to the commercial dish washing machine. Group of answer choices --the center --Marginal labor point (MLP) --the right --the left
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- Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8750 per month, but with the new pilot, thinks he'll be able to increase his revenue to $10000 per month. What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?The following table shows the production function for a company. This company sells its product in a perfectly competitive product market at a price of $4 each and hire labor in a perfectly competitive labor market at a wage of $450 per week. Calculate the Marginal MarginalProduct of the 1st, 2nd, and 3rd. Calculate the Value ofMarginal Product of the 1st, 2nd, and 3rd How many workers should it hire? How do you know? Explain your answer. Show formulas and some of your calculations.From the production data in the table below, calculate the VMP, for the 2nd unit of labor. Assume the wage rate is $80 and the price of the firm's output is $5. (Give the numeric value only for your response; do not include commas, dollar signs, etc.) Capital Labor Output (Q) 100 100 1 20 100 44 100 66 100 4 84 100 96 100 104 100 7 98 Numeric Response
- a) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). productOne of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rateAcme Inc. supplies rocket ships to the retail market and hires workers to assemble the components. A rocket ship sells for $30,000, and Acme can buy the components for each rocket ship for $27,000. Wiley and Sam are two workers for Acme. Sam can assemble 1/5 of a rocket ship per month and Wiley can assemble 1/10. If the labor market is perfectly competitive and rocket components are Acme’s only other cost, how much will Sam and Wiley be paid? Instructions: Enter your responses as whole numbers. Sam will be paid $_____ per month Wiley will be paid $______ per month
- Which of the following scenarios would best represent the backwards supply curve seen on the Labor Supply Graph? Group of answer choices Katie is offered double time for every hour she works over 40 each week. She signs up for an extra 20 hours a week. Kalia got a promotion and a raise, she books 2 extra weeks of vacation for next year. Josie took 3 weeks of vacation last year. This year, she got a new job with higher pay and decides to take 1 week of vacation instead.EatHub is a food delivery service that hires drivers (labor) and rents delivery vehicles (physical capital) to manage its operations. The current wage rate for drivers is $8 per hour, while the rental rate for vehicles is $10 per hour. Each driver can complete 50 deliveries per hour (marginal product of labor), and each vehicle enables 60 delivers per hour (marginal product of capital). Which of the following statements is the correct advice one would offer to EatHub about its current combination of labor and capital? EatHub should employ more drivers and increase the number of delivery trucks rented. EatHub should layoff some drivers (decrease the number workers employed) and increase the number of delivery trucks rented. EatHub should layoff some drivers (decrease the number workers employed) and decrease the number of delivery trucks rented. EatHub should not change its current combination of drivers employed and delivery trucks rented. EatHub should employ more drivers and decrease…Calculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?
- Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing the weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week. What is the marginal product of hiring five workers instead of four? What is the weekly wage rate earned by the fifth worker?Which of the following events may increase the marginal product of labor? Check all that apply. An increase in the wage rate A technological improvement that is complementary for this type of labor A technological improvement that is substitutable for the labor in this market Good weather causes an increase in supply and a fall in price for one of the inputs used to make the goodEatHub is a food delivery service that hires drivers (labor) and rents delivery vehicles (physical capital) to manage its operations. The current wage rate for drivers is $8 per hour, while the rental rate for vehicles is $10 per hour. Each driver can complete 50 deliveries per hour (marginal product of labor), and each vehicle enables 60 delivers per hour (marginal product of capital). Which of the following statements is correct about the firm's combination of labor and capital? Currently, the firm is not using the cost-minimization combination of labor and capital. Currently, the firm is using the cost-maximization combination of labor and capital. Currently, the firm is not using the cost-maximization combination of labor and capital. Currently, one cannot tell whether the firm is using the cost-minimization combination of labor and capital. Currently, the firm is using the cost-minimization combination of labor and capital.