Labor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired? 4. What is the total fixed cost per day if 12 workers are hired?

Labor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired? 4. What is the total fixed cost per day if 12 workers are hired?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Describe the construction of the firm’s demand curve for labour in the short run. Describe the relationship between the firm's demand curve for labour in the short-run and the market demand curve for labour in the short-run. In particular, is one curve likely to be more or less elastic than the other? Can you please specify why the curve is more elastic than the other. And include diagram
0 Labor Output 0 Marginal Product Variable Fixed Cost Cost -- $0 $5 1 100 100 $5 $5 2 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 3. What is the marginal product of the second worker? Show your work.
Diminishing marginal productivity sets in after the hiring of which worker?
None
According to the above table, the marginal factor cost of the eighth worker is A. $216.00. B. $27.00. C. $168.00. D. $48.00.
You are given the following schedule for the production of pens by a firm Labor Total Product 0 0 1 20 2 50 3 70 4 80 5 85 6 82 If pen sells for Rs 3 per unit and workers can be hired in a competitive labor market for Rs30 per day, how many workers should be hired? Explain your answers clearly.
In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $2. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Marginal Resource Units of Total Labor Marginal Product Wage Rate Total Product Revenue Labor Cost Product (Labor) Cost 10 200 $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ %3D Equilibrium level of employment workers
Show in schedule form and graphically the labor demand curve of this firm.
Baghiben
The sole hirer in a labor market confronts the following labor supply curve: Labor Wage 1 8 2 16 3 24 4 32 5 40 6 48 The total wage bill when 3 units of labor are hired is Type your answer here are hired is Type your answer here The marginal costs of hiring the 4th unit of labor to the firm are Type your answer here . The total wage bill when 4 units of labor
Q24. The following table gives the marginal product schedule of labour. It is also given that the total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour. L (units) MP (units) 1 3 5 6. 3575 31
no handwritten notes