Marginal product is Multiple Choice the output of the least skilled worker. О a worker's output multiplied by the price at which each unit can be sold. the amount an additional worker adds to the firm's total output. the amount any given worker contributes to the firm's total revenue. A firm that hires labor in a purely competitive resource market is a Multiple Choice "price maker." "product taker." О "money maker." о "wage taker."

Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을

Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0                 10 $28 32 $14.0                 20 $28 68 $14.0                 30 $28 108 $14.0                 40 $28 144 $14.0                 50 $28 176 $14.0                 60 $28 196 $14.0                 70 $28 212 $14.0                 80 $28 216 $14.0                 90 $28 218 $14.0                 100 $28 214 $14.0                 110 $28 204 $14.0…

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0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profit

Economics Corner Coffe sells coffee at $2 and can rent espresso machines at $500 per month. It has the following production schedule: Calculate the marginal product and the value of the marginal product of each robot. Use only whole numbers. Number of Machines. Total Product Marginal Product. Marginal Product Value 500 2 700 850 950 1000 4 6 1025 How many machines should you rent? $_

Gull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320     Calculate the marginal product of each worker.  Calculate the marginal cost, Average total cost, and average variable cost of each level of output.

Which of the following determines the firm's demand curve for labor? a.The size of the labor force b.The marginal product of labor c.The total product of labor d.The average product of labor