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 (Number of workers) 0 1 2 3 4 90 units. 80 units. 20 units. Output Fixed Cost (Units) 85 units. 0 90 170 230 240 (Dollars) Refer to Table 13-3. The marginal product of the second worker is 50 50 50 50 50 Variable Cost (Dollars) 0 20 40 60 80 Total Cost (Dollars) 50 70 90 110 130

Suppose you run a flower-delivery business andemploy college students to drive the vans and makedeliveries. You are considering hiring an additionalworker. What information would you need toknow to decide whether doing so would increaseor decrease your profit?

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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Use the table to answer the question.

Programmers Websites Marginal Product Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 0 - - 4000 - - - - 1 2 2 2000 6000         2 6 4 4000 8000         3 14 8 6000 10000         4 20 6 8000 12000         5 24 4 10000 14000         6 26 2 12000 16000             Webby pays $4,000 a month in rent for office space and equipment. It pays each programmer $2,000 a month. There are no other production costs. Fill in the rest of the columns.

The local ice cream shop is trying to figure out how many workers to hire, and part of the decision will be based on the marginal product of labor. The following table shows a short-run production function for quantity of ice cream tubs produced. Diminishing marginal returns begins after hiring which worker? Workers hired Quantity of ice cream tubs produced 1 110 2 200 3 270 4 300 5 320 16 330 300 Seventh Sixth Second Fourth