Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product O 1 2 3 4 O Four employees O One employees O Three employees O OTwo employees 9 24 36 43 O 9 If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximize their profit? 15 12 7

Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product O 1 2 3 4 O Four employees O One employees O Three employees O OTwo employees 9 24 36 43 O 9 If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximize their profit? 15 12 7

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

None
A firm's production is as follows: Q = 12K2L/3, where L is number of workers and K is number of machines. The firm spent $100,000 for the 81 machines it owns. The selling price of the output is $300, and each worker can be hired for $48. What is the firm's maximum total profit? O $372,000 O $422,000 O $224,000 O $148,000
(Table) According to the table, the firm should hire L Q MPP 0 0 0 5 6 1 2 3 4 5 6 7 8 9 10 six O four five O eight 5 11 18 A 38 50 61 71 80 85 7 9 B 12 11 10 9 5 P $8 $8 $8 SSS $8 $8 $8 $8 $8 SSS $8 $8 VMP 0 40 48 56 72 88 C 88 80 72 40 W $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 $80 workers.
(Please type answer no write by hend)
Workers Pizza Fixed cost in $ per day per day Variable cost in S TC per day 400 per day [25 (75 400 200 6 00 750 850 400 350 450 115 400 145 400 600 lo00 1200 170 400 800 8. Referring to the table above, when the second worker is hired, the marginal cost per pizza is equal to: a) $3 b. $75 750-600 75-25 150 ATC %3D 5u C. $50 d. $150 Duutp Dout 際ATC
(1) Number of Workers O S. O 3. 4. 6. 0 2 3 4 5 6 (2) Wage Rate $20 $21 $22 $23 $24 $25 (3) Marginal Revenue Product $45 $37 Refer to Exhibit 28-12. The profit-maximizing number of workers to hire for this firm is $33 $30 $28 $19
TVC TC AVC MC 15 23 30 Answer the following questions: 1- What is the total fixed cost (TFC) of producing 2 tables?* a. 0 O b 15 O c. 27 d 12
Table) Based on the table, what is the average total product when John's Salsa Company hires three people? Total 1741 4 KIL I O 33 O 13 O 11 Farmer Jean sells corn in a perfectly competitive market. The market price for a bushel of corn is $6. Jean has six hundred bushels of corn to sell. If her total variable cost is $3,300 and her total fixed cost is $300, then: 000 Jean should raise her price. Jean is earning a positive economic profit. Jean is minimizing her losses. Jean is earning a normal profil.
3. Total and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT (Sandwiches per worker) 20 18 16 14 12 10 4 2 0 0 1 O 2 3 LABOR (Workers) O MP 5 When labor increases from two to three workers, total product increases by ? per hour.
MC ATC AVC MARKET PRICE AFC 15 P.
A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? O 8PK O 4L O 4PK O PL
Suppose that a business incurred implicit costs of $250,000 and explicit costs of $500,000 in a specific year. If the firm sold 10,000 units of its output at $80 per unit, it's economic profit is O 150,000 O 100,000 300,000 O 50,000