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Marginal revenue product(MRP) is marginal revenue(MR) times marginal product(MP) of the input. MR is the increment in total revenue(TR) due to increase in the number of quantity sold(Q). MP of an input is the increment in the Total Product(TP) for a unit increase in the employment of that input.
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- Plz fasthow did you get the 6.25 labor units1. What is the fixed input use in this production? 2. What is the variable input use in this production?. 3. When MP is 0, TP is at point of production at level Q of Labor. 4. State the Law of Diminishing Return. Based on the computed MPL, at what input level does the law starts to operate? 5. The Law of Diminishing Returns occurs at worker.
- so search Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Price of a Sandals (Dollars per sandals) 132 96 88 Ciana earns an hourly wage of $60 at her job. In order to purchase her sandals she will have to take time off work, so each hour away from her job costs her 500 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sandals, such as Store Local Shoe Store Different Neighborhood in Town Rural Outlet Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time. (Dollars) Price of a Sandals (Dollars per sandals) 132 96 68 Total Cost (Dollars) Assume that Ciana considers both her opportunity costs and the price of sandals when…You just received your midterm exam results andyour professor wrote the following note: “Youreceived a 70 on this exam, the average score. Ifyou want to improve your grade, you should studymore.” Evaluate your professor’s notePlease correct answer and don't use hand rating
- nts per question) 1a0od it produces is constant, than it NAME: NT A QUIZ ABC Limited sells its product in a perfectly competitive market for a price of $15 1. per unit and hires workers at a daily wage of $75. Labor is the only factor cost, and the firm is currently earning profits. If ABC hires one more worker and output increases by 5 units per day, the firm's profits will a. decrease by $5 b. decrease by $75 c. increase by $75 d. increase by $15 e. remain unchanged.Calculate the size of the workforce needed for the companyto meet average weekly demand.Below are the overtime hours (O) worked by 3 employees an an Office. Calculate var(O). (3 significant digits in final answer) Worker Jim Pam Dwight Overtime Hrs. 10 3 Answer: