ppose a campus restaurant increases the number of workers it hires from 5 workers per day to 13 workers per day. As a result, its tal revenue increases from $225 per day to $650 per day. structions: Enter your answers rounded to two decimal places. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? 2$ Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the rrent weekly wage rate in the labor market? per week

ppose a campus restaurant increases the number of workers it hires from 5 workers per day to 13 workers per day. As a result, its tal revenue increases from $225 per day to $650 per day. structions: Enter your answers rounded to two decimal places. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? 2$ Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the rrent weekly wage rate in the labor market? per week

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels: output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the same rate of $6,000 to all workers. Total Product Number of light-saber (Number of light-sabers per makers 0 1 day) Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit. Marginal Revenue Product (Thousands of Dollars) Marginal Product (Number of light- sabers) 0 14 23 26 36 4 44 5 50 6 54 7 56 AAAAAAA Marginal Profit (Thousands of Dollars)
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The marginal product of effort, a typical worker in fast-food burger joint, is one- fourth burgers per hour; that is, MPe = .25The price of a burger is $2. The figure graphs Mac’s marginal cost of effort. If Mac increases his effort by one unit per hour, the change in the burger joint’s revenue is $ per hour. That is, what is VMPe , the value of Mac ‘s marginal product of effort ? Plot the VMPe curve in the figure. Mac efficient effort e^ is the solution to what equation? Illustrate the solution in the figure. Mac efficient…
Check my wor Units of Labor Total Output per Price of Good Day 10 $14 14 13 4 19 12 23 11 27 10 es 7 31 A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the sixth worker? Multiple Choice $10 $60 $4 $17
1. The demand for labor Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 0 1 16 2 30 3 42 4 52 5 60 Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $15 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $15 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. WAGE RATE (Dollars per worker) 300 270 240 210 180 150 120 90 60 30 0 0…
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Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations? 2 hours 3 hours 4 hours 5 hours
1. Suppose a short-run production function is described as Q40L 0.04L2 where L is the number of labors used each hour.
Use the graph to answer the question that follows. Based on the chart above, if the product sells at a price of $10 per unit, what is the marginal revenue product of the seventh unit of labor? 0 $6.50 About $5 About $25 Indeterminate
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs: