QuestionIf one worker makes 14 baskets, two workers make 34 baskets, threeworkers make 45 baskets, and four workers make 50 baskets, whichworker yielded the highest marginal product?1 the first worker2 the second worker3 the third workerthe fourth worker

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How is the value of marginal product of labor (VMPL) defined? a.Price of output multiplied by the output of the last worker hired b.Price of output multiplied by the price of the last worker hired c.Price of the last worker hired d.Price of output
Given the following table, how many workers sh red to maximie profs Labor Marginal Product Laber VMP Wage $32 S100 32 $128 $100 16 $64 $100 4. 5-4 S100 5. -12 S-48 S100 A.
Suppose your elasticity of demand for your parking lot spaces is –2, and price is $8 per day. If your MC is zero, and your lot is 80% full at 9 A.M. over the last month, are you optimizing?
PLCY 310 Problem Set 2 SSII Extra credit (5 points) Use these graphs to answer the following: weekly $'s consumption wage 25 20 wage- 25 wage- 20 5 10 15 20 25 30 35 40 45 50 55 60 week hrs of leisure B labor supply curve SE WE 5 10 15 20 25 30 35 40 45 50 55 60 week hrs of labor a) Analyze what is happening on the first graph (use slide 9 Chapter 9 as guide), go over the price change, the income and substitution effects, and the total effect. (3 points) b) Explain the bottom graph, what does it tell us? (1 point) c) Draw a leisure demand curve with wages on the y-axis and weekly leisure hours on the x-axis using the information in this graph. (1 point)
# of Pickers Total # of Strawberries Picked 180 380 580 780 5 940 6. 1080 1180 8. 1160 9. 1080 Refer to Table 7-1. With which additional picker does the marginal product of labour become negative? the fifth the seventh the eighth the ninth 2. 3. 4,
Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
23) The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is A) 10 B) 12 D) 116 Answer: A Diff: 2 Topic: The Production Process Skill: Analytic C) 22
This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed. Number of workers 2 4 8 10 12 Total output (number of cars washed per hour) 10 26 40 50 58 62 Use this table to find the marginal product of labor for the following workers: marginal product of labor for the 2nd worker: 5 marginal product of labor for the 6th worker: marginal product of labor for the 12th worker: 5 4

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Question If one worker makes 14 baskets, two workers make 34 baskets, three workers make 45 baskets, and four workers make 50 baskets, which worker yielded the highest marginal product? 1 the first worker 2 the second worker 3 the third worker the fourth worker