Reference: Use the following table to answer questions 1 - 4. Labor Quantity 1 20 2 50 3 90 4 125 140 6 150 (1)The marginal productivity of the third worker is (a) 30 (b) 40 (c) 50 (d) 90 (2)The average productivity of the fifth worker is (a) 20 (b) 28 (c) 30 (d) 140 (3)Marginal productivity is maximized with the worker. (a) second (b) third (c) fourth (d) sixth (4)Average productivity is maximized with the worker. (a) second (b) third (c) fourth (d) sixth

Reference: Use the following table to answer questions 1 - 4. Labor Quantity 1 20 2 50 3 90 4 125 140 6 150 (1)The marginal productivity of the third worker is (a) 30 (b) 40 (c) 50 (d) 90 (2)The average productivity of the fifth worker is (a) 20 (b) 28 (c) 30 (d) 140 (3)Marginal productivity is maximized with the worker. (a) second (b) third (c) fourth (d) sixth (4)Average productivity is maximized with the worker. (a) second (b) third (c) fourth (d) sixth

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 2ST

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Automated for the people Automation risk by job type, % 10 20 30 40 50 60 Food preparation Construction Cleaning Driving Agricultural labour Garment manufacturing Personal service Sales Customer service Business administration Information technology Science & engineering Healthcare Hospitality & retail management Upper management & politics Teaching Source: OECD Economist.com Looking at the chart above Describe how technology is projected to affected the demand and supply of workers. Which industries are project to replace workers with machines?
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15) In a competitive labour market, firms will hire labour up to the point where themarginal revenue product of labour equals(a) total labour cost.(b) the wage rate.(c) the marginal product.(d) the price of the product.
Labour (Units) Total Product (TPP) (MPP)0 01 1002 2503 3504 4005 4206 420Calculate and plot the average product and marginal product What is the most favourable number of workers for this business to hire, indicate such on the graph
QUESTION 18 Use the information provided in Table 7.2 below to answer the question(s) that follow. Table 7.2 Inputs Required to Produce a Product Using Alternative Technologies Technology Units of Capital Number of Employees 16 8 12 8 6 ABCD 6222 12 20 24 Refer to Table 7.2. Which technology is the most labor intensive? A
(a) The table below shows the relationship between number of workers hired and output. Total Total Marginal Marginal Price Labour Product (unit) Revenue Revenue Product (RM) (RM) Product 20 1 50 20 2 90 20 3 20 600 4 20 400 20 200 155 20 Complete the table.
: Use the following table to answer questions. Labor Quantity 0 0 1 20 2 50 3 90 4 125 5 140 6 150 (1)The marginal productivity of the third worker is (a) 30 (b) 40 (c) 50 (d) 90 (2)The average productivity of the fifth worker is (a) 20 (b) 28 (c) 30 (d) 140 (3)Marginal productivity is maximized with the ___________ worker. (a) second (b) third (c) fourth (d) sixth (4)Average productivity is maximized with the ____________ worker. (a) second (b) third (c) fourth (d) sixth (5) Identify the truthfulness of the following statements. When the marginal product of labor is falling, the average product of labor is falling. When the marginal product curve lies above the average product curve, then average product is rising. (a) Both I and II are true. (b) Both I and II are false.
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16
A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
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