Suppose a firm did riveted a useful production technique. We can expect:  a. The firm to hire fewer workers  b. The firms labour demand curve to shift right  c. The firms labour demand to shift left d. The firms labour curve to remain unchanged

Q: According to the above production table, diminishing marginal productivity sets in after the hiring…

A: Diminishing marginal productivity occurs when the marginal product of a product diminishes when…

Q: s not maxim

A: Marginal Revenue is the amount of additional revenue being generated when additional Labor is being…

Q: Suppose the isoquant represents the production of 120 pencils. What will happen to the isocost and…

A: A. If labour become more costly than the isocost line will pivot towards left from horizontal axis…

Q: What is the marginal physical product for Jenny to go from one to two workers? Answer here

A: Marginal Physical Product (MPP) is a concept used in economics to describe the additional output or…

Q: A firm uses capital and labour to produce widgets . In the short run capital is fixed ,while labour…

A:

Q: (You can solve this -- think through all the formulas you know!) Suppose you know the following…

A: In short run ,  Capital is fixed and labors are variable.  Average variable cost is the difference…

Q: The marginal product of labor (MPL) is defined as

A: The firm would result in profit maximisation by maximising the revenue which would be earned by the…

Q: Suppose a firm has two plants, A and B, each producing the same product but using different…

A: As per economics, the marginal product of capital or MPK is the additional production that a firm…

Q: Using a diagram explain what happens to the long-run demand curve for labor if the price of labour…

A: Explanation:The long-run demand curve for labor depicts the relationship between the wage rate…

Q: Given that wage is $10. The last worker hired by Cal's Corn Farm added 20 ears of corn. The price of…

A: Wage rate = $10Last worker marginal product = 20 ears \4 ears corn price = $1Hi there , as per our…

Q: Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, un Units of Labor 1 2 MO 4…

A: Total revenue is the product of price and total product.  Marginal product is the change in total…

Q: When you have diminishing marginal returns to labor A. variable costs fall as more output is…

A: Labor is the physical, mental, and social effort used for producing goods and services in the…

Q: Please answer ALL questions below: 1.The marginal revenue product gives a. the additional…

A: 1) The correct answer is a. the additional revenue obtained when an additional unit of a variable…

Q: he marginal product of the 14 th worker is 8 and the firm sells its output for $4 per unit. If labor…

A: MP of 14th worker = 8 Output sell  = $4 per output

Q: Which are the following are short-run and which are the long-run adjustment? Explain with the help…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: If the marginal value of some variables is above the average value of the variable:* the marginal…

A:

Q: Which of the following determines the firm's demand curve for labor? a.The size of the labor force…

A: At the point when the marginal revenue result of work is diagramed, it addresses the association's…

Q: rm uses machines, labor and output to produce output. Labor is a variable input and costs he hours…

A: According to the question, given information given :Cost : $25 hourExtra unit of output required $…

Q: The company A produces cars using three inputs, labour (L), capital (K)and talent (X). AČME's…

A: Production Function : Y = X0.5L0.25K0.25 In short run capital is taken to be fixed at, K = 9 So,  Y…

Q: A firm produces q with inputs labor L and materials M. The production function is q=50(ML)0.5+M+L…

A: Here we are given the production function. A production function is a function of labor, capital,…

Q: A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If…

A: Variable Inputs exist both in the short run and long run. Variable inputs changes with the changes…

Q: Fill in the blanks: 80 60 A BD E 60 80 120 Units of labor The firm is currently along isocost CE. If…

A: We are going to use properties of isocost line to answer this question.

Q: Consider the following table showing short run production:

A: Marginal product of labor or MPL is described as the increase in total production when labor is…

Q: Identify the stages of production in the diagram and explain why the firm still hire labour even…

A: Tp is the total output a firm produces. Ap is the total product divided by the labour which is the…

Q: The marginal product of an input is defined to be:   A. the additional output that can be produced…

A: Answer: C The additional output that can be produced by increasing the input by one unit, holding…

Q: What should he recommend as a short-run remedy?

A: Marginal product of labour in plant B is higher than Plant A

Q: A. SHORT-RUN CHANGES IN PRODUCTION SHOWING FACTOR PRODUCTIVITY Units of Y Employed Output Quantity…

A:

Q: How does the marginal product curve behave when there are diminishing returns to a factor. Give…

A: # Marginal product is the additional value added to total product with one more unit of labor taken…

Q: D D Question 1: Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital,…

A: A short-run production function is a function that demonstrates the connection between the quantity…

Q: 200 160 Average and Marginal Product 80 40 MP AP 0 10 20 30 40 50 Labor In the figure above, the…

A: The cost per output unit is known as the average cost. The average cost may be calculated by…

Q: Refer to the figure at right. At which point on the total product curve is the average product of…

A: Total product refers to total output produced by the firm. Average product refers to total product…

Q: A firm in a competitive market should hire workers up to the point where the value of the marginal…

A: Competitive market refers to a market scenario in which there are large/huge number of buyers and…

Q: For a profit-maximizing competitive firm, the value of marginal product curve is   A. always…

A: Marginal product refers to the additional output gain from production when employing one additional…

Q: Question 4 The table below describes the production function for a candy maker. Number of Marginal…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: L^aK^1-a Suppose labor is fixed at some level -, a = 0.5, and A = 1. Calculate K* )What is T C* ?…

A: The fixed cost does not change with change in the level of output.

Q: At point "C" in the above figure: Marginal product of labor is positive and rising. Marginal product…

A: From the figure, we can conclude that,

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The Law of diminishing marginal product is a short-run concept where some factors are fixed and some…

Q: 30 L* Output 0 10 20 30 40 50 60 70 The price of labour is $30 per unit and the price of capital is…

A: The production cost of the firm’s output under the circumstances of the long run will be termed as…