Suppose that hiring a third worker at the campus coffee shop increases output from $100 per hour to $150 per hour. What is the marginal revenue product (of labor) per hour from adding that third worker? Instructions: Enter your answer as a whole number. +A

What is the marginal product of labor? the average output of a unit of labor the total output obtained by using one more unit of labor the average output obtained by using one more unit of labor the extra output obtained by using one more unit of labor

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 1 50 2 90 3 120 4 140 5 150 155 157 6. The marginal product of labor for the first hour of labor is || (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor is. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Casť's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an…

true or false The marginal revenue product of labor is the extra revenue associated with the last unit of output.

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을

Magnificent Blooms is a florist specializing in floral arrangements for weddings, graduations, and other events. Magnificent Blooms has a fixed cost associated with space and equipment of $100 per day. Each worker is paid $50 per day. The daily production function for Magnificent Blooms is shown in the accompanying table. Quantity of labor (workers) Quantity of floral arrangements 0 0 1 5 2 9 3 12 14 5 15 a. Calculate the marginal product of each worker. Quantity of labor (workers) 1 Marginal product 2 3

Describe the difference between a diminishing marginal product of labor and a negative marginalproduct of labor. Why would a profit-maximizing firm always choose to operate where the marginalproduct of labor is decreasing (but not negative)?

I need it in one hour

Suppose a firm produces cables for video games using workers according to the table below and that its output sells for $1.00 per unit. 40- 38 36- 34 32 30- TITT Marginal Marginal Workers Output Product Revenue Product 28 26- 24 22- 20- 18 16 14 12 10 1 15 15 15 2 27 12 12 3 36 9. 9 4 42 6 6 5 45 Derive the firm's labor demand curve. Use the line drawing tool to draw the firm's labor demand curve. Label this line 'Demand". 2- Carefully follow the instructions above, and only draw the required objects. Quantity of labor Wage

QUESTION 1. Using the data provided in the table below, assuming that labor is the only variable input, calculate the marginal product of labor for each labor input and plot the points on the graph below. # Workers (L) Total Output Provide your answer below: -2 Marginal Product 40 30 20 -10 -1 0 1 2 3 1 12 4 -10- 5 6 2 22 7 8 3 30 9 Labor 10 4 36 5 40