(Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? Number of Workers Per Year 4 5 6 7 8 9 $21,200 $2,200 $110,000 $45,000 Number of Books Edited Per Year 16,000 19,000 21,200 22,800 23,700 24,200

(Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? Number of Workers Per Year 4 5 6 7 8 9 $21,200 $2,200 $110,000 $45,000 Number of Books Edited Per Year 16,000 19,000 21,200 22,800 23,700 24,200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: c. A software developer produces software programs (one unit of output) which produce revenue of…

A: Profit maximization is the process where a company determines the price and quantity of goods or…

Q: Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The…

A: Marginal product is the change in total product due to an additional worker hired. The marginal…

Q: The table shows the total product schedule at Paula's Ice Cream Parlor. Paula sells ice cream for $2…

A: The marginal product is the change in the output as a result of hiring one additional labour. MP =…

Q: Reference: Use the following table to answer questions 1 - 4. Labor Quantity 1 20 2 50 3 90 4 125…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Units of Labor 0 1 2 3 4 5 Quantity of Output 0 10 25 32 38 43 Product Price $17 $16 $15 $14 $13 $12…

A: Wage refers to the monetary compensation or payment that an employer provides to an employee in…

Q: Decent Donuts Total product dozens of donuts per) Labor (workers) (day 12 1 26 44 64 4 86 110 122 7.…

A: The average product (AP) of labor is calculated by dividing the total product (TP) by the number of…

Q: Which action taken by a worker would not be an investment in human capita

A: Investing in human capital will increase workers productivity. It can be done through worker…

Q: Use a graph and derive the labor supply curve of a worker. Explain in detail.

Q: 50, Firm should hire Units of output 100 160

A: ‘Marginal productivity’ is the change in total productivity when one more unit of labor is employed.…

Q: On Chapter 5, Human Resource Planning and Recruitment under The Human Resource Planning Process –…

A: Foreseeing the demand and supply of labor later on requires a comprehension of business…

Q: a. How many workers should the firm hire? workers b. What wage will the firm pay? $ c. Suppose…

A: The monopsony market represents the opposite of the monopoly market where there is only a single…

Q: Number of Workers 0 1 2 3 4 5 6 Marginal Output Product of Labor 0 76 92 181 205 225 24 Value of…

A: Marginal product of labor refers to change in total product with change in labour input.

Q: 2) What was the average product of labor in 2018? Use the following information to answer questions…

A: Here, given information is: Total number of workers in 2018: 20 workers Total product in 2018:…

Q: are unfair labor practices? Who determines what behavior is unfair? What can management do these…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first subparts question for…

Q: O A. $737 O B. $0 O C. $33 O D. $3 0000

A: Marginal revenue product(MRP) is marginal revenue(MR) times marginal product(MP) of the input. MR is…

Q: Question If one worker makes 14 baskets, two workers make 34 baskets, three workers make 45 baskets,…

A: The question you've presented involves analyzing the marginal product of workers based on basket…

Q: Quantity of Labor Output (units) 1 80 170 3. 240 300 350 6. 390 7 420 Refer to the table above. The…

A: The total product (TP) is the amount of total goods and services produced from the given inputs and…

Q: Table: Excellence Publishing Number of Workers Per Year 4 5 6 8 9 Reference Ref 18-3 + $21,200 O…

A: The marginal product:The marginal product (MP) is defined as the increase in the firm's total output…

Q: 2: Factor (labor) market: Jane runs a nursery. The more nursery workers she hires, the more flowers…

Q: The table below shows labor data for a country named Zhouland. Answer the following questions: Age…

A: Unemployment rate is defined because the percentage of total labor pool that's unemployed, but is…

Q: Exhibit 11-11, the total wage cost of hiri employees is equal to: oup of answer choices 1.50. 5.50.…

A: Minimum wages have been characterized as the base measure of compensation that a employer is…

Q: Using the chart below, when is the value of marginal product of labor when 6 employees are hired? #…

A: Given:When 6 employee is hired:MPL=9Price of output=$8

Q: 15) In a competitive labour market, firms will hire labour up to the point where the marginal…

A: Competitive labor market: A perfectly competitive labor market is a market structure where the firms…

Q: (Table) Based on the table, what is the average product of the sixth worker? a. 7 b. 8 c. 7.75 d.…

A: The total amount of output that is being produced with a given input amount during a given time…

Q: hat are advantages/disadvantages of hiring temporary workers?

A: Temporary jobs are the perfect way to get an experience in different areas which can result in…

Q: Average Product 13 Labor Total Product 1 13 2 31 15.5 51 17 3 4 67 16.75 79 15.8 86 14.33 7 86 12.29…

A: Total Product refers to the total output produced by utilizing the inputs. Average Product is…

Q: 15000 10000 5000 0 5000 10000 15000 20000 25000 Figure 1. Vertical axis (Y) is annual wage.…

A: Based on the image supplied, it looks to be a supply and demand graph, which is commonly used in…

Q: QUESTION 16 Should company always hire the cheapest workers? Should it always hire the most…

A: Hiring labor and whether it should be cheap or paying them more salary will entirely depend upon…

Q: 33. Refer to Table 13-2. What is the marginal product of the first worker? a. 50 units b. 300 units…

A: The labor demand curve is the value of marginal product curve. Marginal product is the change in…

Q: If the hourly wage is $6, this business should hire workers; and if hourly wage is $31, this…

A: Equilibrium labour is determined where MR>= MC= Wage where Wages are 6 and 31

Q: State A has a total population of 10 million, of which 70 percent are adults (civilian…

A: Labor force = total number of eligible population who is willing to work labor force participation…

Q: Table 18-7 Number of Marginal Product Value of Marginal Marginal Workers Output of Labor Product of…

A: Marginal product of labor refers to change in total product with change in labour input.

Question

(Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal
product of labor for the sixth worker?
Number of Workers Per Year
4
5
6
7
8
$21,200
$2,200
$110,000
$45,000
Number of Books Edited Per Year
16,000
19,000
21,200
22,800
23,700
24,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define MPL

VIEW

Step 2: Calculation of marginal product of labor

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
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
Compute the missing positive differential value * Reference Value 100 80 41 30 120 Your answer Positive Differential Value 109 63 48 151 Negative Differential Value 30 12 CO 8 6 Total Economic Value 130 101 51 42 143 Differential Value 81222 30 10 23
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.
A rise in the price of cabbage from $14 to $18 per bushel, caused by a shift of the demand curve, increases the quantity supplied from 4,000 to 6,000 bushels. The elasticity of supply using point formula is ________________
Problem 08-02 algo Refer to the figure to answer two questions. Marginal Revenue Product(per hour) $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 2 worker(s) MRP b. $10 an hour? 4 worker(s) 6 Quantity of Labor(workers per hour) 8 According to the figure, how many workers would be hired if the prevailing wage were Instructions: Enter your responses as a whole number. a. $14 an hour? 10 12 14
Diminishing marginal productivity sets in after the hiring of which worker?
Category Total population Less than 16 years of age Over 65 years of age Institutionalized 15 Part-time workers 40 Full time workers 145 Actively looking for work 10 In the US Armed forces 20 The Labor force participation are is 95% 83.% 80% 93% a. b. C. Number of people (million) 305 d. 30 5
# 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,
: 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.
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
OL JO / UOIısend Which situation bestillustrates the concept of division of labor? O A. A business hires employees who require training in most skills. B. A business hires employees who are mostly self-sufficient. C. A business hires employees who all have a wide range of skills. D. A business hires employees who each specialize in one skill. SUBMIT + PREVIOUS DEL