The following table is for a purely competitive market for resources. Number of Total Workers Product Product Price 0 0 $3 1 16 2 26 MM 3 3 3 34 3 4 40 3 5 ST 44 3 At a wage rate of $23 per worker, the firm will choose to employ

Use the table to answer the question.

A school district received 750 applications for 10 new openings. What does this tell you about the wages offered for this position in relation to the equilibrium wage? Explain.

The following table shows the production function for a company. This company sells its product in a perfectly competitive product market at a price of $4 each and hire labor in a perfectly competitive labor market at a wage of $450 per week. Calculate the Marginal MarginalProduct of the 1st, 2nd, and 3rd. Calculate the Value ofMarginal Product of the 1st, 2nd, and 3rd  How many workers should it hire? How do you know? Explain your answer. Show formulas and some of your calculations.

Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon. Agricultural workers in the area are paid a fixed wage rate of $90 per day. Use this information and the information in the table below to answer the questions that follow. What is the marginal product of labour for employing a third worker? What is the value of marginal product of labour for employing a sixth worker? $ Workers 0 1 2 3 4 5 6 Quantity of Milk per day(gallons) 0 70 130 180 220 240 250 Units

is the labor dmand curve of a perfectly competitive firm, upsloping o downsloping?

There was an increase in demand for im-person shopping what would you expect to happen to equilibrium wage of retail register workers?

Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?

part A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers at $8.50 per day. Number of pickers 1234567890 (e) Briefly explain your answer. (b) (c) Value of pumpkin output $30 48 62 72 80 84 87 A) The profit-maximizing pumpkin farmer should hire only (a) One pumpkin picker because his contribution to output is greatest. (b) Three pumpkin pickers because the fourth costs more than he earns. (c) Four pumpkin pickers because the fifth costs more than he earns. (d) Nine pumpkin pickers because the value of the marginal product of the tenth picker is zero. Ten pumpkin pickers because costs will equal revenue. 89 90 91 The Great Pumpkin, in an attempt to make the pumpkin pickers better off, legislates that pumpkin pickers must be paid a wage no less than $14.50 per day. If our profit-maximizing farmer complies, which of the following will be correct? (a) The quantity of pumpkin output will fall. The value of the average product of labor will…

Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04