The following table provides information about labor supply and the marginal revenue product oflabor for a profit-maximizing monopsonist.MarginalRevenueWageLabor SupplyProduct ofLabor4567∞ a18361933203021278222492321101322324181125151226122791428615293Calculate the marginal cost of labor at each level of employment. What is the marginal cost ofhiring the 25th worker?

We are given the following table: Let us add the total cost of labor and marginal cost of labor…

Answered: The following table provides…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 21CTQ: Other than the demand for labor, what would be another example of a 'derived demand?

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Similar questions

What determines the demand for labor for a firm operation in a perfectly competitive out market?
What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony?
please also do the graph thank you
Carolyn owns a soda factory and hires workers in a competitive labor market to bottle soda. Her company's weekly output a bottle soda varies with the number of workers hired, as shown in the following table. Complete the following table before answering: Number Of Workers Cases Per Week Total Revenue $ per week VMP $ per worker 0 0 1 200 2 360 3 480 4 560 5 600 A. If each case sells for $10 more than the cost of the materials used in producing it in the competitive market wage is $1000 per week how many workers should Carolyn hire? How many cases will be produced per week?…
3. For a profit-maximizing monopsonist (only person hiring), they will hire labor until the MCE=MRPE. Consult the following table which I have started to fill out. What is the optimal number of workers for this firm to hire if their product sells for $15. + Workers 0 12345 1 a. b. 2 C. 3 d. 4 Wage 0 3 9 21 30 39 MCE 3 15 111 Product/hour Revenue MPE N/A 5 0 SIIHE 5 9 12 14 15 $0 $75 $135 LER 4 T 110 F FOCUS MRPE N/A 75 60 40
The table below shows the quantity demanded and supplied in the labor market for economics professors at I'mAStateUniversity, where all the professors belong to a union. All of the economics professors could also work as economic consultants, but the market for economic consultants is not unionized. Annual Salary Quantity of workers demanded Quantity of workers supplied $50,000 95 20 $60,000 80 30 $70,000 65 40 $80,000 50 50 $90,000 35 60 $100,000 20 70 If the union negotiates an annual salary increase for economics professors that is $20,000 higher than the market wage rate for economic consultants, then the market wage rate for the consulting positions will _____________________ and the quantity of economic consultants employed will_____________________. Question 3 options: rise, rise rise, fall fall, rise fall, fall
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.
K 8.00- 7.60- 7.20 6.80- 6.40- OA. B, A OB. A; A OC. B; B O D. A; B Market A 0 400 800 1200 Quantity S D a S 8.00- 7.60- 7.20 6.80 6.40 0 Market B 400 800 1200 Quantity S D Use the supply and demand diagrams for labour markets A and B given above to answer the following question. If a minimum wage of $7.20 is imposed on both markets, then the reduction in employment will be highest in market and unemployment will be highest in market
is the labor dmand curve of a perfectly competitive firm, upsloping o downsloping?
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
Unit of Labor 0 1 2 3 4 5 5 4 6 3 2 Total Product 0 15 28 39 48 55 60 Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $20, how many workers will the firm choose to employ? Product Price $ 2.20 2.00 1.80 1.60 1.40 1.20 1.10 5 5 dy en
Solve for and fill in the missing portions of the following table to derive the monopsonist's derived demand curve for labor and answer the following question: Number of Total Physical Marginal Physical Product Marginal Revenue Workers Product Price Product 246 9,557.10 32.70 1 32.70 247 9,589.75 32.65 1 32.65 248 9,622.35 32.60 1 32.60 249 9,654.90 32.55 1 32.55 250 9,687.40 32.50 1 32.50 251 9,719.85 32.45 1 32.45 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 254 9,816.90 32.30 1 32.30 Question: What is the marginal revenue from hiring the 253rd worker? $32.40 $32.30 $32.35

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