[Item-1] Instruction: (refer to the photo below) Kindly answer the question given and provide correct and complete solution. I will dislike your solution if it is incomplete and wrong answer. The following table shows data for a sample production function.AverageTotalMarginalProduct (TP) Product (AP) Product (MP)Capital (K) Labor (L)101010181010101010101081234567891005153050758590929298Question #1From the information on theinformation in the table,calculate marginal and averageproducts.I also posted other questions (#2, #3 and #4). Ihope you will answer them too.

A product is a thing or service that is created and then used by people in economics. A vehicle or…

The following table shows data for a sample production function. Capital (K) Labor (L) 10 18 10 18 10 8 1 2 3 4 Total Average Marginal Product (TP) Product (AP) Product (MP) 5 15 30 50 Question #1 From the information on 1 information in the tak calculate marginal and avera

The following table shows data for a sample production function. Capital (K) Labor (L) 10 18 10 18 10 8 1 2 3 4 Total Average Marginal Product (TP) Product (AP) Product (MP) 5 15 30 50 Question #1 From the information on 1 information in the tak calculate marginal and avera

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Similar questions

Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .
Only typed answer and don't use chat gpt
The manager of the customer service department at a bank can hire employees with a high school degree (HS) who earn $10,000 annually or employees with a bachelor's degree (B) who earn $20,000. The manager wants to maximize the number of customers served given a fixed payroll. Worker Number of Additional Customers Served High School Degree Bachelor's Degree 1st 80 90 2nd 60 80 3rd 50 60 4th 40 40 5th 35 35 6th 30 25 Given the information in the table, if the manager currently has three HS and three B, what must be true? Multiple Choice More customers could be served if the manager hires fewer HS and more B. More customers could be served if the manager hires more HS and fewer B. The manager is making the correct decision because the marginal contributions are proportionate. The manager is not making the correct decision because bachelor’s degree holders are more productive at all levels of customer served. Please elaborate with math and not just reasoning
Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 0 20 40 60 80 Demand Supply 100 120 QUANTITY OF LABOR (Number of workers) Now consider the effects of the wage change on the entire industry. Demand Supply ? Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will…
A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…
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
Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary (Thousands of dollars) Number of Quarterbacks 0 о 100 1 200 2 300 3 400 4 500 5 Total Cost of Quarterbacks (Thousands of dollars) Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) 100 700 100 300 650 400 500 600 900 700 550 1,600 900 500 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 Labor Supply 600 MFC MRP 500 400 300 200 100…
Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?
Explain the relationship between AC and MC.
Which of the following diagrams shows fixed proportion isoquants? A X1 X1 X2 X1 D X2 X1 O A OB OC
Jenni owns a cooking school that specializes in seafood. Jenni has a limited supply of kitchen space for her instructors to use for lessons. As a result, each successive instructor adds less to Jenni's output of lessons. Cooking lessons cost $35 per hour. The table below shows, for each successive instructor, Jenni's output quantity, marginal product of labor, and value of marginal product. The VMP was found by multiplying the additional number of cooking lessons each additional worker provided (MPL) by $35, which was the price per lesson. Marginal Value of Quantity of Quantity product marginal product (VMP) lessons of labor of labor (hours) (MPL) 1. 10 10 $350 2 17 $245 3. 23 9. $210 4. 28 5. $175 32 4 %24140 35 3. $105 37 $70 38 $35
Oceanic Pacific decided to conduct a series of experiments to determine the amount of tuna that could be caught with different crew sizes. The results of these experiments follow. Number of Daily Tuna Fishermen Catch (Ib.) 50 110 2 300 450 590 665 4 6. 700 725 710 a. Determine the point at which diminishing returns occurs. b. Stage 2 starts at the point where labor is c. The most technically efficient level of output is somewhere between d. Stage 2 ends at the point where labor is