The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 (10,0) 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N

The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 (10,0) 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

= $30 and wage rate Let the production function be given by: q = 10(L^2)K, with rental rate v W = $20. 1. How much K and L are employed to produce 11,250 units of output? 2. Suppose that the firm wants to increase output to 19, 440 units of output, now how much K and Lare employed to produce with minimize cost? 3. Suppose that in the short run the amount of capital is fixed at K = 10, what is the firm short run fixed cost? 4. Suppose that in the short run the amount of capital is fixed at K = 10, what is the short run total cost of producing 900 units of output?
Initially a firm's wage is w= $24 and its rental cost of capital is r $24. After its wage rate doubles, how do its isocost lines change? Let L represent labor and K capital. 1.) Using the line drawing tool, graph an isocost line at the original wage, when the wage is w = $24. Label this line 11: 2.) Using the line drawing tool, graph an isocost line at the new wage, when the wage doubles. Label this line '12. Carefully follow the instructions above, and only draw the required objects. 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- K, Capital 0 2 4 6 8 10 12 14 16 18 L, Labor
please help
please help
Suppose the hourly wage rate is $14, the rental price of capital is $2 and the price of output is constant at $42 per unit. Firm's production technology is q = 4K0.25 0.75, the marginal product of employment is MPE =3K0.25E-0.25 and the marginal product of capital is MPK = K™ 0.75 0.75. What is firm's optimal demand of labor if firm plans to produce q=19 units of outputs in the long-run? (please keep 1 decimal place in your answer)
Given: Q = -0.0250 L3 + 1.5 L2 a) Derive the AP and MP equations b) What is the level of Q where AP and MP of labor is maximum?
Questions 16.6-16.10: In the table, L is the units of labor, TP, is the total product of labor, MP is the marginal product of labor, TR is total revenue, and MRP. is the marginal revenue product of labor. Assume the other quantities employed by the firm remain constant. Answer these in order. That is, do not answer 16.7 before 16.6 is answered. ТР MPL Price TR MRP. $1000 1. 10 1000 2 18 1000 3. 24 1000 4 28 1000 16.6. Compute the MPL 1000 30 16.7. Compute TR. 16.8. Compute MRP.
Mainly concerned with how to answer part b.
Suppose that the production function for compact disc player is Q=100L 0.6K 0.4 Where ? is the total output, ? is the quantity of labor employed, and ? is the quantity of capital in place. a) Calculate TP, AP, and MP for the sixth, seventh and eighth units of labour employed if capital is fixed at 240units.
Assume that the labour force is 20 workers, the capital stock is $4500, and output is $1550. If the production function is Y=zK1/2nd1/2 the value of total factor productivity is (Round your answer to one decimal place as needed.)
Take me to the text In an effort to increase business in 2016, Nir-Van-A (a company that provides van rentals) decided to discount its prices. Following is financial information from 2015 and 2016. Note that minimum wage for service workers has increased in 2016. Calculate the labour cost margin for each year. Do not enter dollar signs or commas in the input box. Round your answers to 2 decimal places. Item 2016 $1,008,000 $747,000 Revenue Payroll and Related Expenses Labour Cost Margin 1.34 2015 % 1,37 $951,000 $690,000 %