Use the following schedule for a perfectly competitive resource market to answer the 4 questions that follow: # of workers Total output Product Price 0 0 $3 1 16 $3 2 26 $3 3 34 $3 4 40 $3 5 44 $3 At a wage rate of $11, how many workers would this Firm elect to employ? At a wage rate of $23, how many workers would this Firm elect to employ? How many MORE workers will the Firm hire when the wage rate is $15 instead of $30? If the product price increases from $3 to $4, then at a wage rate of $15, how many workers will this Firm employ?

Use the following schedule for a perfectly competitive resource market to answer the 4 questions that follow: # of workers Total output Product Price 0 0 $3 1 16 $3 2 26 $3 3 34 $3 4 40 $3 5 44 $3 At a wage rate of $11, how many workers would this Firm elect to employ? At a wage rate of $23, how many workers would this Firm elect to employ? How many MORE workers will the Firm hire when the wage rate is $15 instead of $30? If the product price increases from $3 to $4, then at a wage rate of $15, how many workers will this Firm employ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A pizzeria, which operates in a perfectly competitive hospitality market, can produce pizzas if it has its premises and a pizza oven (which cost £10 per night), ingredients (£3 per pizza), and workers (each of whom earn £40 per night). The number of pizzas that can be produced per night, depending on the number of workers employed by the pizzeria, is given in the following table: Workers employed 1 2 3 4 Pizzas per night 20 36 48 56 60 HINT: In the following, you willI be asked to draw curves in diagrams based on the above table. In each diagram, please proceed as follows: First, place a dot in the diagram, each representing a column in the table. Second, label each dot with its coordinates. Third, connect dots with straight lines to obtain the required curve. d) Explain how the firm can use this cost function to determine its profit maximising quantity. (Ctrl) e) Determine the firm's profit maximising quantity if the market price is £6, showing how you applied the method that you…
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1. The demand for labor Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 0 1 16 2 30 3 42 4 52 5 60 Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $15 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $15 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. WAGE RATE (Dollars per worker) 300 270 240 210 180 150 120 90 60 30 0 0…
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For a firm selling goods in a perfectly competitive market, the price of their output is A. equal to the marginal revenue product of labour B. equal to the marginal revenue product of capital C. equal to the marginal revenue associated with an additional unit of output D. equal to the marginal product of labour
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Utilize the following information to answer the following question, which assumes perfectly competitive markets: Wage (MFC):$40 Price of good sold (P):$2 Marginal physical product (MPP) from the 8 th workers hired: 20 Question: Should the firm increase the amount of workers hired? A. Yes, due to the fact MRP>MFC. Therefore, a firm can maximize profits by hiring additional workers. B. Yes, due to the fact MFC=MRP. Therefore profits can be increased by hiring additional workers. C. No, the firm should hire exactly 8 workers because at that point MRP=MFC; which is the profit maximizing level of labor hired. D.No. the firm should hire exactly 8 workers because at that point MRP>MFC; which is the profit maximizing level of labor hired.