Use the table below to answer questions about a firm's hiring decision. Labor (workers) Output (units) Total Cost ($) $50 1 15 $60 27 $70 3 37 $80 4 45 $90 5 50 $100 What is the total cost when the marginal product of labor is 10? Choose one: O A $60 ов. 530 O . $20 O D. $50 O E. $70 O F. $10 O G. $90 O H. $40 O. $100 O J. $80 2.
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- What determines the demand for labor for a firm operation in a perfectly competitive out market?A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.Use the table below to answer questions about a firm's hiring decision. Labor (workers) Choose one: O A. $70 B. $80 O C. $60 O D. $90 E. $50 F. $100 0 1 2 3 G. $20 O H. $10 O I. $40 O J. $30 4 5 What is the total cost when the marginal product of labor is 10? Output (units) 0 15 27 37 45 50 What is the total variable cost when the marginal product of labor is equal to 5? Total Cost ($) $50 $60 $70 $80 $90 $100
- QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A. The firm should hire less labor to pay minimum O B. The firm should use more capital to increase the labor productivit OC The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to wage pay minimum costA small specialty cookie company, whose only variable input is labor, finds that the average worker can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm O A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. O B. is not maximizing profit because the marginal revenue product of labor is less than the wage. O C. is maxinmizing profit because the marginal product of labor is greater than the wage. O D. is not maximizing profit because the price of the output is not equal to the wage. O E. is not maximizing profit because the marginal product of labor is greater than the wage.Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Shovels) (Number of workers) 0 0 1 100 2 195 3 275 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (?) 400 O -O- 360 Production Function 320 280 240 200 160 120 80 40 0 O 0 2 2 5 LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL 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. ? 100 90 80 70 60 50 40 30 20 OUTPUT (Shovels) MPL (Shovels per worker) 10 0 0 O 1 1 2…
- Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…(a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above. Question 4 Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph: (a) an increase in labour productivity. (b) an increase in preference for work. (c) the trade union withdraws labour through a strike.(a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above.
- (a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function is provided in the table. The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above.Question 1 The table below gives the number of workers and their possible daily output for a company. The wage is $150 per day. What is the marginal product of the 30th worker and the marginal cost of that worker's output? Workers 10 20 30 Total Product 2500 5300 8400 O a. Marginal Product is 8400 and Marginal Cost is $56.00 O b. Marginal Product 103.3 is and Marginal Cost is $1550 O c. Marginal Product is 310 and Marginal Cost is $0.483 Od. Marginal Product 5900 is and Marginal Cost is $4500 1 pointsItem 9 The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. | APMP 100 80 60 MP AP 60 80 100 120 140 160 20 40 Labor When the firm uses 100 units of labor, what is marginal cost at this level of output? Multiple Choices $33.33 $25 = % O $180 O $90 Ave rage aid m arginal prodictof labor 20
