Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital 1 30 1 50 2 25 2 40 3 20 3 35 4 15 4 15 5 10 5 5 What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $5 and the price of capital is $10? A-1 unit of labor; 3 units of capital. B-2 units of labor; 2 units of capital C-3 units of labor; 2 units of capital. D-4 units of labor; 4 units of capital E-5 units of labor; 1 unit of capital

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Answer to the question is as follows :

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Total labor cost is the total cost of hiring laborers. Total labor cost is calculated as units of…

Q: Using the information from the table below, what is the marginal cost of increasing output from 32…

A: The Marginal cost refers to the change in the total cost when one additional unit of output is…

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A: Remember the formulas:Marginal product = change in output / change in labor inputMarginal revenue…

Q: Suppose a firm produces cables for video games using workers according to the table below and that…

A: The demand for labor is given by the equation as follows.

Q: Question 6

A:

Q: The table gives the total product schedule for Flora's Flower Shoppe If Flora increases the number…

A: Marginal product is an increase in output due to hiring of additional unit of labour. Marginal…

Q: The marginal product of labor for the third hour of labor is ...????. ​(Enter your response as an…

A: 1) Marginal product of labor for 3rd unit is  MPL= TP3-TP2         = 120-90         = 30 2)Value of…

Q: Calculate the total labor cost and the marginal resource cost, and then fill in the blanks in the…

A: The marginal resource cost is the additional cost incurred by employing one more unit of the input.

Q: After the fifth worker is hired at the hourly wage $40, the output rate increases from 64 pairs of…

A: Marginal cost refers to the change in total cost that arises from producing one additional unit of…

Q: True or False: The marginal product of labor is increasing for the first 4 workers. After that…

A: The marginal product of labor measures the change in the total product due to a change in workers by…

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A: Total revenue refers to the revenue a firm generates from operations and/or sales at different…

Q: Question 1 The market for drones is perfectly competitive. Labor is the only variable input. The…

A: Fixed cost is the cost that does not change when there is a change in the quantity of output.…

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A: Marginal Revenue Product (MRP) is an economic concept used to measure the change in a firm's total…

Q: Labor (L) 0 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Output (Y) 0 10 19 27 34 40 45 49 52 54 59 MPL n.a ? ? ?…

A: When a corporation adds a single labour unit while maintaining the same level of production, the…

Q: production function.

A: A manufacturing feature is a concept in economics that describes the connection between inputs…

Q: A producer is hiring 32 units of labour and 17 units of capital (bundle A). The price of labour is…

A: The production function determines all the input bundles that produce the same output level.The…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: Marginal revenue product is the additional output produced from employing an additional unit of…

Q: Figure 18-3 The figure shows a particular profit-maximizing, competitive firm's…

A: For any perfectly competitive market, the value of the marginal product of labor curve represents…

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Q: Assume that labor and capital are the only inputs used by a firm. Capital is fixed at 5 units, which…

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Q: Which of the following determines the firm's demand curve for labor? a.The size of the labor force…

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Q: true or false The marginal revenue product of labor is the extra revenue associated with the last…

A: False A marginal revenue product (MRP) is defined as the market value having an one additional…

Q: Using the figure below, if Company X hires 12 workers what will their marginal product be?

A: The creation of additional output as a result of the additional input that is being placed into the…

Q: Why does the marginal product of labor start to decrease after a certain number of workers are…

A: Marginal Product of labour basically means the change in total output, due to one unit change in…

Q: Assume the production function of a farmer who keeps a poultry is q=f(L) = 100L05, where Lis labor…

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Q: Suppose that Tim runs his own lawn care service and that his firm is competitive in the lawn care…

A: In this question we are given with Tim and his competitive firm, Tim wants to determine his…