VMPL7ihworker Charlie owns his own candy factory where he employsindividuals to make his world-famous toffee. The graphsshow the factory's production for one day. Charlie payseach worker $110 a day and sells his toffee for $0.50 each.Use the accompanying graph to answer the following20801960Total productquestions.18001600-a. Calculate the marginal product of labor (MPL) for the1360 -fifth and eighth workers.1080 -760 +MPLunits5worker400310MPLunitsgihworkerQuantity of workersb. Calculate the value of the marginal product of labor(VMPL) for the fourth and seventh workers.VMPL4th workerQuantity of toffee (units)

Marginal productivity of labor (MPL) is the additional amount of output gained by hiring one extra…

Answered: VMPL 7ihworker Charlie owns his own…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Pressed Juicery makes fresh-squeezed juices. The business produces 750 bottles per week with five employees. An additional the average worker is hired, and total output per week rises to 895 bottles. At six workers, marginal product is product; thus, average product is. below; falling above; rising above: falling below; rising
what is the marginal product?
Question 11 Refer to Figure 1 in Question 11. The car-repair shop charges $150 per repair. What is the value of the marginal product of the third mechanic? (Enter your answer without a dollar sign)
The marginal product of labor for a firm is given by: MPL = 188 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 188 - 4*1, and the marginal product of the second hour of labor would be 188 - 4*2. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
Use the table below. Marginal Total Total Marginal Product revenue Workers Produce Revesue per Product Price (5) product per (Output) hours ($) hour 2,50 25 25 2.50 63 62.50 36 11 2.50 90 27.50 45 2.50 113 22.50 50 2.50 125 12.50 55 is 2.50 138 12.50 How many workers would the firm hire if it were required to pay a wage of $25 per hour? O 2 3. Os
The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the accompanying table. Each cup of coffee sells for $2. Number of workers Coffee (cups/hour) 00 125 245 3.60 470 575 678 The value of marginal product of the first worker is Select one: a. $2.00 b. $25.00 c. $1.50 d $37.50 per hour.
The marginal product of labor for a firm is given by: MPL = 176 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 176 - 4*1, and the marginal product of the second hour of labor would be 176 - 4*2. If the market wage is $14 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers. 0 1 2 3 4 5 6 Units of Output 0 38 85 150 220 320 380 The marginal product of the fourth worker is
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Ford Motors 2010-2019 Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of both, but most companies will rely more heavily on one or the other.
Bob White argues that if his wage went up from $10/hour to $20/hour he would still be able to pay rent and feed his family even if he worked half as many hours. So, if his wage increased he would want to work proportionally less. What is strange about Bob White's labor supply curve? it is very elastic it is very inelastic it slopes down it is vertical
Marginal Labor Input (workers per week) 25 Marginal Physical Product (output per week) 150 Revenue MR 9.00 26 140 8.50 27 130 8.00 28 120 7.50 29 110 7.00 Refer to the above table. What does the marginal revenue product equal when 26 workers are hired a week? $1190 $8.50 $221 $26 O000

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