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.
A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).
For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2. The first 18 items produced can be sold for $100 each, and beyond that production level, the unit selling price is $90. What is the marginal revenue product of labour when labour input is 20? a.6800 b.8000 c.9000 d.7500 e.7200
Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).
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.

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