please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly WAGE (Dollars per worker)300270Demand P = $152402101801501209060603000123LABOR (Number of workers)5Demand P $13?At the given wage and price level, Blewitt's should hireSuppose that the price of blueberries decreases to $13 per pound, but the wage rate remains at $200.

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Answered: WAGE (Dollars per worker) 300 270…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: Earnings And Discrimination

Section: Chapter Questions

Problem 3PA

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2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…
Suppose that the equilibrium wage for teachers in Iowa is $15/hour. Also suppose that Iowa raises its minimum wage to $14/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.
Quantity of Labor # of Keyboards per month 60 2 160 3. 240 4 280 300 If the price oft keyboards is $20 and the wage rate is $1.000, how many workers should be hired? 04
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A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
PRICE (Dollars per unit) 250 225 200 175 150 125 100 75 60 50 25 0 о 5 10 Demand 40 15 20 25 30 35 40 QUANTITY (Units) 45 50 60 Graph Input Tool Market for Goods Quantity Demanded (Units) Demand Price (Dollars per unit) 25 125.00 (?) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. TOTAL REVENUE (Dollars) 3130 2817 2504 2191 1878 1565 1252 939 626 313 0 0 5 10 15 20 25 30 35 QUANTITY (Number of units) 40 40 45 50 50 Total Revenue (?)
A conpetidive fimis praduction fonctian is 1/3 10t x-1220)"3, The price of the input %3D 20 is :) Show Ahat the firim's tatal (2at etg cly) cuSve s (y-10)- a dhow thot the minimum 2f the bso monginal and the wninimum (2st. Cuve is at the outaage =15 Cast CUnve is at 3 Detensine the finm's dupkiy function A)
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WAGE (Dollars per worker) 300 270 Demand P = $15 240 210 180 150 120 90 60 60 30 0 0 1 2 3 LABOR (Number of workers) 5 Demand P $13 ? At the given wage and price level, Blewitt's should hire Suppose that the price of blueberries decreases to $13 per pound, but the wage rate remains at $200.