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A: Marginal Revenue is the amount of additional revenue being generated when additional Labor is being…
Q: 7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of…
A: Marginal product of labor (MP) is the additional output that is produced by adding one more unit of…
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A: Marginal Physical Product (MPP) is a concept used in economics to describe the additional output or…
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A: Answer to the question is as follows :
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A: Marginal product is the output that is produced by the additional labor in the production process.
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Q: 19,) In the short run, when the firm produces zero units of output, which of the following is always…
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A: Correct option is c.
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A: Average labor productivity measures the output produced per unit of labor. It is calculated by…
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A: Calculation of MPL: Labor Output (TP) MPL 0 0 1 100 100 2 195 95 3 275 80 4 340 65…
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A: K L Q MPL VMPL 5 0 0 --- --- 5 1 50 50 100 5 2 125 75 150 5 3 225 100 200 VMPL…
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A: Marginal product is the change in total product due to an additional labor hired. Marginal revenue…
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A: The marginal resource cost is the additional cost incurred by employing one more unit of the input.
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A: The marginal product of labor for the nth worker is calculated as MPn=TPn-TPn-1 Where TP denotes…
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A: Before plotting the graphs, we summarize the given information in the following table.
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A: The marginal product:The marginal product (MP) is defined as the increase in the firm's total output…
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A: a.The marginal product of labor is the change in the output due to a change in the quantity of labor…
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why is the short run demand curve for labour downwards sloping.
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- Homer's Donut Shoppe has the production function q=10L +20L²- 5L³. The marginal product of labor is A. MP = 10 + 20L B. MP = 10 + 20L - 5L² C. MP=10L D. 2 MP=10 + 40L-15LEconomic As I hire more and more workers – one, two, then three – what happens to the marginal product of labor?Explain the rule that proft-maximizing frms follow when they decide howmuch capital and labor to hire.
- In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $2. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Marginal Resource Units of Total Labor Marginal Product Wage Rate Total Product Revenue Labor Cost Product (Labor) Cost 10 200 $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ %3D Equilibrium level of employment workersGM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increasesM d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case iS 24 hours x 7 days - 40 hours 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: Your total number of hours will fall by 25%. O a. O b. Your total number of hours will fall by 50%. You will work 25 hours per week. C. O d. Your free time will increase by 25%. 因 口 五 0 ASUS ZenBook
- The sole hirer in a labor market confronts the following labor supply curve: Labor Wage 1 8 2 16 3 24 4 32 5 40 6 48 The total wage bill when 3 units of labor are hired is Type your answer here are hired is Type your answer here The marginal costs of hiring the 4th unit of labor to the firm are Type your answer here . The total wage bill when 4 units of laborQ24. The following table gives the marginal product schedule of labour. It is also given that the total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour. L (units) MP (units) 1 3 5 6. 3575 31Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
- What causes the labor supply curve sometimes to bend backward at higher wages? O It can be harder to get a high wage job. O An employee may want to work less if wages are higher. O An employer may not be willing to hire as many workers at higher wages. An employee may want to work more days at higher wages. O An employer might allow fewer breaks at higher wages.workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?Suppose a firm did riveted a useful production technique. We can expect: a. The firm to hire fewer workers b. The firms labour demand curve to shift right c. The firms labour demand to shift left d. The firms labour curve to remain unchanged