Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 11, Problem 20SQ
To determine
The marginal factor cost of a firm.
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The marginal product of labor is
A) output that does not meet quality specifications.
B) total product divided by labor.
C) the change in total product divided by the increase in labor.
D)
a measure of labor.
What is the Value of Marginal Product of adding the first worker?
Group of answer choices:
$1,500
$1,400
$1,200
$1,300
What does diminishing marginal product imply?
The marginal cost of an extra worker is unchanged.
The marginal cost of an extra worker is less than the previous worker's marginal cost.
The marginal product of an extra worker is less than the previous worker's marginal product.
The marginal product of an extra worker is greater than the previous worker's marginal product.
Chapter 11 Solutions
Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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Similar questions
- i Saved Help Save & Exit Sul Instructions: In parts a and b, enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate marginal physical product (MPP). Labor Output(Q) MPP 0 0 10 2 22 3 30 36 5 38 6 37 b. When does marginal productivity first diminish? When worker is hired.arrow_forwardThe marginal product of the 14 th worker is 8 and the firm sells its output for $4 per unit. If labor is the only variable cost, then the value of the 14 th worker's marginal product is $2. $4. $12. $32.arrow_forwardPressed 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; risingarrow_forward
- #ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.arrow_forwardThe marginal product of labor is the additional: a) wage paid for an additional hour of work. b) wage paid for an additional worker employed. c) labor employed to produce one more unit of output. d) output produced by one more worker.arrow_forwardDefine marginal product of talent, with detail and examplearrow_forward
- You produce shoes (Q) with labor (L) and capital (K). The production process is as so:Q = 400L - 20L2 + 600K – 10K2The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of labor (L) should you employ? Enter as a value.arrow_forwardLabor(workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.arrow_forwardThe 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.arrow_forward
- Each of the following examples reflect some labour cost faced by an employer. Select all of those which are considered quasi-fixed labour costs. Select one or more: a. Harpreet spent $1,000 advertising a recent job opening b. Denise pays her entry-level employees an hourly wage of $20 c. John recently laid off five workers and gave them each $20,000 in severance pay d. Ahmed's sales employees earn an average annual commission of $50,000 e. Amanda spends $5,000 per year on supplemental health insurance for each of her employeesarrow_forwardAccording to the above table, the marginal factor cost of the eighth worker is A. $216.00. B. $27.00. C. $168.00. D. $48.00.arrow_forwardWhat is the output of the 8th worker? Group of answer choices: 0 -10 10 5arrow_forward
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