Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 11, Problem 20SQ
To determine
The marginal factor cost of a firm.
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Factor-Factor Decision Making. Using the following information, answer the questions.
y = 100
Px1 = $5 Py $3
Px2 = $2
Given:
TFC = $50
Labor
Water
x2
MRS.
3
4
8.
12
MRS, and insert above.
1.
Calculate the
What is the price ratio that should be used to determine cost minimization
combination?
2.
3.
What is the least cost combination of inputs?
15
4.
What is the total cost of producing 100 units of output?
5. How much profit was made?
964m
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
Chapter 11 Solutions
Micro 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
- 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.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
- The 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_forwardAfter Suzie, owner of Suzie's Sweet Shop, hires her 8th worker the average product of labor declines. Which of the following statements must be true? The marginal product of the 8th worker is negative. The marginal product of the 8th worker is less than the average product of labor before the 8th worker was hired. Suzie's profits would be greater if she did not hire the 8th worker. The average product of labor is negative. Question 14 Which of the following statements is true? The average product of labor is at its maximum when the average product of labor equals the marginal product of labor. The average product of labor is at its minimum when the average product of labor equals the marginal product of labor. The average product of labor tells us how much output changes as the quantity of workers hired changes. Whenever the marginal product of labor is greater than the average product of labor the average product of labor must be decreasing.arrow_forward23) The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is A) 10 B) 12 D) 116 Answer: A Diff: 2 Topic: The Production Process Skill: Analytic C) 22arrow_forward
- 8arrow_forwardYou 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_forwardA worker's Marginal Product of Labor (MPL) depends on A. B. C. D. only the worker's skill level. only the production function. both the worker's skill level and the production function. neither the worker's skill level nor the production function.arrow_forward
- Labor(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_forwardEach 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_forward
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