Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
8th Edition
ISBN: 9781337292603
Author: Mankiw
Publisher: Cengage Learning (2018)
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Chapter 18.1, Problem 1QQ
To determine
Define marginal product of labor and value of marginal product of labor.
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define marginal product of labor and value of the marginal product of labor.describe how a competitive,profit-maximizing firm decides how many workers to hire.
Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.
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Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
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- What is the marginal cost of labor?arrow_forwardWhat are the factor payments for land, labor, and capital?arrow_forwardFord Motors 2010-2019 Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of both, but most companies will rely more heavily on one or the other.arrow_forward
- 10. Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes four hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job. What would be the new employee’s marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?arrow_forwardi 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_forwardQUESTION 19 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage B. The firm should use more capital to increase the labor productivit C. The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum costarrow_forward
- Question 10arrow_forwardQ24. 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 31arrow_forwardTyped plz My feedback depends on how good quality answer I get Thanksarrow_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 paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.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_forward
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