The marginal product of the 6 t h farm worker and the marginal product of the 8 t h worker, if the price rises to $3 a bunch.

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Answer 1

Question

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

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Suppose the marginal social cost of television sets is $100. This is constant and equal to the average cost of television sets. The annual demand for television sets is given by the following equation: Q = 200,000-500P, where Qis the quantity sold per year and P is the price of television sets. a) If television sets are sold in a perfectly competitive market, calculate the annual number sold. Under what circumstances will the market equilibrium be efficient? b) Show the losses in well-being each year that would result from a law limiting sales of television sets to 100,000 per year. Show the effect on the price, marginal social benefit, and marginal social cost of television sets. Show the net loss in well-being that will result from a complete ban on the sales of television sets. (show with graphs.)

Answer 2

Question

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

Answer 6

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

Answer 7

Chapter 19, Problem 1SPPA

To determine

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.

Answer 8

Expert Solution & Answer

Explanation of Solution

In the labour market, an equilibrium occurs when wage rate equals value of marginal product. If the farm employs six workers, and the wage rate is $12 per hour, then the value of the marginal product of the sixth farm worker must be $12 per hour. If asparagus costs $2, then the marginal product of labour (which is the value of marginal product divided by the price) is 6 units.

If the price of asparagus rises, the farm hires two more workers, it still must be that the value of marginal product of the eighth farm worker is equal to the wage rate. So, the value of the marginal product of the eighth farm worker is $12 per hour. If asparagus costs $3, then the marginal product of labour (which is the value of marginal product divided by the price) is 4 units.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Marginal product:

Marginal product is addition to total product when one more unit of labour is employed. Generally, the marginal product is positive.

Answer 12

Ch. 19 - Prob. 1SPPA Ch. 19 - Prob. 2SPPA Ch. 19 - Prob. 3SPPA Ch. 19 - Prob. 4SPPA Ch. 19 - Prob. 5SPPA Ch. 19 - Prob. 6SPPA Ch. 19 - Prob. 7SPPA Ch. 19 - Prob. 8SPPA Ch. 19 - Prob. 9SPPA Ch. 19 - Prob. 10SPPA

The marginal product of the 6 t h farm worker and the marginal product of the 8 t h worker, if the price rises to $3 a bunch.

To compute: The marginal product of the 6th farm worker and the marginal product of the 8th worker, if the price rises to $3 a bunch.

Explanation of Solution

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Chapter 19 Solutions

To compute:

The marginal product of the 6^t^h farm worker and the marginal product of the 8^t^h worker, if the price rises to $3 a bunch.