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.

Question

Want to see more full solutions like this?

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.

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!

Students have asked these similar questions

Respond to Luis Rodriguez I recommend Mrs. Ibrahim's proposal to lower interest rates as the more effective approach for fostering economic growth in Sudan. Sustainable Growth - Lowering interest rates encourages investment in productive capacity, which can lead to long-term economic growth rather than a temporary boost from cash transfers. Job Creation - This approach can create more stable employment opportunities by promoting business expansion through lower borrowing costs. Addressing Structural Issues - Lower interest rates can help address underlying structural issues in the economy, such as low production levels, by incentivizing businesses to invest in technology and infrastructure. Inflation Control - While there is a risk of inflation if appropriately managed, focusing on productive investments can help mitigate this risk compared to the potential inflationary effects of direct cash transfers. In conclusion, while both proposals have merit, Mrs. Ibrahim's approach of…

Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 100 90 80 70 COSTS (Dollars per pound) 8 50 40 ຊ 20 10, 10 10 + MC ATC AVC Π 0 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pounds) (?)

3. Uncle Mateo loves shoes and high unemployment. Uncle Mateo owns a small shoe factory in Argentina. His business is doing fairly well, especially because prices in Argentina have been falling, including the cost of labor too, since August of 2024. The date is September 1, 2024, and uncle Mateo texted you the following message in an effort to seek your advice about a new policy the government there is intending to implement to deal with high unemployment rates that started to creep up in early 2024: "Hola (hello) dear niece, As you know, prices in Argentina have been falling recently, which is great because I can now hire more people and buy material cheaper than I used to. Also, I was able to find more workers at lower pay because this unemployment rate has been rising. However, some crazy government people want to change things. I don’t know exactly how their ideas will affect me in the long run, but I am worried. They basically want to lower the unemployment rate, and I might have…

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.

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 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.

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 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

Want to see more full solutions like this?

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.