Homework Answers
| Labor | Q | MPL | P | TR | MR | MRPL | Wgaes |
| 1 | 8 | 8 | 300 | 2400 | 350 | ||
| 2 | 15 | 7 | 280 | 4200 | 257.1 | 1800.0 | 350 |
| 3 | 21 | 6 | 260 | 5460 | 210.0 | 1260.0 | 350 |
| 4 | 26 | 5 | 240 | 6240 | 156.0 | 780.0 | 350 |
| 5 | 30 | 4 | 220 | 6600 | 90.0 | 360.0 | 350 |
| 6 | 33 | 3 | 200 | 6600 | 0.0 | 0.0 | 350 |
| 7 | 35 | 2 | 180 | 6300 | -150.0 | -300.0 | 350 |
The firm should hire 5 units of labor profit maximizing hiring at MRPl = Wage rate or MRPL just greater than the wages.
Marginal revenue Product of Labor = MArginal Product*Marginal revenue
Marginal revenue= Change in total revenue/change in output
Marginal Product = Change in output/Change in Labor
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Wage Table 17-2 Quantity of Output of iPods per Marginal Product of Product Price Labor Week...
QUESTION 4 (12 Marks) i. ii. If the price is rmb10, and wage is rmb250 per...
QUESTION 4 (12 Marks) i. ii. If the price is rmb10, and wage is rmb250 per person. Complete the table by filling the spaces Labor (L) Output Number of (packs per Workers week) Marginal Product of Labor Value of the Marginal product Marginal profit Wage 0 0 1 100 2 180 3 240 4 280 5 300 111. Use the data obtained to draw the marginal product of labor curve.
26. Exhibit 22-14 Quantity of Labor Output Marginal Physical Product (MPP) Wage Marginal Cost 0 ...
26. Exhibit 22-14 Quantity of Labor Output Marginal Physical Product (MPP) Wage Marginal Cost 0 0 1 100 (C) $600 (E) 2 (A) 75 600 (F) 3 (B) 50 600 (G) 4 240 (D) 600 (H) Assume that labor is the only variable input and that each additional laborer is paid $600. Refer to Exhibit 22-14. What is the MPP of the first unit of labor [blank (C)]? a. 50 units b. 100 units c. 600 units d. 700...
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price...
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per...
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
1) Quantity (2) Quantity (3) Product (4) Marginal (5) Marginal of Factor X of Output Price...
1) Quantity (2) Quantity (3) Product (4) Marginal (5) Marginal of Factor X of Output Price Physical Product Revenue Product O 20 $24 1 28 $24 (c) 2 34 $24 (A) (D) 3 37 $24 (B) (E) 4 38 $24 (E) If firm is a factor price taker and ongoing price of Factor X is $20, how many units of Factor X this firm should hire to maximize profit? O 2 4 O 1 3
Consider the table 7-2. a. If the market price is $2.22 determine the profit maximizing output....
Consider the table 7-2.
a. If the market price is $2.22 determine the profit maximizing
output.
b. If the market price is $1.50 determine the profit maximizing
output.
c. If the market price is $5.00 determine the profit maximizing
output.
Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 MC రారాజు 8 5...
Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 MC రారాజు 8 5 D MR 0 160 220 250 300 Quantity of output (per week) The profit-maximizing firm in this figure will produce units of output per week. O 220 O 160 O 300 O 250
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total...
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product Marginal Revenue Labor from labor from Labor Product from Labor 0 10 20 2 80 150 120 90 80 | 40 10 20 11 5 How many workers should this firm hire if the price of labor cost is $400? Write the rule you used to determine the number of workers. (2 points) b. Why does marginal product eventually fall? (1 point) c. Illustrate...
QUESTION 4 (12 Marks) i. ii. If the price is rmb10, and wage is rmb250 per person. Complete the table by filling the spaces Labor (L) Output Number of (packs per Workers week) Marginal Product of Labor Value of the Marginal product Marginal profit Wage 0 0 1 100 2 180 3 240 4 280 5 300 111. Use the data obtained to draw the marginal product of labor curve.
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
Marginal Value of Product of the Labor Quantity Labor (number Marginal (cupcakes (cupcakes Product of per day) per day) of workers) Labor Wage (per day) Marginal Profit 0 0 $325 1 200 $325 2. 350 $325 3 475 $325 4. 575 $325 The price of cupcakes drops to $2. Given the data how many employees would be hired O 1 O2 3 4 Marginal Value of Product of the Labor Quantity Labor Marginal (number Wage (cupcakes (cupcakes Product of (per...
1) Quantity (2) Quantity (3) Product (4) Marginal (5) Marginal of Factor X of Output Price Physical Product Revenue Product O 20 $24 1 28 $24 (c) 2 34 $24 (A) (D) 3 37 $24 (B) (E) 4 38 $24 (E) If firm is a factor price taker and ongoing price of Factor X is $20, how many units of Factor X this firm should hire to maximize profit? O 2 4 O 1 3
Consider the table 7-2.
a. If the market price is $2.22 determine the profit maximizing
output.
b. If the market price is $1.50 determine the profit maximizing
output.
c. If the market price is $5.00 determine the profit maximizing
output.
Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 MC రారాజు 8 5 D MR 0 160 220 250 300 Quantity of output (per week) The profit-maximizing firm in this figure will produce units of output per week. O 220 O 160 O 300 O 250
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product Marginal Revenue Labor from labor from Labor Product from Labor 0 10 20 2 80 150 120 90 80 | 40 10 20 11 5 How many workers should this firm hire if the price of labor cost is $400? Write the rule you used to determine the number of workers. (2 points) b. Why does marginal product eventually fall? (1 point) c. Illustrate...
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