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Answer: marginal product
Marginal product refers to the addition in output when one more unit of labour is hired. It is obtained by differentiating the total product function.
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QUESTION 1 The is the increase in output that is produced when a firm hires an...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output...
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes pro...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
Question 22 We have the following information for a firm that has no fixed costs and...
Question 22 We have the following information for a firm that has no fixed costs and uses only one variable input: labour. Firm hires 1 worker Firm hires 2 workers 60 130 $4 $3 ATC a) The marginal product of the 2nd worker is a. -1 b. 70 C. Not enough information to determine d. 130 b) This firm is currently experiencing a. constant marginal product b. Not enough information to determine. c. increasing marginal product c) The marginal cost...
A firm hires labor in a perfectly competitive labor market. Its current profit-maximizing hourly output is...
A firm hires labor in a perfectly competitive labor market. Its current profit-maximizing hourly output is 100 units, which the firm sells at a price of $5 per unit. The Marginal Physical product (MPP) of the last unit of labor employed is 5 units per hour. The firm pays each worker an hourly wage of $15. a)What Marginal Revenue (MR) does the firm earn from sale of the output produced by the last worker employed? Explain your asnwer b)Does this...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
When a firm can increase its output with a less than proportional increase in total costs,...
When a firm can increase its output with a less than proportional increase in total costs, which of the following is true? 1) the firm has economies of scale 2) the firm’s average cost is decreasing with output 3) the firm’s marginal cost is less than its average cost 4) all of the above. 5) none of the above.
1) If the average product of 14 workers is 50 bushels of wheat and the average...
1) If the average product of 14 workers is 50 bushels of wheat and the average product of 15 workers of wheat is 55 bushels of wheat, then the marginal product of the 15th worker was ___________ bushels of wheat. So What is _____? 2) Which of the following is most likely to be a fixed cost for a bakery firm? A)Wages paid to workers B)Paying for ingredients from a food supplier C)The monthly electricity bill D)Paying rent each month...
Question 1 (1 point) Marginal product is the: increase in average product attributable to the employment...
Question 1 (1 point) Marginal product is the: increase in average product attributable to the employment of one more worker increase in total revenue attributable to the employment of one more worker increase in total cost attributable to the employment of one more worker total product divided by the number of the workers employed increase in total output attributable to the employment of one more worker
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor...
In order to maximize its profits, a firm that hires workers in a perfectly competitive labor market will hire workers until the: A. Extra revenue generated from hiring another worker equals the extra profit from hiring that worker. B. Extra revenue generated from hiring another worker equals the extra cost of hiring that worker. C. The marginal wage rate marginal product of the last worker. D. The marginal product of labor begins to decline.
Question Completion Status: QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product • maximizes profit minimizes average total cost • minimizes average variable cost QUESTION 32 If marginal cost is rising - average variable cost must be falling average fixed cost must be rising marginal product must be falling • marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output...
QUESTION 31 An efficient scale of the firm is the quantity of output that maximizes marginal product maximizes profit minimizes average total cost minimizes average variable cost QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping...
Name: 1. Consider a firm that hires workers (L) and produces output (Q). a. If the firm charges a price of $1 per unit output (P) and pays a nominal wage of $8 per worker (W), fill in the values in the following table, where MPL is marginal product of labor (units per worker), VMPL is the value of the marginal product of labor ($ per worker), and W/P is the real wage (units per worker). Labor Output MPL Price...
Question 22 We have the following information for a firm that has no fixed costs and uses only one variable input: labour. Firm hires 1 worker Firm hires 2 workers 60 130 $4 $3 ATC a) The marginal product of the 2nd worker is a. -1 b. 70 C. Not enough information to determine d. 130 b) This firm is currently experiencing a. constant marginal product b. Not enough information to determine. c. increasing marginal product c) The marginal cost...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
Question 1 (1 point) Marginal product is the: increase in average product attributable to the employment of one more worker increase in total revenue attributable to the employment of one more worker increase in total cost attributable to the employment of one more worker total product divided by the number of the workers employed increase in total output attributable to the employment of one more worker
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