2] (Multiple Choice) ________________ are those "high-level employees who apply theoretical and analytical knowledge, acquired through formal education, to develop new products or services" a. Brainy workers b. Knowledge workers c. Manual laborer
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[item no.22] (Multiple Choice) ________________ are those "high-level employees who apply theoretical and analytical knowledge, acquired through formal education, to develop new products or services"
a. Brainy workers
b. Knowledge workers
c. Manual laborer
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Solved in 2 steps
- 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.The Labor Market – End of Chapter Problem The number of bank tellers declined from an aver-age of 20 per branch in 1988 to 13 in 2004, as ATMS replaced human tellers. This meant that the cost of running each branch fell. Banks responded by increasing the number of urban bank branches by 43% in the same time period, which increased the total number of bank employees. So ATMS shifted employees' work from routine tasks like deposits and withdrawals towards skills machines cannot provide, such as sales and customer service. When the use of ATMS became more prevalent, reducing the banks' overall costs, the was scale effect dominant. On net, labor and capital would be considered in this i substitution effect#ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.
- The following table shows the relationship between the number of workers employed and outputs at Wendy’s Café. Number of Workers Cups of Coffee Produced (per day) 1 50 2 95 3 135 4 170 5 200 6 225 Suppose the market price of each cup of coffee is $20, and the market daily wage for each worker is $800. In order to maximize profit, how many workers should Wendy’s Café employ? Explain and show the steps of your calculations. (b) The following diagram shows the market for medical checkup. What are the equilibrium price and quantity of medical checkup? Which kind of externality problems exists in the market for medical checkup? How does this externality problem affect the efficiency of the market? Explain in detail. How can the government solve this…On Chapter 5, Human Resource Planning and Recruitment under Employing Temporary Workers what are advantages/disadvantages of hiring temporary workers?(Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? Number of Workers Per Year 4 5 6 7 8 $21,200 $2,200 $110,000 $45,000 Number of Books Edited Per Year 16,000 19,000 21,200 22,800 23,700 24,200
- Question 16 When is it not in the best interest of a company to hire additional workers in the short run? when the average product of labor is decreasing when the firm is in Stage II of the production process when the marginal revenue product equals zero when the wage rate is equal to or greater than labor's marginal revenue productA company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).Explain the profit-maximization rule for employing factors of production. Explain in terms of our different factors of production (land, labor, and capital) and how firms will choose how much of each factor to employ. s (Ct) -
- 2. Given the following labor data of Meow Company. (1) Number of workers, (2) Number of cakes baked, Y (3) Marginal product of labor, MPN (4) Marginal revenue product of labor, MRPN (when P = RM40) 1 33 55 60 4 77 5 85 6. 89 7 110 a) Calculate and fill in the yellow colored blanks in the above table. (8 marks) b) What can you conclude from your answer? (2 marks)Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).The 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.