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- 70 60 50 40 30 20 10 0 $ 0 10 20 30 40 LS MFC VMP MRP 444L 50 01. Assuming the price of the product is $2.00, what is the Marginal Physical Product (MPP) of Labor of the 45-th unit of labor? (a) 10 (b) 20 O (c) 30Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?Management at ABC Company is involved in a labor dispute with compromise decision that is readily acceptable by both parties. O an open-door policy. mediation. 105-1205- 12425 1922- SABAN employees. A neutral third party with no formal authority is helping them reach a In this scenario, ABC Company is involved in: 4552-6-20 12020 15-08-25 PURE PE 300 TESANDE 33529 07- MENSUEL LA JO8- 6538555 BABA ASERBETLE 15--072 35 16:1-720563
- Labor Output 10 1 12 3 4 15 6 O $100 O $10 10 $5 100 250 350 Marginal Product 430 100 $10 $15 $20 $25 $30 Use the table above. What is the salary payed to employees? 50 25 Variable Cost OIt cannot be determined SO $5 Fixed Cost $5 $5 $5 $5 $5 $5 $540) Wearitwell Inc sales associates are almost all Caucasian college age men and women. Stockroom employees who unpack and prepare clothing for displays are mostly young Asians and African Americans. This suggests that Weartitwell may need to address its policies and practices in hiring. O lage race age AND race O genderAssume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. Units of Labor Total ProductMarginal ProductTotal Revenue 0 1 AWNF 2 3 4 567 0 14 30 35 39 44 14 10 2 $ 112 240 312 336 352 If the wage rate is $40 and Manfred's only fixed input is capital, the total cost of which is $35, then what will be his economic profit? Multiple Choice 120 112 85 56
- Number of Workers Total Costs Marginal Costs Total Revenue Marginal Revenue Total Profit S (50.00) S (35.00) $50.00 --- ... 1 $140.00 $12.86 $105.00 $15.00 $230.00 $6.92 $300.00 $15.00 $70.00 3 $320.00 $5.00 $570.00 $15.00 $250.00 4 $410.00 $3.75 $930.00 $15.00 $520.00 5 $500.00 $3.21 $1,350.00 $15.00 $850.00 6. $590.00 $4.50 $1,650.00 $15.00 $1,060.00 7 $680.00 $4.74 $1,935.00 $15.00 $1,210.00 $770.00 $10.00 $2,070.00 $15.00 $1,300.00 9. $860.00 $15.00 $2,160.00 $15.00 $1,300.00 10 $950.00 $22.50 $2,220.00 $15.00 $1,270.00 11 $1,040.00 $2175.00 $15.00 $1,135.00 -.. The owners of a local business are making a rational decision about how many workers to hire. How many workers would cause the marginal costs to exceed the marginal benefits?A profit-maximizing firm operates in purely competitive product and resource markets, with the resource and production schedules shown in the table. Workers 8 7 6 5 4 3 2 1 The product price is $15 per unit and the cost per worker is $700. How many workers will the firm employ? Total Production. 440 410 370 320 260 180 110 55 Multiple Choice O O 5 7 6Question 54 Examine the table below. What is the value of the marginal product of the second unit of labor? Units of Quantity Product Factor Xof Output Price Value of Marginal Product 0 100 $10 190 $10 $10 340 $10 400 $10 1 2 3 4 O $80 $2700 $800 O $270 8888 270
- Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 Help Save & Exit Sub The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employ remain constant. If the firm can sell 24 units of output at a price of $1.00 and 42 units of output at a price of $0.80, the marginal revenue product of the second unit of the resource is Multiple Choice $5.40 $7.00. $9.60. $12.20Use the following to answer questions 76-80: Employee Benefits. The indifference curves in the graph below depict Shelly's preferences of wages and employee benefits. Shelly's annual value of marginal product is $45,000, and employers' cost of benefits is $1,000 per unit. Plot the wage-benefits curve in this example. Shelly chooses a job with employee benefit. O 10 15 20 O 25 wage (ths. 5/year) 23242525 40 30 20 15 10 h k h 05 10 15 20 25 30 35 40 benefits (units/year) units of theA perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
