Workers MRP Wage $12 $5 13 6 5 6 7 8 14 7 15 8 16 9 17 10 9 10 A firm faces the labor productivity and cost schedule in the table. What is the marginal resource cost of the seventh worker? O $17 O $11 $15 $13
Q: Quantity 0 1 2 3 4 5 6 7 8 Total Cost $60 90 109 125 140 160 184 210 240 TVC AVC AC $0 30 30.00 49…
A: A perfectly competitive market is where firms maximise their profit when the price is equal to the…
Q: The optimal output and price for the cartel shown in the accompanying diagram is: Price (dollars)…
A: Cartel occurs when two or more firms formally decide to regulate the market in order to control the…
Q: Cumulative Percentage of Family Income 100 80 60 40 20 0 A B A Lorenz Curve 20 B 60 80 Cumulative…
A: The Lorenz curve shows the distribution of income and wealth. It was propounded by Max. O. Lorenz in…
Q: Which of the following statements is true? O a) Microeconomics is concerned chiefly with the economy…
A: Prior to plunging into the particular assertions you've given, it's fundamental to comprehend the…
Q: The writing assignment requires applying your knowledge of how shifts in aggregate demand (AD) and…
A: Macroeconomic analysis provides a thorough picture of an economy's financial situation. It detects…
Q: 3. Changes in the money supply The following graph represents the money market for some hypothetical…
A: Money supply refers to the total amount of money in circulation in an economy. The money supply is…
Q: In Maladonia in 2019, currency held by individuals and businesses was $1,122 billion; traveler's…
A: Banking institutions promote monetary activities by offering services such as deposits and loans,…
Q: An increase in the supply of X decreases the equilibrium price of X, which increases the demand for…
A: Market equilibrium is a fundamental concept in economics, representing a state where the quantity of…
Q: In the model of perfect competition, firms produce a: O differentiated product with considerable…
A: This problem focuses on understanding the characteristics of a perfectly competitive market,…
Q: If the monopolist shown in the following figure could practice first-degree price discrimination,…
A: Price discrimination occurs when a seller charges different price from different consumers for the…
Q: If you know that average variable cost is at a minimum, then you can deduce that marginal cost is…
A: Average Variable Cost is calculated by dividing total variable cost with the output. Variable Cost…
Q: Once a monopoly has determined how much it produces, it will charge a price that OA) is determined…
A: In economic theory, a monopoly's pricing decisions are unique due to its market power. Understanding…
Q: Which of the firms in Figure 11.4 is most likely a monopoly? O Firm B. O Firm D. O Firm A. O Firm C.
A: A monopoly market has only one firm that sells a unique product in the market. A monopoly firm does…
Q: Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be…
A: The demand is defined as the desire of an individual to buy a product. The individual has the…
Q: (Table) According to the table, the firm should hire Q MPP P 0 $8 5 $8 11 L 0 1 2 3 4 5 6 7 8 9 10…
A: Labor market equilibrium is the point where the quantity of labor supplied equals the quantity of…
Q: · Measuring employment, unemployment, and labor force participation oneider a tiny hypothetical…
A: An employed person is a person who is 16+ years old and currently engaged in some formal employment…
Q: 1. The diagram below depicts the benefits and costs of vehicle trips on an urban freeway. a. Label…
A: An externality refers to the impact of an economic activity on parties not directly involved in the…
Q: You're an economist with the U.S. Treasury. If the real interest rate is 4%, the output gap is Real…
A: The interest rate and economic growth hold an inverse relationship. The rise in the interest rate…
Q: Units of Output 0 1 2 3 4 5 SO $45 $60 Variable Cost (dollars) $75 45 75 90 120 158 225 Total Cost…
A: Total cost is equal to the total cost of producing the output. Total cost includes total fixed cost…
Q: If US T-bill rate is currently at 5% and that of Mexico is 8%, what will be the exchange rate five…
A: The rate at which one currency can be exchanged for another is known as the international exchange…
Q: If marginal revenue equals marginal cost, the firm is maximizing profits as long as A) the average…
A: Marginal Revenue: It is the extra income derived from the sale of an additional unit of a good or…
Q: Which items describe long-run aggregate supply (LRAS), and which ones describe short-run aggregate…
A: LRAS or Long-Run Aggregate Supply:- Reflects the economy's potential output at full employment.-…
Q: 05 The old industrial unions are being supplanted by Multiple Choice unions of service workers.…
A: The right answer is: service worker unions.Here's why:Traditionally, industrial unions represented…
Q: You deposited $10,000 today into a saving account for 5 years with a market rate of 8% per year. The…
A: To determine the future purchasing power equivalent to the present value, can use the formula for…
Q: Cost data of a machine is shown in the following table with an annual rate of 12%. Calculate annual…
A: Annual Worth describes the annual average of the sum of costs and receipts that a project faces over…
Q: B D1 D² Which of the following best describes what may have happened in the attached market diagram?…
A: Demand, in economics, can be defined in two ways:1. The desire and willingness to buy a good or…
Q: The figure illustrates the labor market for delivery drivers in a small town in Mexico. What would…
A: The study of labor market complications such as work patterns, remuneration structures, and employee…
Q: 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 300 600 900 1200 1500 1800 2100 Supply Demand…
A: Taxes distort market equilibrium. Taxes create deadweight loss which represent market inefficiency.…
Q: The marginal cost of producing ice cream cones is $1.00. Suppose the Ice Cream Monopoly Company…
A: Monopoly market structure consists only one seller or producer. A monopoly limits available…
Q: A monopolist faces the demand curve: P = 8,400-3Q, and has average cost AC-900-3Q+Q². The…
A: Business economics is the study of how organizations make decisions and allocate resources in the…
Q: In a 2015 article, published in the Journal of Health Economics, the elasticity of demand for heroin…
A: The elasticity of demand is the change in the demand due to the changes in various factors like…
Q: Consider the per-worker production function graph. If there is an increase in capital per hour…
A: A production function is a mathematical representation of the relationship between inputs and…
Q: 24 22 18 16 Price 120 160 O 120 units O 40 units O0 units O160 units Social cost (pavate cost and…
A: Negative externality is a situation when the operation of one party creates a negative effect on the…
Q: As more and more businesses accept credit cards, the O supply of money decreases. O demand for money…
A: Start by understanding the scenario presented in the statement: "As more and more businesses accept…
Q: If investment in capital has been equal to the depreciation rate times the capital stock in the…
A: The Solow Model is a framework used to analyze the long-term economic growth and it factors in…
Q: Interest Rate (%) 284 0 $75 150 225 Investment ($) Price Level Interest Rate (%) AS a Real GDP…
A: The aggregate supply and aggregate demand ( AS-AD) model depicts the interaction between AS and…
Q: QUESTION 26 (Quantity of Money in circulation) x (Velocity of money) (Price) x (Real output)…
A: The image contains a question that involves the equation of exchange in economics, which is…
Q: When a firm requires a customer to buy additional products in order to buy one of its products, this…
A: A monopolist has the ability to control or affect prices in the market because of the absence of…
Q: Which major event led to the rise of sociology as a discipline? The Crusades Industrial Revolution…
A: The objective of the question is to identify the major event that led to the emergence of sociology…
Q: In 2008, we saw fears about immigration jump in the US and Europe. True False
A: Fact: The 2008 financial crisis triggered widespread economic hardship in both the US and…
Q: Banks act as: Multiple Choice O O O an organizer among firms in a specific market. intermediaries…
A: A bank is a financial institution that provides a range of financial services to individuals,…
Q: In the long run, when there are economic losses, firms leave the industry, which will decrease the…
A: In competitive markets, firms operate with the objective of maximizing their profits. However, it is…
Q: (Figure: Market Power) Based on the demand curves for four sellers, which of the following sellers…
A: The concept of elasticity of demand curve is a way of measuring how responsive the quantity demanded…
Q: Explain why relying heavily on a single commodity like oil makes the economy vulnerable to global…
A: Relying significantly on a single commodity, such as oil, as a cornerstone of an economy might…
Q: .From 2015-2019, the Austrian accommodation and food services industries have grown in real terms by…
A: An indicator of economic growth that takes deflation or inflation into account is the real growth…
Q: Demand curves tend to be more ________ over a longer period of time. A. inflexible B. steeply…
A: A demand curve slopes downward from left to right. This happens due to the negative relationship…
Q: The exchange rate at the beginning of the year was SF1.0000/$. The price level of a typical…
A: The real exchange rate is a measure that compares the prices of goods and services between two…
Q: If the government wants to O decrease; contractionary O increase; expansionary O increase; only…
A: An exchange rate is the price at which one currency will be exchanged for another. It essentially…
Q: Refer to Table 4-1. If the law of demand applies to this good, then Q, could be a. 100 b. 400. c.0.…
A: Demand refers to the quantity of a good or service that consumers are willing and able to purchase…
Q: Suppose the world price of aluminum falls significantly. The demand for labor among…
A: A person is said to be frictionally unemployed when he/she is looking for his/her first job, or…
Baghiben
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- What is the marginal cost of labor?A 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.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) 30
- nts per question) 1a0od it produces is constant, than it NAME: NT A QUIZ ABC Limited sells its product in a perfectly competitive market for a price of $15 1. per unit and hires workers at a daily wage of $75. Labor is the only factor cost, and the firm is currently earning profits. If ABC hires one more worker and output increases by 5 units per day, the firm's profits will a. decrease by $5 b. decrease by $75 c. increase by $75 d. increase by $15 e. remain unchanged.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?Workers per day Variable cost in S per day Pizza Fixed cost in S per day 400 6.00 400- 400. 400 400 Eper day 01 400 0- 200 (350 1750 450 600 31 ... .... 13 DIS 145 170 260- 850 400 800 28. Referring to the table above, when thesecond worker.is hired, the marginal cost per pizza is equal to: a. )$3 5. $75 'mC= poutput. 在三 EE=TC- TVC TS-TFC tTV - yo + 36 C. %3D d) $150
- 0 Labor Output 0 Marginal Product Variable Fixed Cost Cost -- $0 $5 1 100 100 $5 $5 2 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 3. What is the marginal product of the second worker? Show your work.what is the marginal product of the third worker Table 1 Labor Production Marginal Product Total Variable Cost Total Fued Cost $0 1 $10 200 200 $20 $10 2. 350 $40 $10 3 470 $60 $10 80 $80 $10 5. 50 $100 $10 $120 $10 6. 630workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
- Question 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 270part A and B are based on the following data, which are for a pumpkin farmer who can hire pumpkin pickers at $8.50 per day. Number of pickers 1234567890 (e) Briefly explain your answer. (b) (c) Value of pumpkin output $30 48 62 72 80 84 87 A) The profit-maximizing pumpkin farmer should hire only (a) One pumpkin picker because his contribution to output is greatest. (b) Three pumpkin pickers because the fourth costs more than he earns. (c) Four pumpkin pickers because the fifth costs more than he earns. (d) Nine pumpkin pickers because the value of the marginal product of the tenth picker is zero. Ten pumpkin pickers because costs will equal revenue. 89 90 91 The Great Pumpkin, in an attempt to make the pumpkin pickers better off, legislates that pumpkin pickers must be paid a wage no less than $14.50 per day. If our profit-maximizing farmer complies, which of the following will be correct? (a) The quantity of pumpkin output will fall. The value of the average product of labor will…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.
