Number of workers Quantity of output (Q) 0 0 1 200 2 350 3 450 500 4 Refer to the table above, which shows the quantity of output a firm will produce if it hires various numbers of workers. Suppose that the firm's output sells for $10 per unit in a purely competitive output market, and that the firm hires from a purely competitive labor market, with a market wage of $1100. How many workers should the firm hire to maximize profit? ○ 3 O 2 01 04

The Al-Maskri Company in Seeb makes flower pots and receives RO 10 for each finished pot. Mr. Al-Maskri’s only factors of production are flower pot machine operators (labor) and a small building where the laborers work from. The number of flower pots per day the company produces depends on the number of employee-hours per day as shown below. The wage is RO 15 per hour.   Number of pots per day Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 16 35 22   Al-Maskri’s daily fixed cost for the flower pot making machine and building is RO 60. Complete the following Table showing total revenue, variable cost, total cost, and daily profit for various quantities of daily flower pot production.   Quantity of Pots per day Total Revenue RO per day Variable Costs RO per day Total Costs RO per day Profit RO per day 0 0 0 60 -60 5     75 -25 10         15…

Quantity Wage Rate Supplied 1 2 3 4 5 $5 10 15 20 S5855 25 Refer to the given supply information facing a single firm in a particular labor market. This labor supply curve demonstrates that Multiple Choice O the firm is selling its output under imperfectly competitive conditions. the firm is selling its output under purely competitive conditions. higher wage rates must be paid to successive workers to overcome their higher opportunity costs. the firm is hiring labor under purely competitive conditions.

Suppose a firm’s technology requires it to hire 100 workers regardless of the wage level. The firm, however, has found that worker productivity is greatly affected by its wage. The historical relationship between the wage level and the firm’s output is given byWage Rate       Units of Output$ 8.00                      65$10.00                     80$11.25                     90$12.00                     97$12.50                    102What wage level should a profit-maximizing firm choose? What happens to the efficiency wage if there is an increase in the demand for the firm’s output?

Mary's employer is considering her for a firm-specific training program that will cost $4 per hour. Her current marginal revenue product is $20 per hour and will rise to $25 upon completion of the program. Of the following, Mary's training and posttraining wage, respectively, will most likely be O $20 and $25 O $16 and $25 O $20 and $ $21 O $16 and $21

Suppose that the wage rate is $13 per hour and the price of the product is $2. Values for output and labor are in units per hour. b. L 0. 24 44 60 72 80 4 84 Find the profit-maximizing quantity of labor. (Assume the firm can hire up to 6 workers.) The profit-maximizing quantity of labor is worker(s). (Enter a numeric response using an integer.) Suppose that the price of the product remains $2 but that the wage rate increases to $36. Find the new profit maximizing level of L The profit-maximizing quantity of labor is worker(s). Suppose that the price of the product decreases to $1 and the wage remains at $13 per hour. Find the new profit-maximizing L.

Seved Help Save & Exit Su Total Product Unit of Labor Product Price $ 2.20 1. 15 2.0 2 28 1.80 39 1.60 4 48 1.40 55 1.20 6. 60 1.10 Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $4.5, how many workers will the firm choose to employ? Multiple Choice Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market if the wage rate is $4.5, how many workers will the firm choose to employ? Multiple Cholce 3 O 5 2.

Q26 Assume that Paul Bocuse's restaurant in Lyon is hiring labour in an amount such that the MRC of the last worker is $10 and his MRP is $15. On the basis of this information, we can say that Multiple Choice   profits will be increased by hiring additional workers.   the Paul Bocuse restaurant is maximizing profits.   the Paul Bocuse restaurant is minimizing losses.   profits will be increased by hiring fewer workers.   marginal revenue product must exceed average revenue product.

Use 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 the

Q33 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital and finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is Multiple Choice   32   14.   8   1   5