A firm operating in a perfectly competitive environment produces the profit maximizing quantity of Q-50. The marginal cost of 0-50 is MC-10. The last worker hired by the firm has a marginal product of MP-5. How many workers does the firm hire? Choose one answer. a. 5 b 50 © 500 d 10 e Cannot be answered without additional information
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- A cleaning company specializes in cleaning floors. Their output is measured in square feet of floor completely cleaned. Employee A can clean 215 ft2 floor per hour and has an hourly wage of $17. Employee B can clean 180 ft2 floor per hour and has an hourly wage of $15. Which employee has a lower marginal cost of producing cleaned floor area for the firm? Group of answer choices a. Cannot determine with the information given b. Employee A c. they have the same MC d. Employee BIf there are diminishing returns to labor, then as more workers are hired the total amount produced by all of the workers will decrease. True FalseWhat is the Marginal Profit of adding a 4th worker? Group of answer choices: $300 $700 $500 $900
- A meeting of representatives for labor and management to negotiate contracts is calledConsider a firm that manufactures surfboards. Presently the firm is hiring 5 workers at a wage rate of R20/hour. The firm is able to produce 50 surfboards per hour. The firm decides to hire an additional worker. The marginal product of that worker is 30 surfboards per hour. What is the marginal cost of output associated with hiring the sixth worker? R20 R1,50 R0,67 R2 R30An economic downturn has caused the labor demand to decrease from DO to D1. In the short-run what will be the new wage and level of employment? Wage Rate 40 35 30 ($) 25 20 20 15 10 DO 5 D1 0 5 10 15 20 25 30 35 40 Quantity of Labor (Q)
- K = Capital L = Labor Q = Outputs A) Determine the number of workers the form should hire to maximize profits. Price is P = 10 Wage rate = W = 250 Rental Price = K = 200 B) Find maximam profit К 255 55555555555 10-63564400 = 2 Q 150 250 5 330 405 7425 58500 590 510 535 5505 5 12 500 A) Determine the # of workers the firm should hire to maximize profita Price is P = 10 Wage rate = W = 2.50 Rental Price=K=200 B) Fund maximum profit.If a union threatens to strike during a peak demand period, it is more likely to Group of answer choices Get laughed at All of these Have its conditions rejected Have its conditions acceptedA firm's primary interest when it hires an additional worker is Group of answer choices the cost of hiring the additional worker. how the average output of the firm will be affected by this new worker. the extra revenue the firm realizes from hiring that worker. whether or not the new worker gets along with the firm's existing workers.
- Explain what you take to be the strongest argument in defense of an employee’s right to participate in managerial decision making. Explain what you take to be the strongest argument against such a right.Answer this question based on the information in the table:If hiring the 7th worker increases total product by 5 units, and the price of each unit is $2, which of the following is true? Number of Workers Total Cost0 501 1102 1603 2004 2405 2506 2607 2808 3109 35010 400 The firm should not hire the 7th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 7th worker as MR>MC. The firm should not hire the 7th worker as MR<TC.A firm is thinking of hiring an additional worker to their organization who can increase total productivity by 100 units a week. The cost of hiring him is $1,500 per week. If the price of each unit is $12, which of the following is correct? Group of answer choices the MR of hiring the worker is $1,500. The MC of hiring the worker is $1,200. The worker should be hired at that wage because the marginal benefit exceeds the marginal cost. All of the above are correct. None of the above is correct.