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- Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 14 $38 2 14 28 3 14 24 4 14 20 5 14 14 6 14 10 a. Show graphically this firm's labor supply and marginal resource (labor) cost curves. Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required polnts for each curve. Тools MRC MRP 1. 3 4 5 6 7 Quantity of labor Wage rate (dollars)i Saved Help Save & Exit Sul Instructions: In parts a and b, enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate marginal physical product (MPP). Labor Output(Q) MPP 0 0 10 2 22 3 30 36 5 38 6 37 b. When does marginal productivity first diminish? When worker is hired.
- 24. Acompetitive fim will hire inputs up to the point where: x a. The price of the input equals its marginal physical product of the input. b. The marginal product of the input reaches a maximum. The price of theinputequals the valuo of the marginal product of the input. d. The price of the input equals the price of the output.A backward-bending labor supply curve occurs when: None of the above O a negatively sloped labor supply curve is not possible. O the substitution effect of a wage increase equals the income effect. O the substitution effect of a wage increase is greater than the income effect. O the income effect of a wage increase is greater than the substitution effect.QUESTION 19 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage B. The firm should use more capital to increase the labor productivit C. The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum cost
- Question 20. SG store sells its products at a price of $60,000 per unit. it is assumed that labor is the only input that changes. it is known that the marginal product of the 11th worker is 16 units, MU store pays its workers $150,000 per day. What is the value of the marginal product of labor for the 11th worker? a. $2,400,000. b. $480,000. c $1,200,000. d. $960,000.jÜ ÖRGÜN OSs AYŞIN GURSAÇAR Units of Units of MPL VMPL Wage Marginal TR TVC Total Labor Output Profit Profit 11 3. 15 4 18 a. The productivity conditions at a firm are given in the table below. The prevailing wage rate is$ 260 per dayand the unit price of the product sold is $ 65. Fill in the table and determine how many workers the firm will hire. b. Define the following terms: cyclical unemployment, labor force participation rate, natural unemployment rate. Explain how the cyclical unemployment relates to the natural unemployment rate. C List the causes of unemployment in the long r Explain the "worker quality variant of the eficiency wage theory with the help of an example. 49I need help with econ multiple hw questions asap! 108) The value of the marginal product of any input is equal to the marginal product of that input multiplied by which of the following? A. wage rate B. market price of the output C. additional revenue D. change in total profit 107) Up to what point does a competitive, profit-maximizing firm hire workers? A. where the marginal revenue product equals zero B. where the marginal product equals zero C. where the marginal product equals the wage D. where the value of the marginal product equals the wage