For a corripetitive firm workers marginal revenue product equals the marginal product of labor times the: wage rate. wage rate. price of the firm's product interest rate firm's total revenue
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For a corripetitive firm workers marginal revenue product equals the marginal product of labor times the: wage rate.
wage rate.
price of the firm's product
interest rate
firm's total revenue
Step by step
Solved in 2 steps
- Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0 10 $28 32 $14.0 20 $28 68 $14.0 30 $28 108 $14.0 40 $28 144 $14.0 50 $28 176 $14.0 60 $28 196 $14.0 70 $28 212 $14.0 80 $28 216 $14.0 90 $28 218 $14.0 100 $28 214 $14.0 110 $28 204 $14.0…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.If the marginal product of labor increases because of a technological advancement, it will likely cause a fall in the number of workers employed. an increase in the price of output produced by labor. a fall in the wage paid to labor. an increase in demand for labor. an increase in the supply of labor.
- a) Fill in the empty cells in the table. You have been also given following additional info- Price = $ 10 Wage = $ 1500 Labor (L) Output (q) Marginal Product of Labor Value of the marginal product of labor: Wage Marginal profit 0 0 1 400 2 720 3 960 4 1020 b) When the company should stop hiring Workers. ExplainWhen hiring a new employee, a business has to pay certain expenses on this employee including wages and nonwage expenses. These extra costs are called: Marginal Revenue Marginal Revenue Product Marginal Labour Cost Marginal Productivity of Labour Marginal CostIf the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal revenue product.
- part 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…Quantity of Labor Marginal Product Marginal Revenue Product 1 20 $40 14 28 3 12 24 4 8. 16 6. 12 6. 4 8 42. Based on the table for a perfectly competitive firm above, if the wage rate for labor is $15, how many units of labor should the firm hire? (A) 2 (B) 3 (С) 4 (D) 5 (E) 6 2.Marginal product is: Multiple Choice the output of the least skilled worker. the amount an additional worker adds to the firm's total output. the amount any given worker contributes to the firm's total revenue. a worker's output multiplied by the price at which each unit can be sold.
- True or false The marginal revenue product of labor is the extra revenue associated with the last unit of output.Labor (Number of workers) 0 1 2 3 4 90 units. 80 units. 20 units. Output Fixed Cost (Units) 85 units. 0 90 170 230 240 (Dollars) Refer to Table 13-3. The marginal product of the second worker is 50 50 50 50 50 Variable Cost (Dollars) 0 20 40 60 80 Total Cost (Dollars) 50 70 90 110 130A firm's demand for labor curve is also called its marginal valuation curve. marginal benefit of labor curve. marginal factor cost of labor curve. marginal revenue product of labor curve.
