Given the following table, how many workers should be hired to maximize profits?LABOR MPVMPWAGE$32$100232$128$100316S64$1004-1S-4$100-12$-48$100Answer Choices:a) 1b) 2C) 3d) 4

Answered: Glven the following table, how many…

Glven the following table, how many workers should be hired to maximize profits? LABOR MP VMP WAGE $32 $100 32 $128 s100 16 S64 $100 S-4 S100 S-48 S100 Answer Choices: a)1 bj 2 2.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 2SCQ: Continuing from Exercise 7.1, the films factory sits on land owned by the firm that it could rent...

See similar textbooks

Related questions

Q: Labor Output TFC TVC TC MC AFC AVC АТС 25 ---- - 4 25 25 10 25 50 3 13 25 75 15 25 100 F 16 25 125…

Q: Hoquired infoonation $24 $20 $16 $12 $8 $4 20 40 60 80 100 # of workers a) Suppose the equilibrium…

Q: A MC, (ATP/AL) (ATC, / AL) MP* P Labor Wage TP MP VMP MRP ... $6 200 MP * MR $7 260 Blank 1 $10…

A: Answer: Calculation of table values: Note: since the price is fixed the marginal revenue (MR) will…

Q: ntation of the relationship between the wage of labor workers are willing to provide in a e the firm…

A: *Answer:

Q: Ted leaves his job as a high school math teacher andreturns to school to study the latest…

A: Compensating differential: Difference in wages or salary offered to the worker by considering…

Q: 14% of working age adults are out of the labor force. What could be the real percent of adults who…

A: A person is said to be unemployed when he or she is unable to find work at prevailing market wage…

Q: In a competitive labor market, when the governmentincreases the minimum wage, the resul t is…

A: The labor market illustrates how the interaction between the employers and the employees determines…

Q: MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer…

A: Marginal Product refers to the additional output generated due to employment of an additional input…

Q: 00 5 96 Discrimination can cause a vicious circle because O firms then become dependent on underpaid…

A: The terms virtuous circle and vicious circle refer to complicated chains of events that reinforce…

Q: 4.2. What is the equilibrium wage rate before immigration? How many workers would be hired? 4.3.…

A: a). Consider the given problem here the total supply of labor is “ST = 10 + 2*W” and the supply of…

Q: a. When a worker's ability is perfectly observable, how many high-ability and low-ability workers…

A: In any form of market, equilibrium will occur at the point of intersection of the demand and the…

Q: About what proportion of the variation of wages across workers is explained by factors that can be…

A: The wages are payments that the workers receive for their services. For permanent workers these…

Q: rea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knitters as labour and…

A: LABOUR TP MP AP TFC TVC TC ATC MC 0 0 - - 100 0 100 - - 1 2 2 2 100 150 250 125 150 2 5 (a)…

Q: The Coalition of Immokalee Workers (CIW) claimsthat the going wage for farm labor is…

A: The labour unions and organizations are established to protect labour rights and provide them with…

Q: mpetitive firm sells its output for 530 per ut per day; the mar ginal product of the 11th worker is…

A: Firms are said to be in perfect competition when the following conditions occur: (1) many firms…

Q: What is the pront hiring workers whose wages exceed the added production? WHat wages are value of…

A: At market equilibrium demand and supply are equal at certain wage rate. And minimum wage rate is…

Q: Among full-time U.S. workers, white women earnabout _________ percent less than white men, andblack…

A: The answer is Option ‘c’ i.e. 20,20.

Q: Given the following table, how many workers should be hired to maximize profits? LABOR MP VMP WAGE 8…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: While in school, Kiki spends 20 hours a week as a computer programmer for Microsoft and studies 30…

A: As kiki is working both as a instructor and studying at the same time which means which is enrolled…

Q: Suppose that a labour economist finds that one of her research subjects has earned significantly…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: d) lom and Jerry work For the Same company, but Tom earns more than Jerny Is this evidence of wage…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A business consulting firm hires Robin because shewas a math major in college. Her new job does…

A: Option C (signaling) is the correct answer. Signaling is concerned with the idea that is conveyed by…

Q: Use the data in Table: Larry's Lawn Mowing to answer the question. Table: Larry's Lawn Mowing (price…

A: The marginal product of labor denotes the additional output that a firm is able to produce by…

Q: Leadbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a…

A: A theoretical market structure is referred to as perfect competition. Prices are unaffected by…

Q: c) Suggest solutions to the limitations of the Efficiency Wage Model.

A: The efficiency wage theory states that increasing wage will lead to a increase in productivity of…

Q: What are the most significant trends in U.S wages over the past five years?

A: Minimum wage legislation. The minimum wage is the lowest salary that companies are legally allowed…

Q: Assume that you are 18 years old and deciding whether to go to university or start working. If you…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: egal scrimination is illegal and, therefore, impossible. scrimination is legal, but few if any…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If…

Q: If the market value of the output of the last worker hired by a firm (VMPL) is higher than the wage…

A: If the market value of the output of the last worker hired by a firm (VMPL) is higher than the wage…

Q: what factor determine movement along demand curve for labour and increase or decrease in it?

A: Labor demand refers to the number of labor hours demanded by employers in a market at a certain wage…

Q: How is the value of marginal product of labor (VMPL) defined? a.Price of output multiplied by the…

A: the marginal product of labour (MPL) is the change in the output due to one additional worker/labour…

Q: Given the following table howmany workes shouid an Labor Marginal Product Lab VMP Wage 512 S100 2.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: specify what types of discrimination is/are explained in the case study regarding the formal…

A: Here Alice was hired last year as a first-line manager in the Training and Development department…

Q: Policymakers sometimes propose laws requiringfirms to give workers certain fringe benefits, such…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: It is difficult to measure to what extentdiscrimination affects labor market outcomesbecausea. data…

A: In competitive labor markets, the employees are the suppliers of labor while firms are agents that…

Q: when denand for goods and services is high, firm are more likely to hire workers? true or false

A: A rise in the demand for goods and services encourages producers to increases the level of output.…

Q: Calculate MPL & MRP to determine how many employees the firm should hire. 1) Calculate MPL and the…

A: Marginal revenue product refers to the additional revenue that is generated by the additional…

Q: Fill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output…

A: The given table has been filled out in the steps below.

Q: The government wants to encourage individuals on welfare to become employed. It is considering two…

A: The situation mentioned in the question is a form of welfare program which is initiated by the…

Q: (Table) Based on the table, the value for C is Competitive Labor Market e MPP P VMP W 0 0 8 0 80 5 5…

A: MPP stands for marginal product of labor. It refers to change in total product from hiring one more…

Q: When Alan Greenspan (an economist who wouldlater chair the Federal Reserve) ran a consulting firmin…

A: Alan Greenspan uses a different and unique business strategy which others were not using to make his…

Q: Imagine that the wage-schooling locus is given by w(s)=s^(1/3). What will be the optimal level of…

A: Wage Schooling Locus refers to the various combinations of salary earned by an employee at varied…

Question

Given the following table, how many workers should be hired to maximize profits?
LABOR MP
VMP
WAGE
$32
$100
2
32
$128
$100
3
16
S64
$100
4
-1
S-4
$100
-12
$-48
$100
Answer Choices:
a) 1
b) 2
C) 3
d) 4

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What are some of the most important laws that protect employee right?
Workers 1 2 3 4 MRP 5 6 7 A) 3 workers 20 18 16 14 12 If the wage rate decreases from $21 to $13, by how much will the firm expand employment? B) 2 workers C) 5 workers $24 D) 4 workers 22 22
3 A profit-maximizing employer should hire workers as long as their marginal revenue product is greater than the marginal cost. True False
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.
Labor Output 10 1 12 3 4 15 6 O $100 O $10 10 $5 100 250 350 Marginal Product 430 100 $10 $15 $20 $25 $30 Use the table above. What is the salary payed to employees? 50 25 Variable Cost OIt cannot be determined SO $5 Fixed Cost $5 $5 $5 $5 $5 $5 $5
(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.
1. Direct laborrate: $15.00perhour Production material: $375 per 100 items Factory overhead: 125% of direct labor Packing costs: 75%ofdirectlabor Desiredproﬁt: 20%oftotalmanufacturing cost use the above information to answer how many units must be sold to achieve a proﬁt of $25,000? [Note that the units sold must account for total production costs (direct and overhead) plus desired proﬁt. 2. A small textile plant was constructed in 2004. The major equipment, costs, and factors are shown below. Estimate the cost to build a new plant in 2014 if the index for this type of equipment has increased at an average rate of 12% per year for the past 10 years. Show work and Select the closest answer. a) $4,618,000 b) $10,623,000 c) $14,342,000 d) $ 14,891,000
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
A textile worker in the city of Londo n earns dollar 3500 per month. The cost of living index for a particular month is given as 136. Using the fo llowing data, find out the amounts he spent on house rent and clothin g. Group Food Group Index 180 150 Еxpenditure 1400 Clothing House Rent ? ? 100 Fuel and Lighting Miscellaneous 560 110 630 80
help explain tq
56. A firm sells its output in a perfectly competitive market and hires two inputs, capital and labor, in perfectly competitive factor markets. The product price is $15 per unit, the wage is $75 per day, and the marginal product of capital is 3. If the firm is choosing the least-cost combination of labor and capital, the firm's marginal product of labor and the price of capital must be equal to which of the following? (A) (B) (C) (E) Marginal Product of Labor Price of Capital 23555 $5 $45 $15 $25 $45
(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 What is the marginal product of the secondworker?