Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What's your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, justify your answer why it happens with the help of table and diagrams

Q: Suppose the hourly wage is $20 and the price of each unit of capital is $2. The price of output is…

A: The firm maximizes profit by hiring the number of workers at a point where MPE = w/p

Q: From the production data in the table below, calculate the VMP for the 2nd unit of labor. Assume the…

A: The Value of Marginal Product (VMP) calculates the amount of a firm's revenue that a unit of…

Q: The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020…

A: Given that the marginal product of each additional worker is 1010 tons of paper per month. A total…

Q: Q2.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The law of variable proportion states that as a for increases the quantity of one factor of…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The effect of the combined efforts of the production factors is production. A fixed factor is one…

Q: q = VKL where q is the produced quantity, K is the level of capital used in production and L is the…

A: 20. According to the question ,  q = (KL)1/2…

Q: If we assume that labor is the only variable input, the slope of the short run total product curve

A: Marginal Product of labour is defined as the increase in total production of the company when one…

Q: Quantity Quantity Marginal Return to Additional Labour Variable Cost Total Cost Fixed Cost ($) of of…

A: The marginal return for second worker is calculated as follows.

Q: 2.1 Discuss the relationship that exists amongst the three short-run total cost curves. Motivate…

A: COST CURVES A cost curve in economics can visualize production costs as a function of total output.…

Q: Calculate the total labor cost and the marginal resource cost, and then fill in the blanks in the…

A: The marginal resource cost is the additional cost incurred by employing one more unit of the input.

Q: Labor demand In the long-run:describe what a firm will do when its long-run condition is not met,…

A: The Long Run is defined as a time period when all the factors of production and the costs are…

Q: The marginal product of labor is the change in A) total cost from employing one more worker. B)…

A: Marginal product is the additional output produced by employing an additional unit of input.

Q: Define marginal product of labor and value of the marginal product of labor. Describe how a…

A: As per the given question: Here we need to find the following points : Marginal Product of Labor :…

Q: Fill in the gaps in the table below. (Enter your responses rounded to two decimal places.) Quantity…

A: A production function shows a unique relationship between inputs and outputs. Average product of a…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Factors of production are are inputs used in the production process, that results in the output. The…

Q: Why does the labour demand curve slope downwards?

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: 2. (Short-run costs, Evren wants to go into the donut business. For $500 per month he can rent a…

A: Given information Production function: Q = 5KL Where Q is tons of donuts K is capital  L is labor…

Q: Define marginal product of labor and value of the marginal product of labor. • Describe how a…

A: The marginal product of labor refers to an addition to the total product when one more unit of labor…

Q: define marginal product of labor and value of the marginal product of labor.describe how a…

A: Definitions The marginal product of labor (MPL) The marginal product of labor is defined as the…

Q: As a firm hires more labor in the short run, the O extra output of an additional worker may rise at…

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

Q: You are thinking to start your food catering business by making rolled tacos, which are ed taquitos…

A: 1) Given,  MC = Change in TC/Change in tacos 1 2 3 4 5=3+4 6 7 = 4/1 8 = 5/1 Tacos Labor FC VC…

Q: Discuss the relationship that exists amongst the three short-run total cost curves. Motivate your…

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

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept given in the situation is used in the stages of production in which a firm operates.…

Q: The following table shows the production function for a company. This company sells its product in a…

A: Formula to calculate:- 1) Marginal Product:-                      MP=∆TP∆L 2) Value of marginal…

Q: Explain who should handle the labor relation in concerned country. Is it the headquarters or…

A: The word "labor relations" refers to the process of making decisions in businesses that involve…

Q: Q5. The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: According to the ‘Law of variable proportion’ there are three different stages of production:…

Q: fer to Figure 1 in Question 11. The car-repair shop charges $150 per repair.  What is the value of…

A: Number of Machines (A) Number of Cars Repaired (B) 0 0 1 8 2 12 3 15 4 17 5 18

Q: How does the marginal product curve behave when there are diminishing returns to a factor. Give…

A: # Marginal product is the additional value added to total product with one more unit of labor taken…

Q: a) Why does the labour demand curve slope downwards?

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: “My friend, Mike, is a CPA and owns his own tax business. During tax season, he hires additional…

A: Law of diminishing marginal returns states that as a person goes on increasing the amount of an…

Q: Why does the labour demand curve slope downwards?

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

Q: The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product…

A: To get the marginal product, that is the additional product from the additional worker employed:…

Q: Having a marginal product of labor that increases over low levels of employment is common in this…

A: Option B) often it has to do with specialization- workers are able to divide up tasks and be more…

Q: If a firm's marginal product of labour is less than its average product of labour, then an increase…

A: Average product of labor is the total product divided by the quantity of labor employed.  Marginal…

Q: The marginal productivity theory is used to assess how many units of a factor of production, such as…

A: (Q)The marginal productivity theory is used to assess how many units of a factor of production, such…

Q: Why does the learning curve apply mainly to direct rather than indirect labor?

A: The learning curve implies that labor becomes more efficient after working for several years. This…

Q: (a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function…

A: (a) Labor(L) demand(dd) curve slopes-downward because its shows a negative-relationship between…

Q: Q 1.The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…

Q: Question 39 Consider the table below. The addition of worker number is when the firm first…

A: Answer 39) The figure attached below computes the total product at labor 3 by adding total product…

Q: Question 16 When is it not in the best interest of a company to hire additional workers in the short…

A: Demand for labor, also called derived demand,  signifies the units of labor that a business company…

Q: Why does the labour demand curve slope downwards?

A: Hello, thank you for the question. Since the factory's production function is not given in part b,…

Q: Weekly production for a potter varies with the number of workers employed, as shown in the table…

A: Dear student, you have asked multiple sub-part questions in a single post. In such a case, I will be…

Q: When the marginal product of an additional worker is less than the marginal product of the previous…

A: In a market, the productivity of the input resources is known as the returns from the inputs used in…

Q: jimmy hires only labor and capital at his service shop. The price of labor is $100 per worker per…

A: Fixed cost refers to the cost that remains the same regardless of production. In other words, fixed…