Suppose that the firm you are working for has given you the following table (K is the level of capital, and L is the level of labor employed by the firm; Q is the output produced by the firm; P is the price of the product the firm is producing; wage is the unit cost of labor): K L Q 10 12 210 MPL APL P 5 - Wage 50
Q: A tobacco company has a cost and revenue function as follows: CT = Q +9; 1= -Q2 +15Q - 31. Determine…
A: Given information: A tobacco company has a cost and revenue function as follows: CT = Q+9…
Q: For the following questions, consider the figure below. Initially, the economy is at the equilibrium…
A: Fiscal policies are such policies that are implemented by the government in order to manage the…
Q: XYZ expects a net operating income of Rs. 2, 00, 000. It has 8, 00, 000, 6% debentures. The overall…
A: Net operaring income = Rs. 2,00,000 Overall cost of capital = 10% Market value of the firm (V)…
Q: Consider an EOY geometric sequence of cash flows in which the first payment made was P2,000. This is…
A: Given First year-end payment of the geometric sequence (F1) = P2,000 Length of time interval (n)=5…
Q: when the federal reserve increases the reserve requirement, When the Federal Reserve increases the…
A: Federal Reserve The Federal Reserve System is the name of the American central bank. It is possibly…
Q: Find all the Nash equilibria (both pure and mixed) of the following game, inter- preting the payoffs…
A: Nash Equilibrium A player can obtain the desired outcome by sticking to their initial strategy,…
Q: 13. Draw a diagram and illustrate the effects of the follow- ing on the net exports function for the…
A: Export alludes to a product or service created in one nation however offered to a purchaser abroad.
Q: 1. We can use game theory to model everyday interactions. Consider a game that you're well familiar…
A: A game theory concept known as Nash equilibrium finds the best approach in a non-cooperative game in…
Q: K Steel production creates pollution. If a tax is imposed on steel production equal to the marginal…
A: At the marketplace, negative externality refers to the situation when a firm generates pollution or…
Q: Saving and investment in the national income accounts The following table contains data for a…
A: Gross domestic product (GDP) is the standard measure of the value added created through the…
Q: The U.S. unemployment rate for 20- to 24-year-olds went from 8.5% in 2007 to 16% in 2009, stayed…
A: In game theory Nash Equilibrium is an assortment of strategies, one for every player in a social…
Q: which of the following questions is not a microeconomic question? oa. why is wealth unequally…
A:
Q: Match the corresponding word/s to complete the statement above. If the marginal cost equals…
A: A cost curve refers to a graph of the costs of production as a function of the total quantity…
Q: What is the difference between economic profit and accounting profit?
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: Answer quickly fast asap thanks
A: Reservation price - Reservation price is the maximum willingness price for a commodity or service.…
Q: Figure 3.2 Wage Rate ($ per day) 15- 0 20 Quantity of Labor O $15; 30 workers O5; 30 workers 30 O…
A: Given : Labor market demand curve is indicated by D2. Labor market supply curve is indicated by S1.
Q: New York has the highest cigarette taxes in the country. The price of an average pack of cigarettes…
A:
Q: Expansionary monetary policy is when: None of the statements are correct. The president and congress…
A: Monetary policy refers to the policy of central bank that changes the cost and availability of…
Q: The government has increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a…
A: Minimum wage laws distort the market. Minimum wage laws below the market equilibrium do not have any…
Q: The question asked for percentage and not price. Can you explain how to get to the percentage?
A: The demand function gives a functional relationship between prices and quantity demanded. It is…
Q: The suitable combination of fiscal policy during the high risk of COVID-19 pandemic is I. increased…
A: COVID-19 pandemic was one of the biggest pandemics in global history that led to numerous deaths.…
Q: Suppose Firm A and B have formed a cartel. MCA = 16+4QA and MCB = 6 +4QB. The market demand is Q =…
A: Cartel firms act like monopoly and these firms distribute output in such way that marginal cost of…
Q: j. k. 1. puts are known as goods. Most of the income earned in a country is earned by Governments…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: 54
A: The marginal cost is the cost of producing an additional one unit of output. Marginal products of…
Q: Your parents want to avail a life insurance that will entitle you and your siblings P30,000 monthly.…
A: Interest earned on invested over multiple ages of time does account for the interest earned on the…
Q: Briefly discuss some ways the government could ensure a market with a positive externality could…
A: The positive externality happens when due to the trade between two parties - buyers and the sellers,…
Q: When the marginal product of labor is increasing marginal cost is decreasing OO O O constant…
A: A change in the output caused by using one additional unit of a specific input is known as a…
Q: What is regional trading blocks ? stoote the different types of regional trading blocks
A: A cooperative union or collection of nations known as a "Regional Trading Block" (RTB) exists inside…
Q: A retailer purchases a can of soup for 24 cents and sells it for 36 cents. Calculate the markup as a…
A: Meaning of Cost Of Production: The term cost of production refers to the situation under which a…
Q: How much interest (to the nearest dollar) would be saved on the following loan if the home were…
A:
Q: Production Year1 Year 2 Year 3 Good X 50 50 60 Good Y 100 120 140 Select one: Assume that this…
A: Nominal GDP is that GDP which are calculated on current year price on the other Real GDP is that GDP…
Q: explanation it correctly and details Q) How would a lower rate of expected inflation in the country…
A: Inflation is the rise in general price level goods and service. Inflation influences the nominal…
Q: Create a graph that shows the cost curves and profit maximizing output level for a perfectly…
A: A perfectly competitive firm is characterized by five factors: infinite number of buyers and…
Q: 12
A: The wealth of the consumer or the producer refers to the current endowment along with the future…
Q: The following are estimates for two stocks. Firm-Specific Standard Deviation Stock A B Expected…
A: A standard deviation (symbol σ) is a proportion of how distributed the information/data is…
Q: What are the different modes of entry and operation in international buisners ? Give suitable…
A: The five most common modes of international-market entry are exporting, licensing, partnering.…
Q: Leisure Enterprise's total cost of producing speedboats is given by TC = 10Q3 - 4Q2 + 25 Q +500 (MC…
A: The difference in total production costs caused by creating or producing one extra unit is known as…
Q: The graph illustrates the unregulated market for uranium. The mines dump their waste in a river that…
A: Marginal external cost (MEC) is the adjustment of the cost to parties other than the maker or…
Q: The average annual cost of damages caused by floods at Dona Rosario Village located along Butuanon…
A: Given, Estimated cost = P700,000 Initial cost = P2,500,000 Maintenance cost = P20,000 Interest =…
Q: Money serves three functions in the economy: medium of exchange, unit of account, and store of…
A:
Q: G The graph illustrates the market for Internet service Draw a point to indicate the market price of…
A: When tax is imposed on sellers, the supply curve shifts to the left. Tax is the difference between…
Q: a) If Firm 1 chooses q₁ = 12. what quantity will Firm 2 choose? b) If Firm 1 chooses q₁ = 100, what…
A:
Q: a. What is firm A's profit-maximizing level of output if market price is set at $1.40? _Q b. Firm…
A: Note: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: 1. The function of a company's product to produce output at the level of input use is Q = -1/3x3…
A: Given, The production function is Q =-1/3x3 + 9x3 + 70 The input price is = I D R 800 per unit The…
Q: A man borrows P100,000 at 10% compounded annually, agreeing to repay the loan in twenty equal annual…
A:
Q: In short-run production with two inputs where land is a fixed input labor is a variable input, once…
A: Marginal product of labor (MPL) is defined as the change in the product of labors by employing one…
Q: The COVID-19 pandemic has caused an unprecedented increase in savings in many countries around the…
A: As a negative effect of COVID -19 economies have taken a hit on consumer sentiment which directly…
Q: What are the functions of central bank in developed economies?
A: The top institution in the banking industry is the central bank. All other financial institutions…
Q: Capital is a particular kind of money that incorporates ___________. a proxemics b symbols c…
A: Capital can be thought of as an accumulation of working hours. It enables a firm to hire labor, and…
Q: Define scarcity, choice, and opportunity cost and explain how they are related and why they are so…
A: Economics Economics is the study of scarcity and how it impacts a variety of complex social issues,…
E1
Step by step
Solved in 2 steps with 1 images
- Calculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?Q = 4L + 8K Q = 50K04L0.6 Q = [K0510.5]3 i) Calculate the marginal products of labor and capitalAssume that a firm has a plant of fixed size and that it can vary its output only by varying the amount of labor it employs. The table below shows the relationships among the amount of labor employed, the output of the firm, the marginal product of labor, and the average product of labor. (a) Assume each unit of labor costs the firm $20. Compute the total cost of labor for each quantity of labor the firm might employ, and enter these figures in the table. (b) Now determine the marginal cost of the firm's product as the firm increases its output. Enter these figures in the table. (c) If labor is the only variable input, the total labor cost and total variable cost are equal. Find the average variable cost of the firm's product. Enter these figures in the table. (d) Describe the relationship between the marginal product of labor and the marginal cost of the firm's product. (e) Describe the relationship between the average product of labor and the average variable cost. Quantity of labor…
- Suppose you are considering hiring another worker. Also assume that you are at a firm that is operating at a point where the marginal product of labor is 5 and the price of each unit of labor is $2, and the marginal product of capital is 20 and the price of each unit of capital is $10. Should you hire another worker? If you hire another worker, what will happen to the marginal product of labor and why?Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 1 50 2 90 3 120 4 140 5 150 155 157 6. The marginal product of labor for the first hour of labor is || (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor is. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Casť's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an…Using the information from the table below, what is the marginal cost of increasing output from 32 to 40 knit scarves per week if the weekly wage is $200? [Table description: The first column contains number of workers. The second column shows output. The third and fourth column contain average product and marginal product, respectively.] Number Average Marginal Product of workers Output Product 0 0 2 3 A 5 10 10 10 10 12 22 22 11 10 32 10.67 40 10 46 9.2 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer a $50 b $25 525 c $200 d $4
- Consider the following production function: q = 9LK + 6L² – Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K= 30 and L= 10. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.) 20 tv MacBook Air F6 FB 10 F3 23 2$ & з 4 6 7 8 { [ E Y U P D F G J K > C V N M command option - .. .- BSuppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 120 140 150 155 157 4. 6. The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 45. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ 4 worker(s). (Entor your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it ahould employ 3 worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.00, it should employ worker(s). (Enter your response as an…Suppose that you are starting up a lawn-raking business. All of your workers are required to supply their own rakes, so the only cost to you is hiring labor at an hourly rate. Suppose that the market price of raking someone's yard is $24 per lawn and the hourly wage is $18 per hour. The following graph shows the production function (PF) for your business. On the following graph, use the green line (triangle symbol) to plot the dally isoprofit curve that indicates the profit-maximizing level of output. (Hint: Derive the slope of the isoprofit curve and then move the curve up or down until it's in the position you want; this is because you do not know the amount of profit that will yield the desired curve.) Then use the black point (plus symbol) to indicate the profit-maximizing level of labor and output per day. Note: You will not be graded on any adjustments made to the graph. 100 90 Isoprofit 70 Profit Max 60 50 40 30 20 10 PF 30 40 50 60 70 80 90 100 10 20 LABOR (Hours per day) LAWNS…
- Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 1 3 120 4 140 150 155 6 157 The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 75. (Round your response to two decimal places.) If the wage paid to workers in Die Casť's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $2.00, it should employ worker(s). (Enter your response as an…Complete the table by computing the marginal product for each worker. Labor Total Output (Number of workers) (Pizzas per day) UNITS OF OUTPUT 9 90 80 70 8909 50 40 330 20 CH 10 HH 0 0 1 0 2 1 2 3 4 5 6 7 8 On the following graph, plot Brian's total output using the green points (triangle symbol). (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Be sure to plot the first point at (0, 0).) (?) 9 10 000 m2 58 8 3 18 30 43 55 65 73 79 82 80 4 5 6 NUMBER OF WORKERS 7 Marginal Product AAAAAAAAAA B 9 10 A Production FunctionTrue or false and explain Suppose a firm’s marginal product of labour is MPL = 10/L, where L is measured in labour hours, the price of the product is $600, and the cost per hour of labour is $30. The firm currently employs 150 labour hours. In order to maximize the firm’s profits in the short run, the manager should increase its labour employment by 40 labour hours.