(Table) You run a smoke shop in Colorado where the market price of a hand rolled joint is $10. How many workers should you hire to roll joints if the going wage rate is $400 per day and you are trying to maximize profits? Labor (number Quantity of hand rolled of joints per day workers) 1 20 2 60 110 34 56 3 05 4 02 170 210 230
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- (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?(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.workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
- The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.(a) The table below shows the relationship between number of workers hired and output. Total Total Marginal Marginal Price Labour Product (unit) Revenue Revenue Product (RM) (RM) Product 20 1 50 20 2 90 20 3 20 600 4 20 400 20 200 155 20 Complete the table.(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? What is the marginal revenue product of the fourthworker? What is the marginal cost of the fifth worker?Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer. QUESTION TITLE :- 7. (TCO C) You have been hired to…
- 15) In a competitive labour market, firms will hire labour up to the point where themarginal revenue product of labour equals(a) total labour cost.(b) the wage rate.(c) the marginal product.(d) the price of the product.Units of Labor 0 1 2 3 4 5 Quantity of Output 0 10 25 32 38 43 Product Price $17 $16 $15 $14 $13 $12 Marginal Revenue Product (A) (B) (C) (D) (E) 2 Use the table above. Assume all figures in the table pertaining to labor productivity are per-hour. 1. If the wage is $25 per hour, this firm should hire [Select] 2. If the wage is $50 per hour, this firm should hire [Select]2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…
- (a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another industry-/situation with a compensating wage differential.Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >Homnework Question, I do not understand
