The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a large company. 12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.45 7.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50 (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.

The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a large company. 12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.45 7.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50 (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 20SQ

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A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:
Sorry, that is incorrect. The correct Production Data answer is: Workers Cars Washed Economics 11 = (96 - 85)/ (6- 5) Mentor 1. 10 24 Correct Answer: 11 3 45 4 68 5. 85 Okay, so at which worker is the marginal product of labor maximized? 96 7. 91 8. 80 Randall At the 6th worker At the 5th worker At both the 4th and 5th workers At the 4th worker Submit MacBook Air 寸

Jenni owns a cooking school that specializes in seafood. Jenni has a limited supply of kitchen space for her instructors to use for lessons. As a result, each successive instructor adds less to Jenni's output of lessons. Cooking lessons cost $35 per hour. The table below shows, for each successive instructor, Jenni's output quantity, marginal product of labor, and value of marginal product. The VMP was found by multiplying the additional number of cooking lessons each additional worker provided (MPL) by $35, which was the price per lesson. Marginal Value of Quantity of Quantity product marginal product (VMP) lessons of labor of labor (hours) (MPL) 1. 10 10 $350 2 17 $245 3. 23 9. $210 4. 28 5. $175 32 4 %24140 35 3. $105 37 $70 38 $35
6. A company uses two inputs, unskilled labour (L) and capital (K), to produce itsproduct. The wage rate for a unit of labour is €5, while a unit of capital cost €20.a) Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquantfor an output level Q0 and indicate the optimal input levels of L and K. (Do not forget tolabel the axes).b) Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run,with capital input fixed at K, to keep its output constant at Q0.c) Show graphically and comment shortly on the optimal factor mix that the firm would useto produce Q0 in the long run at the specified minimum wage of €6 per unit
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