4. Which of the following individuals is least likely to become involved in the setting of direct labor efficiency standards? a The purchasing manager. b A production supervisor. E A design engineer. d. Amachine operator. e Aquality control analyst.
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A: We will use the following formula, AP of labor = Total product/Quantity = TP/Q MP of labor = Change…
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- A job is a contract between a O A. bank; household; capital OB. manufacturer; retailer; entrepreneurial OC. firm; household; labor OD. bank; firm; capital 2 and a 1₁ for providing services.i Saved Help Save & Exit Sul Instructions: In parts a and b, enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate marginal physical product (MPP). Labor Output(Q) MPP 0 0 10 2 22 3 30 36 5 38 6 37 b. When does marginal productivity first diminish? When worker is hired.a) Overall effect on labour choice is the summation of income and substitution effect. Please explain these effect by drawing a graph. b) Why industrial revolution started in Britain and what are the basic consenquences of the industrial revolution forthe World? c)What are the three main economic institutions of capitalism? Please explain the relation among them.
- nent 6 from Chapter 8 Saved Help Save & Exit Submit High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Chairs Produced Workers Per Hour B:13 1 10 18 24 28 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70? es Multiple Choice 1 MacBook Pro 3. 234 5At which worker is the marginal product of labor maximized? a) at the 7th worker b) at the 4th worker c) at the 5th worker d) at the 4th and 5th worker Idk if the answer is either a or b?Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?
- According to the above table, the marginal factor cost of the eighth worker is A. $216.00. B. $27.00. C. $168.00. D. $48.00.23) The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is A) 10 B) 12 D) 116 Answer: A Diff: 2 Topic: The Production Process Skill: Analytic C) 22What is meant by returns to factor? State 3 phrases of the law of variable proportion.
- Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?9. Consider an isoquant/isocost diagram, with labour measured on the horizontal axis and capital measured on the vertical axis, which can then be used to derive a demand for labour diagram. Following a rise in the wage rate, which of the following statements would accurately describe the changes on the firm's demand curve for labour? (a) There would be a movement up the demand curve for labour and the smaller is the substitutability between the inputs, the more inelastic will be the demand curve for labour. (b) There would be a movement down the demand curve for labour and the smaller is the substitutability between the inputs, the more inelastic will be the demand curve for labour.Question 20. SG store sells its products at a price of $60,000 per unit. it is assumed that labor is the only input that changes. it is known that the marginal product of the 11th worker is 16 units, MU store pays its workers $150,000 per day. What is the value of the marginal product of labor for the 11th worker? a. $2,400,000. b. $480,000. c $1,200,000. d. $960,000.
