A firm's marginal revenue product of labor (MRP ( ) is shown in the figure to the right. Suppose more firms enter the market. Using the line drawing tool, show how the marginal revenue product of labor changes by drawing a new marginal revenue product of labor. Label the line "MRP2." Carefully follow the instructions above, and only draw the required object. Marginal revenue product of labor Quantity of labor (hours) MRP
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- 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?The average product of labour is the output per employee often called labour productivity. Use the information in table 17.1 to answer the question below. Table 17.1 c) OD Output units d) 1 000 2 500 6 000 7.000 8 000 As the number of employees increases from 10 to 50 the average product of labour: a) Is constant b) Falls then rises Rises Falls Number of employees 10 20 30 40 50You own a landscaping company. You currently have 3 employees and are considering hiring a fourth. Hiring a fourth employee will increase the number of lawns your company can mow from 18 to 20. What is the marginal product of labor of the fourth employee? A) $5 B) 20 lawns C) 2 lawns D) 5 lawns
- 1. Suppose a short-run production function is described as Q40L 0.04L2 where L is the number of labors used each hour.Labor (L) Quantity of Output (Q) Average Product of Labor (APL) Capital (K) Marginal Product of Labor (MPL) 10 1 10 50 ? 2 10 70 ? 3 10 70 4 10 240 ?The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을
- Each extra worker produces an extra unit of output up to six workers. After six, no additional output is produced. Draw the total product, the average product of labor, and the marginal product of labor curves. (3)The table above provides three critical production output factors: number of workers, the marginal product of labor, and the price of the output (in a perfectly competitive market). Using this information, plot the labor demand curve. Note: You will need to calculate the value of the marginal product of labor (VMP|) from the information provided. # of Workers (L) 1 2 3 4 MPL 20 15 10 5 Price of Output (P) $5 $5 $5 $5 Provide your answer below: 100 75 25 1 worker (1,10) 3 workers (3,10) Labor Demand Curve 2 workers (2,10) 4 workers (4,10) 1 2 3 4 6 Labor (L) Value of Marginal Product of LaborThe price of factor A is GHC20 per unit and the price of factor B is GHC300.00 per unit.The marginal product of factors A is 40units and the marginal product of factor B is 60units.Should the firm increase the employment of factor A and decrease the employment of B to minimize the total long run cost of producing existing output?Explain
- After Suzie, owner of Suzie's Sweet Shop, hires her 8th worker the average product of labor declines. Which of the following statements must be true? The marginal product of the 8th worker is negative. The marginal product of the 8th worker is less than the average product of labor before the 8th worker was hired. Suzie's profits would be greater if she did not hire the 8th worker. The average product of labor is negative. Question 14 Which of the following statements is true? The average product of labor is at its maximum when the average product of labor equals the marginal product of labor. The average product of labor is at its minimum when the average product of labor equals the marginal product of labor. The average product of labor tells us how much output changes as the quantity of workers hired changes. Whenever the marginal product of labor is greater than the average product of labor the average product of labor must be decreasing.The price of factor A is GHC20 per units and the price of factor B is GHC300.00 per unit. The marginal product of factor A is 40 units and the marginal product of factor B is 60 units. Should the firm increase employment of factor A and decrease employment of factor B to minimise the total long run cost of producing existing output? ExplainGopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 80 2 150 3 210 4 250 5 270 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 300 270 240 Production Function 210 180 150 120 90 60 30 LABOR (Number of workers) OUTPUT (Shovels)