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- 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?70 60 50 40 30 20 10 0 $ 0 10 20 30 40 LS MFC VMP MRP 444L 50 01. Assuming the price of the product is $2.00, what is the Marginal Physical Product (MPP) of Labor of the 45-th unit of labor? (a) 10 (b) 20 O (c) 30The 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) 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.60 50 40 30 20 10F 2 3 4 Number of Workers Employed per Week Refer to Figure 7-1. If this figure represents Total Product per week, what is the marginal product of the fourth worker hired each week? Quantity of Bicycles Per WeekLabor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired ? 4. What is the total fixed cost per day if 12 workers are hired?
- Is it fair that employers can permanently replace economic strikers? Does the right to strike mean much if striking employees are subject to permanent replacement? 250 word please40) Wearitwell Inc sales associates are almost all Caucasian college age men and women. Stockroom employees who unpack and prepare clothing for displays are mostly young Asians and African Americans. This suggests that Weartitwell may need to address its policies and practices in hiring. O lage race age AND race O genderUsing the chart below, when is the value of marginal product of labor when 6 employees are hired? # Workers (L) 3 12 MPL 12 19 6. 3 Price of Output (P) $8 $8 $8 $8 VMPL $96 $? $48 $24 Provide your answer below: VMP,
- Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).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](a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above. Question 4 Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph: (a) an increase in labour productivity. (b) an increase in preference for work. (c) the trade union withdraws labour through a strike.