Refer to Table below. If the price of output is $20 per unit, the marginal revenue product of the fifth unit of labor is Number of workers Units of output 2 100 3 160 210 250 280 300 310 4 5 6 7 8
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- What determines the demand for labor for a firm operation in a perfectly competitive out market?What determines the demand for labor for a firm with market power in the output market?6) Refer to Table below. If the price of output is $20 per unit, the marginal revenue product of the fifth unit of labor is Number of workers 2 3 4 5678 6 Units of output 100 160 210 250 280 300 310
- 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 WeekQuestion 54 Examine the table below. What is the value of the marginal product of the second unit of labor? Units of Quantity Product Factor Xof Output Price Value of Marginal Product 0 100 $10 190 $10 $10 340 $10 400 $10 1 2 3 4 O $80 $2700 $800 O $270 8888 27070 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) 30
- 2. The table below shows the number of total products produced by its corresponding number of laborers employed. Assume that each laborer receives P550 as wage and the firm rental fee for the equipment it uses. рays P700 Q0 | 24 64 | 116 176 220 240 248 2 4 8. 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of output must it produce? B. If the product is sold for P21, should the seller continue production? If units of output? Justify your answer. C. At what price will the firm decide to shut-down in the short-run? yes, how manyIn the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third worker1 Labor Demand Suppose that Wakanda Bakery has the following Cobb-Douglas Production Function: Y = K²³E , where K represents the units of capital employed, E is the number of employee hours employed, and Y is total production. Wakanda Bakery is bound by the minimum wage of the land and pays USD 15 per hour and the cost of capital, r, is equal to 1920 per unit. The firm faces 1 unit of capita that cannot be changed.
- 200 150 8130 g 12 $100 60 0 Multiple Choice: 250 Units of labor What is the marginal rate of technical substitution at each cost minimizing equilibrium point? 0.80 0.40 120 2.50 2.00 Q-1,200 Q-800 Q-400 375 500 Saved impossible to tell without marginal products(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.(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.
