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- Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage rate required at each level of employment. What is the monopsonists marginal cost of labor at each level of employment? If each unit of labors marginal revenue product is 13, what is the firms profit maximizing level of employment and wage?What determines the demand for labor for a firm operation in a perfectly competitive out market?Gopher 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 (Shovels) (Number of workers) 0 0 1 100 2 195 3 275 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (?) 400 O -O- 360 Production Function 320 280 240 200 160 120 80 40 0 O 0 2 2 5 LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. ? 100 90 80 70 60 50 40 30 20 OUTPUT (Shovels) MPL (Shovels per worker) 10 0 0 O 1 1 2…
- Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…How does employment under a monopsony differ from employment under perfect competition? O a. More workers are hired at higher wages in a monopsony. O b.More workers are hired at lower wages in a monopsony. Oc Fewer workers are hired at higher wages in a monopsony. O d. Fewer workers are hired at lower wages in a monopsony.11:16 Fri 10O Dec * 9 80% ... managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A 22 of 46 AP Microeconomics Page 21 of 46 AP CollegeBoard Test Booklet Unit 5 Problem Set - FRQ's Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. The table below shows the short-run production function for Josh's Consulting Firm. Number of Consultants Total Product per Hour 1 21 2 43 3 66 4 88 108 6. 126 7 141 8. 151 (a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers. (b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2. Calculate the marginal revenue product of the fifth consultant. Show your work. (c) Josh's Consulting Firm hires…
- Che Farty Decent Industries has the following production schedule. The price of the product being produced is $5 in a purely competitive market On the following table, compute the Marginal Revenue Product for every "jump" between one level of workers and the next. Instructions: Enter your answers as whole numbers. Marginal Product Marginal Revenue Product Workers Output/Hour 0. 5. 20 4 20 Eces 10 35 15 45 The hourly wage for workers is $16. Assuming workers must be hired in increments as shown on the table, Fairly Decent Industries will keep hiring workers until it has workers, but no more. Prev 2 3 4 of 4 Next > e here to search %24Using your knowledge of marginal revenue product, explain the following: A famous tennis star is paid $200,000 for appearing in a 30-second television commercial. The actor who plays his doubles partner is paid $500. Compared to the stock actor, the famous tennis star has O A. a higher marginal revenue product because the average cost of the ad with the tennis star is higher. O B. a higher marginal revenue product because revenue increases by more from having the tennis star appear in the ad. O C. a higher marginal revenue product because the ad with the tennis star generates more profit. O D. a higher marginal revenue product because the tennis star can produce more ads. O E. a higher marginal revenue product because the cost of the ad with the tennis star is higher.can you please show the working out for the second part that starta with " How much labour and capital would they need to employ if the price oflabour per hour is £9 and the price of capital is £36 per hour? What isthe total cost of production?"
- Which of the following is a method used by unions to increase the demand for their members' labor? O A. Decrease the marginal product of union members. O B. Oppose minimum wage laws. OC. Oppose immigration restrictions. O D. Support import restrictions. O E. Increase imported goods and services* Please meke and descriptive Consider a competitive firm wwith the following your answer easy read to Question pcoductian function Q = L9 KR b. where Q = of output quentity quantity of labor quantity of labor Price of the product (P) = 10$ Unit wage an hour (w) Discount cate () F 10% O, 4 1) what s the critical value off laber (^)) 2) what the ccitical alue of labor (KO? 3) What is. the profit (Ji) ? maximunRecently, the Boeing Commercial Airline Group (BCAG) recorded orders for more than15,000 jetliners and delivered more than 13,000 airplanes. To maintain its outputvolume, this Boeing division combined efforts of capital and more than 90,000 workers.Suppose the European company Airbus enjoys a similar production technology andproduces a similar number of aircraft but that labor costs (including fringe benefits) arehigher in Europe than in the United States.o Please explain whether workers at Airbus have the same marginal product asworkers at Boeing?
