When hiring a new employee, a business has to pay certain expenses on this employee including wages and nonwage expenses. These extra costs are called: Marginal Revenue Marginal Revenue Product Marginal Labour Cost Marginal Productivity of Labour Marginal Cost
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When hiring a new employee, a business has to pay certain expenses on this employee including wages and nonwage expenses. These extra costs are called:
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Marginal Revenue |
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Marginal Revenue Product |
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Marginal Labour Cost |
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Marginal Productivity of Labour |
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Marginal Cost |
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- Output (Concession Stand Items) Number of Workers Employed Per day Price of Labor Per Worker Per Day Total Variable Cost of Labor Total Fixed Costs Per Day Total Cost Per Day Average Price of Concession Stand Items Total Revenue Profit Average Variable Cost Average Fixed Cost Average Total Cost Marginal Cost Marginal Revenue 0 0 $120 $2,000 $8.00 100 2 $120 $2,000 $8.00 400 4 $120 $2,000 $8.00Complete the following table Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost Average Variable Cost (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 1 0 $50 $0 2 10 $50 $20 3 25 $50 $40 4 45 $50 $60 5 60 $50 $80 6 70 $50 $100Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0 10 $28 32 $14.0 20 $28 68 $14.0 30 $28 108 $14.0 40 $28 144 $14.0 50 $28 176 $14.0 60 $28 196 $14.0 70 $28 212 $14.0 80 $28 216 $14.0 90 $28 218 $14.0 100 $28 214 $14.0 110 $28 204 $14.0…
- Quantity of Labor (workers) Total Product (units per hour) 0 12 34 56 0 259 151817 The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the worker because A) 4th; the average product of labor is also increasing B) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker C) 3rd; the average product of labor is also increasing D) 5th; output declines with the 6th worker E) 5th; output is maximizedA perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.Different between informal and formal Labour Costs
- 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 ?Practice Question 1 • If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. Labour unit MRP - MLC Marginal Product Total Average Total Marginal Total TRP -TLC Marginal Labour Cost Product Product Revenue Revenue Labour Cost Product Product 1 10 10 25 20 3 45 30 4 60 40 70 50 6. 75 60 7 78 70 8. 80 80Labor (Number of workers) 0 1 2 3 4 90 units. 80 units. 20 units. Output Fixed Cost (Units) 85 units. 0 90 170 230 240 (Dollars) Refer to Table 13-3. The marginal product of the second worker is 50 50 50 50 50 Variable Cost (Dollars) 0 20 40 60 80 Total Cost (Dollars) 50 70 90 110 130
- 1.The hiring of labour with fixed factor of production under short run after sometimes leads toincrease in cost only. What’s your opinion at what stage of production producer should makeaddition in labour, identify which concept in economics explains the whole situation, justify youranswer why it happens with the help of table and diagrams15) In a competitive labour market, firms will hire labour up to the point where themarginal revenue product of labour equals(a) total labour cost.(b) the wage rate.(c) the marginal product.(d) the price of the product.Ford Motors 2010-2019 Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of both, but most companies will rely more heavily on one or the other.
