Suppose LA.Banana employs workers to harvest bananas. Answer the following questions using the information provided below:   Quantity of labour: 0 labour 1 labour 2 labour 3 labour 4 labour 5 labour 6 labour   Units of Output: 0 banana 16 banana 21 banana 25 banana 31 banana 36 banana 40 banana   a.) Calculate the marginal product of labor, the value of the marginal product of labor, and the marginal profit ,suppose a fully competitive company, LA"Banana, where wages are fixed at $800 and each banana (output) sells for $20.

Q: 3. Schmitt's Bakery sells cookies in a perfectly competitive market and hires workers from a…

A: We are going to calculate Marginal Revenue Product and Profit maximizing labor count to answer this…

Q: For a producer under complete competition, the following production function applies. Q = F (K, L)…

A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…

Q: (d) Assume that the market for artists becomes perfectly competitive. What wage rate would Tandy’s…

A: If the factor market becomes perfectly competitive, then the equilibrium would be at such a point…

Q: A production function is characterized by ? = 10 + 5L, where q is output per hour and L is labor…

A: 1. A production function is characterized by ? = 10 + 5L, where q is output per hour and L is labor…

Q: sunshine's organic market sells organic produce.assume that labor is only input that varies for the…

A: The producers are the entities which gets involved in the use of raw materials, inputs, and the…

Q: 1) Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship…

A:

Q: A firm uses labor (L) and capital (K) to produce outputs. The following graph shows the iso-quant…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 1. Assume that Ms. Desdimona, the owner, and manager of the Fine Duplicating Service located near…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: 13. You run a fried chicken restaurant in Kentucky and can hire labor at a wage of $2/hr in a…

A: Here, it is given that wage rate is $2/hr, which is the marginal cost and selling price is…

Q: 2. Consider the following information of a hypothetical firm: Q = 100K0.6 L0.8; w = :1; r = 3 A.…

A:

Q: Refers to Figure 18-1. Suppose the firm sells its output for $15 per unit, and it pays each of its…

A: The output(TP) rises from 210 to 285 units when the firm hires third labor. So, MP(marginal product)…

Q: A firm uses Labour (L) and Capital (K) to produce commodity (Y). The quantities of the inputs and…

A: TC = rK + wL where r is the rental rate of capital, K, and w is the wage rate of labor, L.  Since…

Q: Let the hourly production function for Fred's Fountains be the following: .251.5 The rental rate of…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A shortGHH run production function of a competitive firm is given by Y=6L^(2/3) where Y represents…

A: Answer: Given, Production function: Y=6L23 P = 3 W = 6 Profit=TR-TCWhere,TR=Total revenueTC=Total…

Q: (Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units…

A: Hi Student, as per the guideline, we are providing answer for the first question. Kindly post the…

Q: Imagine you own a business firm all by yourself. During the first quarter of your production, you…

A: Answer

Q: Q.5.2 Table 1 below, shows the output of 6 machinists in the sewing section of the business on a…

A: Answer: Law of diminishing returns: the law of diminishing returns is also known as the law of…

Q: Suppose that the price of labor (the wage rate) is $100 a day and that the rental price of capital…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: 11. A firm in a perfectly competitive market uses capital and labor to produce output q. The firm's…

A: As given F(L,K)=L0.5K0.5 Price of labor=w=4 and price of capital=r=1 In order to minimize the costs,…

Q: As the manager of Lewis Inc., a company that produces lamps, you conducted a study of the production…

A: We have given the short-run production and output schedule of a competitive firm that produces…

Q: Rikell company produces helmets using labor (L) and capital (K). Its production function is given by…

A: Complementary goods are consumed together in fixed proportion

Q: uppose A firm uses labour, L and capital K, to produce a single product, X. capital is fixed but…

A: When MC = AVC, we know that MP = AP MP = dX/dL = - 0.6L2 + 36L + 1620 AP = X/L = - 0.2L2 + 18L +…

Q: Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for…

A: The firm maximizes profit or minimizes cost by employing the number of workers where marginal profit…

Q: 1. Assume that Ms. Desdimona, the owner, and manager of the Fine Duplicating Service located near…

A: State how the law of diminishing returns is reflected in the shape of the total product curve and…

Q: 3. given by q = LeK. Michelle hires labor and rents capital in perfectly competitive markets where w…

A: Production function : q = L1/6K1/6 w = 1 , r = 64  The major difference between a short run and long…

Q: A firm uses Labour (L) and capital (K) to produce commodity (Y). The quantities of the inputs and…

A: Answer: Given: Wage rate = Rs. 340 per unit of labour Rental rate = Rs. 0.5 per unit of capital…

Q: Suppose that in a perfectly competitive market, one individual firm uses two inputs: Labor (L) and…

A: Since the question you have posted consists of multiple parts, we will solve the first two parts for…

Q: Consider a competitive firm whose Cobb-Douglas production function is f (a1, x2) = V12, where r1…

A: A production function shows the relationship between the factors of production or inputs and the…

Q: The following table depicts the weekly output of a firm that manufactures computer printers. The…

A: Marginal Revenue Product = MP × Price

Q: Given the following production function for the mythical Tight Jeans Corporation, calculate the…

A: Marginal physical product is the additional output produced by employing an additional unit of…

Q: Imagine you own a business firm with a friend of yours. During the first quarter you come up with…

A: Production function represents the relationship between the output produced and the cost of…

Q: The following table shows the relationship between workers and output for a small factory in the…

A: The marginal product of labour (or MPL) alludes to an organization's expansion in absolute…

Q: A perfectly competitive firm's production function is Q=8LK where Q is the amount produced, L is the…

A: Marginal revenue product of labor measures the change in total revenue due to a change in labor by a…

Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…

A: A price-taker is an individual or organization that should acknowledge winning prices in a market,…

Q: 2. Consider the following information of a hypothetical firm: Q = 100K0.6 L0.8; w = 1; r = 3 A.…

A:

Q: Question 2. 1. Widget factory Inc. in Wisconsin has the following production function: F(L,K) = 2L/2…

A: Given production function :- F(L, K) = 2L1/2 K1/2 w = $30 r = $25 P = $50 K0 = 900 (fixed)   So the…

Q: If the shop pays its mechanics a wage of $600 per day, then what is the shop's marginal profit from…

A: Marginal profit is the difference between the value of the marginal product and marginal cost.…

Q: A competitive firm has a production function described as follows. Weekly output is the square root…

A: Given ; Output is the square root of the minimum of the number of units of capital and the number of…

Q: Suppose the marginal product of the last worker employed by a firm is 40 units of output per day and…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 30 25 20 15 10- 1 3 5 6. 8. Labor 10- 4) 2. Marginal Product

A: Marginal product refers to change in total product with respect to change in input. It refers to…