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- Based on the graph below, how many workers would the firm hire and at what wage? A. 50 workers at $8 B. 50 workers at $18 C. 80 workers at $8 D. 80 workers at $13 E. 80 workers at $18kindly give the relevant term or concept 1. the addition to total output when one more worker is hired, ceteris paribusIf: q = L+K Wage = 20 Rate of capital = 40 How much does it cost the firm to produce q = 50? How much capital K and how much labour L is employed?
- 11. Fresh Veggie is one of many small farms in Florida operating in a perfectly competitive market. Farm labor is also perfectly competitive, and Fresh Veggie can hire as many workers as it wants for $20 a day. The daily productivity of a tomato picker is given in the table. If a bushel of tomatoes sells for $6, how many workers will Fresh Veggie hire? Also, fill in MP of Labor and VMPL columns.Q2.The hiring of labour with fixed factor of production under short run after sometimes leadsto increase in cost only. What’s your opinion at what stage of production producer shouldmake addition in labour, identify which concept in economics explains the whole situation,and justify your answer why it happens with the help of table and diagrams?Assume that supply curve is vertical and labour demand curve shifts to the left.This would lead to a _______ real wage and _______ in unemployment. A) higher/increase B) lower/ decline C) no change / no change D) lower / no change E) lower / increase
- Assume that supply curve is vertical and labour demand curve shifts to the left. This would lead to a ..... real wage and ..... in unemployment. a) higher/increase b)lower/decline c) no change/no change d)lower/no change e)lower/increaseIn this section you have to indicate whether you think the statement is true or false and explain why. 3. If all employers offer the job that was more or less alike, the choice of the employee would be based entirely on total compensation. 5. If employees can move among employers in a costless way, labour demand curve will be horizontal.Q5. The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What’s your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, and justify your answer why it happens
- Q49 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Multiple Choice $9 $15 $24 $8 $14.As employment of labor increases, the marginal product of labor will eventually decrease because A) profitable firms employ better workers first. B) there's a limit to how product individual workers can be. C) fixed capital means additional workers are less productive than the workers who were employed before.Having a marginal product of labor that increases over low levels of employment is common in this situation. Why is that? a) The first workers a firm hires are just better workers than workers hired later on- they applied first and really want the job. B) often it has to do with specialization- workers are able to divide up tasks and be more productive. Is the answer a or b?