9. NASA is the sole employer of zero-gravity training chamber operators. Given the supply schedule for these operators given below, calculate the marginal expenditure schedule. Salary Quantity S70,000 1 S80,000 2 $90,000 3 $100,000 4 $110,000 5 $120,000
Q: i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in…
A: We will use the ‘Principle of marginal benefit and marginal cost here’. This simply says a firm…
Q: Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job and…
A: Economic cost includes both implicit costs and explicit costs. Implicit costs are those costs which…
Q: 6) Refer to Table below. If the price of output is $20 per unit, the marginal revenue product of the…
A:
Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…
A: d. Fill in the blanks in column 5 of the table by computing marginal cost. Labour output TFC…
Q: Since most consumers spend very little on salt, a small increase in the price of salt will: A.…
A: Substitute goods are similar products that a customer may use for the same purpose. Here, the…
Q: !
A: Given Information:
Q: Suppose that marginal product tripled while product price fell by one-half in Table 12.1. What would…
A: As marginal product tripled, we will multiple the initial values of marginal product by 3 and price…
Q: 5. Suppose the production function is given by f(E, K) $2 and the price for a unit of capital is…
A: Every firm wants to earn maximum profit, to earn maximum profit firms minimize the cost of producing…
Q: 5. The Marginal Product of the first worker is _______ units of output 6. Diminishing Returns sets…
A: Wage (W) = 100 Total Product (TP) (when L is 2) = TP (when L is 1) + MP (when L is 2)…
Q: Jennifer Trucking Company operates a large rig transportation business in Texas that transports…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 9. A soot spewing blacksmith producing steel S is located near a laundry where clean clothes are…
A: The output of the blacksmith is given by, MCS=PS⇒2S=40⇒Snc=20 If the cleaner equates MC to price,…
Q: 5. What is the difference between the Marginal Product of Labor (MPL) and the Marginal Revenue…
A: The marginal product of labour is the additional labour's contribution to the firm's total output…
Q: 6. The total cost incurred by a company that produce three kinds of goods is reflected by the…
A: (a) Total Production of each firm: Total Cost(TC)=0.5Xa^2+Xb^2+0.75Xc^2-2XaXb+3XbXc+XaXc+9187.5…
Q: 1. The cost which a firm incurs for purchasing or hiring factors is called
A: To find : What is cost which firm incurs for purchasing or hiring factor.
Q: A garment factory’s production function is provided in the table.The gross profit per unit…
A: The marginal product can be calculated by using the following formula: MP=TPn-TPn-1 The marginal…
Q: Suppose that a firm is producing in the short run with output given by: Q = 10L – 0.25L2, where L is…
A: Marginal product (MPL) = dQ/dL = 10 - 0.5L
Q: 24 A competitive firm will hire inputs up to the point where: a. The price of the-input equals îts…
A: The motive of a competitive firm is to maximize profits.
Q: Alexa Walsh sells for Supreme Designs , a manufacturer of women's clothing . Alexa is paid a…
A: Gross pay refers to the remuneration received by a human capital of an organization before any…
Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…
A: Given:- Fixed cost=$50 Wage rate=$10 per labor unit Market determined price=$2 To calculate:- Part…
Q: 5. Explain the managerial implications of the following figure: LMC LAC D= MR = 17 12 10 20 140 240…
A: Market structure can be classified into four major categories. The four categories are listed below:…
Q: 2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W…
A: (a) Q = 10L1/2 => L1/2 = (Q / 10) => L = (Q/10)2 => L = Q2 / 100 -----------> Total…
Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…
Q: Employment Total Product Product Price $ 4 1 12 4 22 4 3. 30 4. 4. 36 4 5. 40 4 6. 42 Refer to the…
A: In the mentioned question we have been asked how many employees will the firm hire. Given, cost =…
Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…
A: The measure that depicts expenses being incurred for carrying out transactions of the business is…
Q: 2. Individual Problems 21-2 Planes frequently push back from the gate on time, but then wait 2 feet…
A: Given: To Find: In this scenario, who does not have an incentive to push back from the gate as…
Q: MC Qu. 16-35 (Algo) Refer to the given table... Total Product Employnent Product Price $ 5 12 5. 22…
A: Total Cost = Employment * Wage Total Revenue = Total product * Product price Profit = Total Revenue…
Q: Bell’s Furniture, assemblers are paid according to the following differential piece rate scale: 1−20…
A: Range Number of dresses Rate Cost (No. of dresses*Rate) 1-20 20 7 140 21-30 10 9.50 95 31-47…
Q: 2. The table below shows the number of total products produced by its corresponding numbe of…
A: Wage Rate = 550 Fixed Rental payment =700 Labor quantity table -
Q: very and sells its product in a competitive price-taker market. Product Total Output (dollars) Price…
A: Marginal revenue(MR) is the expansion in income that outcomes from the offer of one extra unit of…
Q: If the hourly wage is $6, this business should hire workers; and if hourly wage is $31, this…
A: Equilibrium labour is determined where MR>= MC= Wage where Wages are 6 and 31
Q: 6A business is considering hiring a legal firm. The marginal benefit of the legal services would be…
A: The costs are given as MC= q Fixed costs = $5 for monitoring and $15 for auditing. The total cost =…
Q: Why does the labour demand curve slope downwards?
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 2. Individual Problems 21-2 Planes frequently push back from the gate on time, but then wait 2 feet…
A: What motivates the ordinary person to put in extra effort, aim higher, and succeed in their…
Q: b) A garment factory’s production function is provided in the table.The gross profit per unit…
A: Given: To Find: If the wage rate is $1,000 a week, how many workers should the factory hire…
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: Down the street from the dairy farm is a farmer with a pumpkin patch Every season he produces…
A: Production Function f(a,l) = 9a23l13Wage rate = $12.
Q: 50g V(1000 + 3q)
A: Hey champ, Welcome to this platform. Here you will get the answer with better quality in minimum…
Q: A garment factory’s production function is provided in the table. The gross profit per unit…
A: The factory will hire a worker until the value of the marginal product (VMPL) becomes equal to the…
Q: run, a tool manufacturer nas a fixed amount oT capital. Labor is a varlable input. The cost and…
A: Marginal Revenue Product. The marginal revenue product of labor is the additional labor's…
Q: Questions 16.6-16.10: In the table, L is the units of labor, TP, is the total product of labor, MP…
A: A production function depicts the relationship between the inputs used and the output produced in a…
Q: 37. The iso revenue function will shift up parallel: a. If the prices of one product increases. b.…
A: A graphical representation of all the possible combinations of two goods that would give the same…
Q: 5. Suppose that a firm is producing in the short run with output given by: Q = 10L – 0.25L 2 , where…
A: The production function shows the technical relationship between input and output. There are two…
Q: 2. The table below shows the number of total product produced by its corresponding number of…
A: As you are adding C part to the question , we assume that you are asking for Ques 2 to be answered .…
Q: to the text In an effort to increase business in 2016, Nir-Van-A (a company that provides van…
A: In the mentioned question we have to calculate the labor cost margin for both the years separately.…
Step by step
Solved in 2 steps
- 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 diagramsGeralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?Bell’s Furniture, assemblers are paid according to the following differential piece rate scale: 1−20 dressers in a week, $7 each; 21−30 dressers, $9.50 each; and $14 each for every dresser over 30. Liz Henderson assembled 47 dressers in one week. Find her gross pay
- The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.12 true or false The point at which the marginal product of a variable input is at a maximum corresponds to the point at which marginal cost is at a maximumFrom Table 6.4, (a) find the AP and the MP of labor. Labor 0 1 2 3 4 5 6 7 8 9TP 0 2 5 9 12 14 15 15 14 12
- Why are firms willing to pay higher wages to highly educated workers? a. Firms are willing to bear the cost of education. b. Highly educated workers prefer to accept jobs with higher wages. c. Highly educated workers are equipped with more physical capital. d. Highly educated workers have higher marginal products. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 What is the marginal product of the secondworker? What is the marginal revenue product of the fourthworker? What is the marginal cost of the fifth worker?Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer. QUESTION TITLE :- 7. (TCO C) You have been hired to…
- #ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.Find 10 problems related to managerial cost and solve it.)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 Output1 202 363 484 565 606 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