A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?
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A commercial fisherman notices the following
relationship between hours spent fishing and the
quantity of fish caught:
Hours
Quantity of Fish
(in pounds)
0 hours 0 lb.
1 10
2 18
3 24
4 28
5 30
a. What is the marginal product of each hour spent
fishing?
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- A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Fish (pounds) 0 0 1 10 2 18 3 24 4 28 5 30 What is the marginal product of the 4th hour spent fishing? Question 8 options: 8 4 6 2Factor Cigars (100 boxes) Soybeans (100 bushels) Acres of land (T) TC= 0.2 TS= 0.8 Hours of labor (L) LC= 0.4 LS= 0.4 where, TC = the number of acres of land used to produce 100 boxes of cigars. LC = the number of labor hours used to produce 100 boxes of cigars. TS = the number of acres of land used to produce 100 bushels of soybeans. LS = the number of labor hours used to produce 100 bushels of soybeans. The table above shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods. According to this data, the cigar industry currently uses a land-labor ratio equal toA commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (Pounds) 0 0 1 10 2 19 3 25 4 27 5 28 Complete the following table with the marginal product of each hour spent fishing. Hours Quantity of Fish Marginal Product (Pounds) (Pounds) 0 0 10 1 10 9 2 19 6 3 25 2 4 27 1 5 28
- Owner owns a pizza shop with a single employee. If employee works x hours, he can produce sqrt x pizzas.Each pizza sells for £6. cost to employee of working x hours is c(x)=x. If emplyee can enjoy £5 from staying at home and no effort. How much would he have to receive from owner for producing effecient amount of pizzas? a)14 b)36 c)27 d)42 e)9A car wash firm calculates that its daily production (in numbers of cars washed) depends on the number of n workers it employs according to the formula P=30n-0.05n^2 cars. (a) Calculate the marginal product of labor at employment level of 50 workers. ___ cars/workers. Interpret the results. This means that, at an employment level of 50 workers, the firm’s daily production will increase at a rate of ____ cars per additional worker it hires.Tom earns $15 per hour for up to 40 hours of work each week and $30 per hour for every hour in excess of 40. Tom also faces a 20 percent tax rate, pays $4 per hour in child care expenses for each hour he works, and receives $80 in child support payments each week. There are 110 (non-sleeping) hours in the week. Graph Tom’s weekly budget line. Under what conditions would Tom choose to work 40 hours a week?
- Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. Tom receives $80 in child support payments each week. There are 168 hours in the week. Graph Tom’s weekly budget line.18. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in England is ____ mhrs/bottle. (PleAndy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.
- Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .Kimo is a parent who has $200 in non-labor income. Kimo can earn $10 per hour working between 0 and 60 hours in a week if he works. Draw and label clearly the potential income constraint diagram faced by Kimo What is the slope of the budget constraintThe number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.
