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- Geralt 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?13. Identify which way the labor supply curve would shift under the following scenarios. A country experiences a huge influx of immigrants who are skilled in the textile industry. Wages increase in an industry that requires similar job skills. New machines require additional maintenance over time, so that the marginal productivity of labor rises.15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units
- Interpret the meaning of "rate of exploitation = 1000" for making hamburgers at a fast-food restaurant. Would this rate of exploitation increase or decrease when greater automation is introduced to make these hamburgers? (about 60-90 words)Table: Production of Cabinets Quantity of Labor(workers) Quantity ofCabinets Q Marginal Productof Labor(cabinets per hour) 0 0 1 5 5 2 11 6 3 16 5 4 20 4 5 23 3 6 25 2 7 26 1 8 25 -1 Reference: Ref 11-6 Table: Production of Cabinets (Table: Production of Cabinets) Use Table: The Production of Cabinets. If each cabinetmaker could be hired at no cost, how many workers would your firm employ? Select one: a. two b. seven c. six d. eight(Resource Demand and Supply) Answer each of the following questions about the labor market: a. Which economic decision-makers determine the demand for labor? What is their goal, and what decision criteria do they use in trying to reach that goal? b. Which economic decision-makers determine the supply of labor? What is their goal and what decision criteria do they use in trying to reach that goal? c. In what sense is the demand for labor a derived demand?
- Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8750 per month, but with the new pilot, thinks he'll be able to increase his revenue to $10000 per month. What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?#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.INSTRUCTION .Give the meaning or definition of the following term. 1.DOWN SIZING 2.PAY REDUCTION 3.DEMOTION 4.TRANSFER WORK SHARING 5.HIRING FREEZE 6.NATURAL ATTRITION 7.EARLY RETIREMENT 8.RETRAINING 9 OVERTIME 10 TEMPORARY EMPLOYEES 11OUTSOURCING 12 TURN OVER REDUCTION 13.NEW EXTERNAL HIRES 14. TECHNOLOGICAL INNOVATION
- 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.One of the common complaints of special educationteachers is that they are not allowed to teach because of all thepaperwork they are required to fill out and keep current. They onceonly had to teach, but now they have so many other duties that theydon’t feel they are doing anything well. In this case, ____ did notproduce satisfied workers. job specialization job rotation job enrichment job enlargement a narrow span ofmanagementTable 13-2 Number of Workers Total Output Marginal Product 0 0 -- 1 200 2 450 3 600 4 650 Refer to Table 13-2. What is the marginal product of the fourth worker? Group of answer choices 250 units 200 units 150 units 50 units