Bill is willing to cut lawns for a minimum of $200 a week. He is, however, paid $250 for the same service by a lawn maintenance company. This is an example of O producer surplus. O employment discrimination. the derivation of accounting profit. consumer surplus.
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- For a corripetitive firm workers marginal revenue product equals the marginal product of labor times the: wage rate. wage rate. price of the firm's product interest rate firm's total revenueAfter hiring the third emplyee, John was able to produce 110 units instead of 80 units without the third employee. The price of each unit is $10. What is the Marginal Revenue Product of the third employee. $800 $1100 $3000 $1900 Not Enough InformationThe desire to maximize profits can work against racial and other types of discrimination. To see why, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. Instructions: Enter your answers as a whole number. In part b, round your answer for profit rate to 1 decimal place. b. If the market price that accounting firms charge their clients for an audit is $2,000, what would the accounting profit per audit be for a firm that hired either Ted or Jared? $ What is the profit rate as a percentage? c. Suppose that firm A dislikes hiring black accountants, while firm B is happy to hire them. So Ted ends up working at firm B rather than firm A. If Ted works 11 months per year, how many audits will he complete for firm B each year? audits How much in accounting profits will firm B earn each year from those audits? d. Because firm A passed on hiring Ted because he was black, firm A is forgoing the profits it could…
- A company produces 800 units in a day. The firm has a worker put in one additional hour of labor. After this last hour, the firm's output rises to 810. The marginal revenue of this additional output is $15. The marginal revenue product for this last hour of work is Question 6 options: $10 $15 $150 $12,150Kindly help solve and explain all steps and intuition. Thank you! A firm is considering hiring a worker and providing the worker with general training. The training costs $1,000, and the worker’s MRPL (marginal revenue product of labor) during the training period is $3,000. If the worker can costlessly move to another employer in the post-training period and that employer will pay a wage equaling the new MRPL, how much will the training firm pay the worker in the training period?Exhibit 11-5 A perfectly competitive labor market Quantity of Labor (thousands) Marginal Revenue Product Wage Rate 5 $25.00 $ 5.00 10 20.00 10.00 15 15.00 15.00 20 10.00 20.00 25 5.00 25.00 In Exhibit 11-5, when the marginal revenue product is $20.00, firms should
- A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $25 and the marginal factor cost is $30. Based on this, the firm should A-employ more units of labor. B-employ fewer units of labor. C-employ the same amount of labor D-lower its offered wage for labor. E-increase its offered wage for laborSuppose a firm has some power in the product market and hires labor in a perfectly competitive labor market. If the market wage rate is $20, the marginal product of the last worker hired is 5, and the firm is hiring the profit-maximizing amount of labor, then the marginal revenue product of the last worker hired is _____ Group of answer choices $5. $1. $4. $20. $1.50.a)The technical rate of substitution between factors X2 and X1 is 4. If you desire to produce the same amount of output but cut your use of X1 by 3 Units, how many more units of X2 unit will you need. b) Why will a monoponist undeemploy and underpay its workers compared to a perfectly competitive firm. c) Explain what happens to the marginal Factor cost of hiring a worker faced by the Monoponist when the elasticity of the supply Curve is infinitely large.
- Central Manufacturing Company is the only manufacturing facility in a small remote town, and Central Manufacturing Company is the only employer of machinists in the area. The graph below shows the market for machinists with the marginal factor (resource) cost curve, the labor supply curve, and the marginal revenue product curve. A) Identify the profit-maximizing number of machinists. Explain using the labeling on the graph. (B) Identify the profit-maximizing wage rate that Central Manufacturing Company will pay its machinists. Explain using the labeling on the graph. (C) If the marginal product of machinists increases, what will happen to the quantity of output produced by Central Manufacturing Company? Explain. use the following graphQ. 2 Suppose a firm is the sole employer in town, facing a labor supply curve w(L) = 0.5L. This monopsony is a price taker in the output market and has demand for labor DL = 200 – L (this is the marginal revenue product of labor). a) Calculate the total L demanded by the monopsony and compare it with perfect competition. b) Calculate producer surplus, compare it with perfect competition. c) Calculate consumer surplus and compare it with perfect competition. d) Calculate DWL for this monopsony, comparing it to perfect competition.Leadbelly Co. sells pencils in a perfectly competitive product market and hires workers in a perfectly competitive labor market. Assume that the market wage rate for workers is $80 per day. Leadbelly should follow this rule to hire the profit-maximizing amount of labor: Hire workers up to the point where the (marginal product, value of the marginal product, or output price) is (less than, greater than, or equal to) $80 per day.