Daily output of plastic aquarium plants for the AquaPlant Company (You must use Excel formulas to receive credit for completing the table.) / See Practice Problems (Production Theory) Plants are sold at wholesale for $1.50 to Walmart. Units of Output Marginal Product of Value of the Marginal Labor (MPL) Units of Labor (ТР) Product of Labor (VMPL) Marginal Wage Rate Marginal Profit 1 100 $100.00 2 250 $100.00 450 $100.00

Daily output of plastic aquarium plants for the AquaPlant Company (You must use Excel formulas to receive credit for completing the table.) / See Practice Problems (Production Theory) Plants are sold at wholesale for $1.50 to Walmart. Units of Output Marginal Product of Value of the Marginal Labor (MPL) Units of Labor (ТР) Product of Labor (VMPL) Marginal Wage Rate Marginal Profit 1 100 $100.00 2 250 $100.00 450 $100.00

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 9PA

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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 $80 in child support payments each week. There are 110 (non-sleeping) hours in the week. Graph Tom’s weekly budget line. Under what conditions would Tom choose to work 40 hours a week?
Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(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$ .
Candice’s’ Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these “Sales Associates” sells cookies, which increases Candice’s Cookies’ total revenue, but must be paid an hourly wage. The graph below depicts Candice’s Cookies’ demand for labor curve when the retail price of a cookie is $2. Show Transcribed Text Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (iii): Suppose that the retail price of a cookie is $2. What is the marginal product of the 8th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies
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 $80 in child support payments each week. There are 168 hours in the week. Graph Tom’s weekly budget line.
draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hour
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 constraint
Q50 Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named Sophie, at $11 per hour, the shop can provide 22 haircuts per eight-hour day. By hiring a second barber, Gregoire, at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MRP of the second barber, Gregoire, is Multiple Choice 20 haircuts. negative. $160. $220. 42 haircuts.
Q54 Justin Trudeau, who owns a barbershop in Ottawa, charges and charges $20 per haircut. By hiring one barber named Sophie at $15 per hour, the shop can provide 20 haircuts per eight-hour day. By hiring a second barber, Shelly, at the same wage rate, the shop can now provide a total of 36 haircuts per day. Justin Trudeau should Multiple Choice hire the second barber, Shelly, because she will add $320 to profits. not hire the second barber, Shelly, because she will diminish profits. not hire the second barber, Shelly because she is less productive than the first barber, Sophie. hire the second barber, Shelly, because she will add $200 to profits. close shop.
Your enterprising uncle opens a sandwich shop that employs 11 people. The employees are paid $15 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, the value of the marginal product of the last worker he hired is , and that worker's marginal product is sandwiches per hour.
Barney sells fruits and vegetables at an outdoor market stand. He pays $20 in rent per day for the stand, and he pays 8% of the total sales (x) to an employee. Barney and his employee use the following methods to figure out the amount, in dollars, Barney has left after paying for the rent and his employee for one day. Barney takes the total sales after he pays his employee and subtracts 20. The employee takes the total sales, subtracts the amount of pay she will receive, and then subtracts 20. Which equation correctly shows why both their methods produce the same result?
Mark is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a job that will increase his lifetime earnings by $240,000 but that requires a Ph.D. in finance. The job will mean also attending a full-time finance program for four years at an annual cost of $28,500. Mark already completed an MBA, for which he spent $86,000 in tuition and books. Would he take the job and attend the Ph.D. program? Calculate: Insutructions: Use ono decimals. Use commas (30,000, not 30000). Opportunity costs of this decision = $ MC = $ MB = $ Sunk Costs = $
Angela has been working at a real wage rate of $25 per hour. Illustrate in a diagram how Bruno’s decision to use more robots could affect Angela’s future levels of• real wage,• utility,• free time, and• consumption.Your diagram should have Angela’s daily free time on the horizontal axis and her daily consumption on the vertical axis. Briefly explain your diagram within 70 words