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- A nursing home is deciding whether to add an additional employee to its staff. The marginal cost of hiring this worker depends on the a. total amount paid to previously hired workers. b. total amount paid to the new worker. c. the additional revenue created by having an additional worker. d. the total amount paid to all the workers, both the new one and the previously hired workers.How can stages of production be used to determine the most profitable number of workers to hireAt $300 per day what is the maximum number of mechanics Craig should hire?
- The graph below depicts the major employer in a small town. At what quantity of workers does the marginal benefit of hiring the next worker equal the marginal cost? Multiple Choice 20 workers 60 workers 40 workers 50 workersUsing the production schedule table in question 1, Marginal Productivity reaches a maximum with the hiring of which worker? Using the production schedule table in question 1, between which two workers is Average Product maximized? Using the production schedule table in question 1, what is the maximum number of workers that the firm would hire?California's unemployment insurance program is funded by a tax on employers. In general, the tax rate rises as the firm's history of layoffs increases. The minimum tax rate is 0.09% and rises to a maximum of 5.37%. Suppose a firm's layoff history exceeds the level that would normally result in the maximum rate. We would expect: Group of answer choices a. The firm to have an incentive to lay off fewer workers than it might have otherwise b. The firm to have an incentive to lay off more workers than it might have otherwise c. The firm will lay off fewer workers than it would if the tax rate were the same regardless of layoff history. d. The firm's tax collections will subsidize other firms' UI benefits.
- A firm hires two doctors to help injured workers. The firm values fixing each injured worker at $72. Ashley’s marginal cost of allocating effort to the helping injured workers is 6N, where N is the number of workers helped per day. Brennan’s marginal cost is 8N. a) If the firm pays piece-rates, what will be each worker’s daily wage? How many workers do Ashley and Brennan each help in a day? b)Suppose the firm pays a time rate of $600 per day and fires any doctor who does not help at least 8injured workers per day. How many injured workers will each doctor help in a day?Michael Scott owns a bakery and is considering hiring two more workers, Pam and Jim. Suppose that the market wage for another worker is $90 per day. Pam would generate a daily marginal product of 5 cakes, while Jim would generate a marginal product of 4 cakes. If cakes sell for $40 each and the ingredients for each cake cost $20, what should Michael Scott do? Group of answer choices Not hire either worker Only hire Jim Hire both Pam and Jim Only hire PamYou produce shoes (Q) with labor (L) and capital (K). The production process is as so:Q = 400L - 20L2 + 600K – 10K2The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of labor (L) should you employ? Enter as a value.
- 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.Bobby has been recently hired to work on a highway construction crew for the summer. The work is hard, but the pay is great at a time when jobs are hard to come by. One day, the foreman told Bobby to slow down. "You're working too hard." This crew is used to taking it easy. "At this rate, you'll out yourself out of job because once we're done with this project, you're finished! Work slower - you'll last a lot longer." Bobby is convinced that this practice is dishonest to the company and to the taxpayers who are paying for the highway work. But he needs the job to meet his school expense. What would you do if you were Bobby? PLEASE ANSWER IN FIVE SENTENCESA perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
