Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600per worker.LaborMarginalVariableTotal CostMarginalOutput(Q)Average(L)Product ofCost (VC)(TC)VariableCostLabour (MPL)Cost (AVC)(MC)2123904600HNM

Given:Rent (Fixed Cost)=$1000Wages (Variable Cost)=$600n per workerWe know,Total Cost= Fixed…

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600 per worker. Labor Marginal Marginal Product of Total Cost Average Output (Q) Variable (L) Cost (VC) (TC) Variable Cost Labour (MPL) Cost (AVC) (MC) 1 12 3. 90 4 600

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600 per worker. Labor Marginal Marginal Product of Total Cost Average Output (Q) Variable (L) Cost (VC) (TC) Variable Cost Labour (MPL) Cost (AVC) (MC) 1 12 3. 90 4 600

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 2ST

See similar textbooks

Related questions

Q: firm buys up all the rest of the hot dog vendors in the city and operates as a monopoly. Assume that...

A: In a perfectly competitive market, price is constant so it is equal to marginal revenue. Firms maxim...

Q: Consider the compound interest equation B(t) = 100(1.1664)'. Assume that n = 2, and rewrite B(t) in ...

A: Answer -

Q: thetical economy, no investment projects are undertaken when the real interest rate is 12 percent or...

A: We have: If rate of interest is 12% or more, then the quantity of investment is 0 If rate of interes...

Q: 10 Supply 7.5 2.5 Demand 200 400 600 800 Q When the market in the graph above is in equilibrium, con...

A: Consumer surplus shows the difference between consumer willingness to pay and the actual price paid ...

Q: The constant percentage method will be used to depreciate a machine with an initial cost of P1.2 mil...

A: We have given that FC=P 1,200,000 Life of the machine = 12 years We have to calculate the minimal sa...

Q: 5 Suppose that a person’s demand curve for physician office visits is P = 200 – 20Q, where P is the ...

A: The market refers to the place where the buyers or sellers buy or sell the goods and services at the...

Q: Suppose that a consumer can earn a higher wage rate for working overtime. That is, for the first q h...

A: Consumer's budget constraint The budget constraint is the upper limit of the opportunity set—all the...

Q: It costs 100, 000 pesos at the end of each year to maintain a certain portion of a highway. If money...

A: Given: The cost of maintaining a certain portion of a highway is = 100,000 pesos The money is worth ...

Q: Industrialization is important to the development of a nation for all the following reasons except: ...

A: Economic development: - Economic development is the process of improving the social and economical c...

Q: Population Growth and Technological Progress- End of Chapter Problem In the Solow model, how does a ...

A: According to the Solow growth model, the long-run economic growth is the result of a significant con...

Q: What are the interrelationships of digital economy and covid19 in the United Kingdom?

A: Government as well as central bank have the responsibility to manage the financial and economic func...

Q: In the Heckscher-Ohlin model, modelling supply chains A is impossible. B can invalidate the ...

A: H-O Model of free trade states that as countries advance toward free trade, the prices of the output...

Q: optimal quantity of public goods that the government should provide, and interpret your results. Mak...

A: The correct answer is given in the second step.

Q: This plant design, entitled “IIVSDROP: The First Ear Dropper Solution Manufacturing Plant in the Phi...

A: The demand refers to the quantity demanded that is derived from the different units of the commodity...

Q: Write the dual of the following LPP: Махіmise Z3 30х, + 40х, 20x1 + 30x, < 16 5x1 + 2x, 2 20 X1, X2 ...

A: Answer is given in the picture:

Q: Suppose you want to have P 1 million saved by the time you reach age 50 and suppose that you are 20 ...

A: PV = FV(1+r)nwhere PV is present value FV is Future value r is interest rate n is time period

Q: Determine which account of the Balance-of-Payments is affected the following transaction: National C...

A: The current account part of balance of payment records transactions of export and import of goods an...

Q: A decrease in government purchases of $2 billion leads to an initial $1.1 billion decrease in withdr...

A: Please find the answer below.

Q: Circular flow diagram: Include the government sector in your explanation, a description of the roles...

A: Disclaimer :- As you posted Different questions or multiple questions we are supposed to solve only ...

Q: Given the following technology matrix for a two sector economy: 0.4 01 A = 0.7 0.6 The final demand ...

A: Answer is given in the picture:

Q: In a supply and demand model, excise taxes on goods and services cause deadweight loss because: O th...

A: A direct tax is one that is paid directly to the institution that imposed it. Individual taxpayers, ...

Q: 3. Consider an economy with six product-producing sectors and one non-producing sector, described by...

A: Productivity is the ratio of output to inputs. The rise in inputs causes the decrease in productivit...

Q: 7 Consider a model in which an individual lives only two periods. This person has diminishing margin...

A: Given; Income in period 1= $20000 Income in period 2= $5000 Private interest rate= 10%

Q: $21 $18 Supply $15 $12 $9 $6 $3 Demand 100 200 300 400 500 600 700 Quantity of Key Lime Pies Part 1:...

A: Generally in simple words we can say that Economic Equilibrium is considered as a situation in which...

Q: BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Supp...

A: Monopoly maximizes profit by producing at MR=MC and charging the maximum price consumers are willing...

Q: What assumptions cause the immediate-short-run aggregate supply curve to be horizontal? Why is the l...

A: The short immediate-run aggregate supply curve is horizontal due to the assumption that both input a...

Q: Resource X is necessary to the production of good Y. If the price of resource X rises, the _________...

A: Opposing economic variables gravitate towards their natural condition, resulting in economic equilib...

Q: The first cost of a certain equipment is P324,000 and a salvage value of P50,000 at the end of its l...

A: First, we convert all values into an equivalent A i.e. annual equivalent value. Then, to find the ca...

Q: 2. Consider a firm that has the following production function, q = 3L3KŠ, where the rental rate (r) ...

A: In economics, a production function gives the technological relation between quantities of physical ...

Q: Assume that the demand curve is a straight line. If the price per unit of a good rises from $2.40 to...

A: Point elasticity of demand = dQ/dP * P/Q Arc price elasticity = [(Q2 - Q1) / {(Q2 + Q1) / 2}] / [(P2...

Q: Which statement is CORRECT? O A) Automatic stabilizers indicate deliberate action by policy makers. ...

A: Answer: In the case of discretionary fiscal policy, the government takes deliberate action to either...

Q: Tomato Farms is selling tomatoes in a purely competitive market. Its output is 25,000 bushels, which...

A: Firms in perfect competition are price takers who maximizes profit by producing at P=MC

Q: Simple Regression Sales Revenue Year Product Price (P) (millions of pesos) 1 1.20 0.95 1.50 0.93 3 2...

A: Dependent Variable: Sales Revenue (y) Independent Variable: Product Price (x) Regression Equation:...

Q: point(s) possible The table has data from the nation of Atlantica. Disposable income (trillions of 2...

A: Here, the given data shows the consumption level at different disposable income in the nation of Atl...

Q: At whatever quantity MB = MC, the decision maker should do of the activity. A. none B. more C. that ...

A: At whatever quantity MB = MC , the decision maker should do that amount of the activity. Because the...

Q: 1. The domestic demand (QD) and supply (Qs) for strawberries in Canada are given respectively by QD ...

A: Disclaimer: Since you have posted a multi-part question, I am providing you with the answer to the f...

Q: Determine the interest rate per period for each of the following annual interest rates. A. 3% intere...

A: Given values are as follows: Interest rate = 3% It is required to find the interest amount for the s...

Q: Production, Costs, and Perfect Competition: Firm in the Short Period a. data: (1) K = 7 and the...

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only ...

Q: Laura wants to accumulate P150,000 in her bank account by depositing P1000 at the beginning of each ...

A: This question is based on Annuities due, Annuities due are annuities that require payments to be mad...

Q: The Brander-Spencer analysis states that: O Monopoly profits can be eliminated by trade policies. O ...

A: Brander-Spencer analysis: The term Brander and Spencer refers to the representation that in the resu...

Q: Find the median wage of the following distribution : Wages (in $ ): 2,000-3,000 3,000-4,000 4,000-5,...

Q: Suppose the consumption of an economy is given by C = 20 +0.6Y The following investment function is ...

Q: (3) A firms production function is Q(L) =15L' -0.1Ľ' , where output (Q) is a function of a single in...

A: Answer: Given, Production function: QL=15L2-0.1L3 (1). To find the number of workers required to max...

Q: Consider a competitive market for which the quantities demanded and supplied (per year) at various p...

A: Given information:

Q: The average salary of male employees in a firm was Dollar 5200 and that of females was Dollar 4,200....

Q: Plotted through point E are two demand curves; one is relatively elastic, and the other is relativel...

A: The kinked demand curve represents the independence of firms in an oligopoly market. The kink of the...

Q: 1.Suppose that Chris's utility function is given by UC=QC1/2 RC1/2 , where QC and RC are his consump...

A: Answer -

Q: Suppose that a product is produced in three factories X, Y and Z. It is known that factory X produce...

Q: Calculate the B/C ratio (modified) of a building that houses students during their classroom discuss...

A: Given: Accommodation annually=P 525000 Annual maintenance=P135,000 Cost=2.3M Selling price after 20 ...

Question

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600
per worker.
Labor
Marginal
Variable
Total Cost
Marginal
Output
(Q)
Average
(L)
Product of
Cost (VC)
(TC)
Variable
Cost
Labour (MPL)
Cost (AVC)
(MC)
2
12
3
90
4
600
HNM

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The marginal or additional gain from Kyoko second hr of work from 9am to 10am is what problems?
Ima New is a recent employee who initially requires 20 minutes to complete a job task. If she experiences an 80% learning rate, how much time will it take her to complete the sixth task?
The company Cojines Cromáticos, S.A. uses a standard cost system. The standard information for a finished cushion is 3.5 labor hours with a standard rate of $ 5.5 per hour. The total wages paid in the month was $ 225,000 corresponding to a total of 45,000 hours worked. In the month of November, 12,000 cushions were produced. What is the variation in the labor rate for the month of November?
Can we outsource an IT Function? Give at least (3) risks or disadvantages of outsourcing the IT function.
value of average product of labor be 25 dollars.
30- A graph represented by a straight line parallel to the output of the X-AXIS is an image of which classification of cost? a. Marginal cost b. Production cost c. None of these d. Total fixed cost
Subject: Engineering Econ
What type of cost is included in economic costs, but not included in accounting costs?a. Explicit costsb. Negative costsc. Normal profitd. Marginal coste. Unit costs
Question 4: Compute the total mixing cost (fixed and variable) from the following graphical information. a = $25000 Total fixed cost b = the variable cost per unit of activity (slope) = $3.0 430 X = Activity level for production = 800 units x Mixed cost =
sarah earns 400 per week and spends 15% of her earning on tranpotation every week
CEO of Ganymede company produces goods with 500 customers where the number of customers is equal to Q produced, with the cost function TC = 2Q2 + 400Q + 1,300,000. Questions a. Determine fixed costs, variable costs and average costs that the customer musr pay. Describe the calculations! b.If the item sells for 5,000 and 7,000, determine the position of the company and can the company grow?
. Write the word or phrase that best completes each statement or answers the question. Table 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total cost Average total cost Marginal cost 0 0 1 10 2 25 3 45 4 60 5 70 4) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 4) computer- controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months' notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.