High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Chairs Produced Workers Per Hour 1 10 18 3 24 4. 28 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70? Multiple Choice 1

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Chairs Produced Workers Per Hour 1 10 18 3 24 4. 28 30 For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70? Multiple Choice 1

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

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l.C<ldbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a perfectly competitivelabor matkct. Assume that the market \\'age rate forworkers is $150 per day.a. What rule should Lead belly follow to hire theprofit-maximizing amount of Labor?b. At the profit-maximizing level of output, the marginalproduct of the last worker hired is 30 boxesof pencils per day. Calculate the p rice of a box ofpencils.c. Uraw a diagram of the labor market for pencil workers(as in Figure 4 of this chapter) next to a diagramof the labor supply and demand for Lcadbelly Co. (asin Figure 3). Label the equilibrium wage and quantityof labor for both the market and the firm. H0\\1 arethese diagrams related?d. Suppose some pencil workers switch to jobs in thegrowing computer industry. On the side-by--sidediagrams fmm part (c), show how this changeaffects the equilibrium wage and quantity of Laborfor both the pencil market and lor Leadbelly. Howdocs this change affect the…
Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.
Please can i get help with my HW asap? Consider Bowles’ theory about the firm’s employment of labour for pursuing profit maximization. DefineQ = output per hour, e = the amount of output per unit of work done, d = the amount of work done per hour, andw = the hourly wage.Unit labour cost, ulc = w/QThe figure below shows the labour exaction curves of the firm. (a) If the firm has control over w, e and d, what can it do in order to increase its profits?(b) Explain the shape of the “old extraction curve” in the graph. What is the slope of the straight line that links up a point on the labour extraction curve and the origin?(c) Suppose that e and d are determined by technology and the firm’s extraction strategy (e.g., supervision), respectively. What causes the shift of the labour extraction curve from the “old” to the “new”?(d) Suppose there is a technical change such that e decreases but dincreases, and e (percentage change) < d (percentage change), is it profitable for the…