Q: What is meant by returns to factor? State 3 phrases of the law of variable proportion.
A: Factor: These are the resources used for producing goods and services.
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A: Given Number of employed person =95 million Number of unemployed person who are seeking a job =5…
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A: The factors of production are the inputs that are used in the production process of a particular…
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A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…
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A: Marginal rate of technical substitution alludes to the rate at which the inputs are substituted in…
Q: Based on the following data for the country of Tiny Town, the unemployment rate equals: Population =…
A: Unemployment rate = unemployed persons/Labor Force ×100
Q: Use Table: Employment and Output. In the table, if the price of a bushel of wheat is $10, then the…
A: Value of marginal product of labor = marginal value added by the labor * price of the good.
Q: Question 11 Refer to the data provided in Table 10.1 below to answer the following question(s)..…
A: In a market, when a firm hires labor, it gets additional revenue that is generated by that…
Q: Number of Workers Employed Output (Units) Marginal Product (Units) Value of Marginal Product ($)…
A: Marginal product (MP): - it is the additional units of a product produced by an additional unit of…
Q: Question 11 Refer to the data provided in Table 10.1 below to answer the following question(s).…
A: Answer in step 2
Q: At Fuller's Coffee Shop, the marginal products of the first, second, and third workers are 15, 11,…
A: Marginal product is the additional output produced with an additional worker hired. It is the ratio…
Q: 8 Suppose that a firm with ordinary-shaped isoquants and that wants to produce a certain level of…
A: The equilibrium is given by the point : MPn/Pn=MPK/PK or MPn / MPk = Pn / Pk
Q: Select one: O a. number of workers grow at 3 per cent while the number of effective worker O b.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: If a society has 250 million people over the age of 16, 145 million who are working, and 5 million…
A: labor force is the summation of employed person and unemployed person. Unemployed person are those…
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A: Labor supply shows the quantity supplied of labor in the economy at different wage rate. The labor…
Q: Figure 3.2 S1 15 S2 10 D2 20 30 40 Quantity of Labor In Figure 3.2, if the market is in equilibrium…
A: The equilibrium is at demand = supply, where point (30,15) is on the intersection of S1=D2 so the…
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A: Marginal product curve graphically illustrates the relation between marginal product and the…
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A: Labor refers to the amount of work exerted by the people to produce the final goods and services.…
Q: Suppose Jenny has 16 hours per day to allocate between work and leisure and she earns a wage rate of…
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: L TP AP MP 0 0 1 35 2 80 3 122 4 156 5 177 6…
A: The Law of variable proportion states that when the variable input factors are used with fixed…
Q: Pizza Hut Total product Labor (workers) (pizzas produced per hour) 1 6. 12 14 15 Using the data in…
A: Evaluating the MP of the labor from TP.
Q: Suppose that in Workaholia the total population = 180 million, the number of unemployed = 5 million,…
A: The correct answer is given in the second step.
Q: Using the chart below, when is the value of marginal product of labor when 6 employees are hired? #…
A: Given:When 6 employee is hired:MPL=9Price of output=$8
Q: Consider the following firm: wages=200, cost of intermediate goods=520, and the firm's revenues=750.…
A: Given: Wages=200 Cost of intermediate goods=520 Firm revenues=750 To find: Value added
Q: In order to maximize profits, a firm needs to determine the quantity of each factor that it will…
A: The formula:Marginal product = change in total product because of the worker in context
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A: A firm demands labor up to the point where the revenue generated exceeds the cost, i.e where the…
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A: In economics, a production function gives the technological relation between quantities of physical…
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A: 12.answer is B i.e. Constructive discharge Constructive discharge, also known as constructive…
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A: In the labor market, workers have to make a trade-off between work and leisure that depends upon an…
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A: The marginal rate of technical substitution (MRTS) labor for capital is considered to be the rate by…
Q: If the Marginal Rate Technical substitution (MRTS) of labor (L) for capital (K) equal (0.5), the the…
A: Recall the formula for MRTS between L and K: MRTSL, K = MPLMPK=0.5=12⇒MPKMPL=10.5=2 Then, Hence,…
Q: Assume that Paul Bocuse's restaurant in Lyon is hiring labour in an amount such that the MRC of the…
A: The profit is maximum by hiring at MRC=MRP.
Q: Quantity of Labor Supplied Required Wage Rate $6.00 9.00 3 12.00 4 15.00 18.00 21.00 7 24.00 27.00…
A: Answer to the question is as follows:
Q: QUESTION 2 The first, second, and third workers employed by a firm add 24, 18, and 9 units to total…
A: Total Product is the total amount of goods and service produced in a firm with the given number of…
Q: Suppose an auto manufacturer has one factoryin the United States and one in Mexico. The…
A: If a person, company, region, or nation to produce a higher quantity of goods or services with the…
Q: What is the value marginal product of labor if: P= $1o, MPL = $25, and APL = 40?
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: From the table below, what can you infer is the market price in dollars of the product? (# of…
A: The additional quantity of output gained by hiring one additional worker is known as the marginal…
Q: Explain how intertemporal substitution is important for current labour supply and for the current…
A: Labor: - labor is one of the factors of production, any physical and mental work by humans against a…
Q: Question 1 20 Output (units per day) 15 10 5 U 9 TP b a 0 1 2 3 4 5 6 Labor (workers per day) In the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Marginal product is: O A. the increase in total revenue attributable to the employment of one more…
A: Marginal product is part of marginal analysis.
Q: 11. The marginal product of the 3rd worker (see figure below) is: Toni Product 75 66 57 42 15 Labor…
A: Marginal Product = TPn - TPn-1 Where TP is Total Product
Q: Figure 3.2 Wage Rate ($ per day) 15- 10 5- Quantity of Labor $15; 30 workers 5; 30 workers 30 $5; 20…
A: The above graph shows labor market that determines equilibrium wage rate and number of workers…
Q: average produc
A: The output per unit of inputs of variable factors depicts the average product (AP). The additional…
Q: Consider a two-sector economy that employs a total of 105 units of a single input, labor. Nyof these…
A: Given: Number of units=105 Sector 1: Wage for top 5 workers =50 Wage for others=0 Sector 2: Wage for…
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A: Marginal product of labour is equal to the real wage, where the firm demands labour that is equal to…
Q: 11. Lobo Lighting Corporation currently employs 100 unskilled laborers, 80 factory technicians, 30…
A: Answer: Given values: Explanation: Lowest/least-cost combination: it refers to that combination…
Q: The slope of the isoquant is the same as O marginal rate of substitution O price of labor O isocost…
A: A production function illustrates the relationship between the inputs used and the output produced…
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- Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…provide an isoquant/isocost analysis diagram explaining the possible impact of the higher wages onthe output level, total cost of production and input-factor mix of this business in boththe short and long-run estimated that the wage elasticity of labour demand is -1.7
- In a perfectly competitive labor market, a profit maximizing firm will hire labor up to the point at which the:O. wage rate >marginal revenue productO. wage rate= marginal resource costO. wage rate =marginal productO. wage rate = marginal revenue productO. wage rate <marginal revenue productSuppose an auto manufacturer has one factoryin the United States and one in Mexico. The automanufacturer produces the same number of carsand the same models in each factory but hiresmore workers in Mexico than in the United States.Give an explanation for the discrepancy in theamount of labor hired in each location10. If over the range of positive marginal product, the short-run total product of factor A in the production of X is given by the equation: X=aA +b A2 – A3 Where a, and b are positive constants, and if the average product of A is maximized when X=100, then the marginal product of A must be greater than the average product when X=50. True or False ?. Prove your answer.
- hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?If q=9L²-L³ marginal product of labor is_________when L=2.According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuringplan in an attempt to reverse declining global sales. Suppose that as part of the restructuring planMitsubishi conducts an analysis of how labour and capital are used in its production process. Priorto restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 ( in absolute value). Tohire workers. Suppose that Mitsubishi must pay the competitive hourly wage of US$ 15. In thestudy of production process and markets where capital is procured, suppose that Mitsubishidetermine that its marginal productivity of capital is 0.5 small cars per hour at its new targetedlevel of output and that capital is procured in a highly competitive market. The same studyindicates that the average selling price of Mitsubishi’s smallest car is US$ 9500. Determine therate at which Mitsubishi can rent capital and marginal productivity of labour at its new targetedlevel of output. To minimize costs…
- A car wash firm calculates that its daily production (in numbers of cars washed) depends on the number of n workers it employs according to the formula P=30n-0.05n^2 cars. (a) Calculate the marginal product of labor at employment level of 50 workers. ___ cars/workers. Interpret the results. This means that, at an employment level of 50 workers, the firm’s daily production will increase at a rate of ____ cars per additional worker it hires.L TP AP MP 0 0 1 35 2 80 3 122 4 156 5 177 6 180 1. Compute marginal products and average products of the various quantities of labour! 2. Made coclusions!I need help with econ multiple hw questions asap! 48) Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of output. Assume two points on the firm’s production function are (L = 12, Q = 122) and (L = 13, Q = 132). What is the marginal product of the 13th worker? A. 122 units of output B. 10 units of output C. 8 units of output D. 130 units of output 47)