In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input The cost and output structure that the firm faces is depicted in the table below. Assume th product price is $6. Calculate the marginal revenue product and the marginal resource cost, and then complet- the table. Instructions: Enter your answers as whole numbers. Quantity of Labor Marginal Product Marginal Revenue Product ($) Hourly Wage Rate ($) Marginal Resource (Labor) Cost ($) Total Product Total Labor Cost ($) 10 400 9. 90 11 416 16 12 132 12 430 14 15 180 13 442 12 18 234 14 452 10 21 294 15 460 8. 24 360 The equilibrum wage rate ($) = The equilibrium level of labor use = workers

Q: s not maxim

A: Marginal Revenue is the amount of additional revenue being generated when additional Labor is being…

Q: In the short run, the hot dog seller Doug's Dogs has a single variable input, labor (1) W = 50 The…

A:

Q: 5. A competitive firm sells its output for $45 per unit. The marginal product of th nits of output…

A: Marginal Revenue Product = Marginal Physical product*Marginal Revenue Value of Marginal product =…

Q: i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in…

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Q: For a producer under complete competition, the following production function applies. Q = F (K, L)…

A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…

Q: Question 9

A: Marginal productivity of labor is the incremental unit of output produced due to one unit increase…

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Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: a. Marginal revenue product of labor = =marginal product * price MRPL(11)=16*6=96 and so on…

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Q: 5. Doug's Dogs (L). In the short run, the hot dog seller Doug's Dogs has a single variable input,…

A: W=50 p =100 TPL=5L1/2  FC =1000

Q: 2. You are thinking to start your food catering business by making rolled tacos, which are often…

A: In the table given FC is missing but it is given in the question i.e $300. Therefore while…

Q: You are thinking to start your food catering business by making rolled tacos, which are ed taquitos…

A: 1) Given,  MC = Change in TC/Change in tacos 1 2 3 4 5=3+4 6 7 = 4/1 8 = 5/1 Tacos Labor FC VC…

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A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: The following table shows the production function for a company. This company sells its product in a…

A: Formula to calculate:- 1) Marginal Product:-                      MP=∆TP∆L 2) Value of marginal…

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Q: The following graph shows the marginal and average product curves for labor, the firm's only…

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Q: A firm uses labour, L and capital K, to produce a single product, X. capital is fixed but labour is…

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Q: 200 160 Average and Marginal Product 80 40 MP AP 0 10 20 30 40 50 Labor In the figure above, the…

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Q: Item 9 The following graph shows the marginal and average product curves for labor, the firm's only…

A: When L = 60, TVC = 2,000 x 60 = 120,000 AVC = TVC / Q = 120,000 / 3,600 = $33.33

Q: 3. Coldbox Corporation hires its workers in a perfectly competitive labor market and produces and…

A: Since you posted a question with multiple sub-parts, we will solve first three sub-parts for you. To…

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A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: We have to calculate The equilibrium wage rate and equilibrium level of labour use.

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A: Marginal Revenue Product = MP × Price

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Q: Question 39 Consider the table below. The addition of worker number is when the firm first…

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Q: In the short run, labor is a hat-making firm’s only variable input. Wage rate is $5.00/hour. The…

A: Marginal cost of a hat, is a cost of producing 1 more unit of hat.

Q: 4. )At Alan's landscaping firm, labor is fixed in the short run. Increasing his use of capital…

A: The first stage is increasing returns, the second stage is diminishing returns and the third stage…

Q: Which of the following statements best describes the Diminishing Returns to Labor: Select one: Oa.…

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