IndustryTotal nonfarm payroll employmentManufacturingConstructionTrade, transportation, and utilitiesTotal nonfarm payroll employmenta nonfarm payroll employeeEmployment(Thousands of workers)October 2017 November 2017O ManufacturingO ConstructionO Trade, transportation, and utilitiesManufacturingConstruction147,23412,4896,98827,553byTrade, transportation, and utilities147,45012,5197,03027,602Average Weekly HoursOctober 2017 November 201734.441.0Which of the industries listed experienced the smallest change in the number of workers from October 2017 to November 2017 in absolute value?39.034.5Workers in which of the industries listed worked the fewest hours per week on average in November 2017?34.540.939.134.7workers from October 2017 to November 2017. The average weekly hours of

It is discernible by: Total non farm employment in Oct 2017 = 147,234 Total non farm employment in…

Industry Total nonfarm payroll employment Manufacturing Construction Trade, transportation, and utilities Total nonfarm payroll employment a nonfarm payroll employee O Manufacturing Construction Employment (Thousands of workers) October 2017 November 2017 O Trade, transportation, and utilities Manufacturing Construction 147,234 12,489 6,988 27,553 by Trade, transportation, and utilities 147,450 12,519 7,030 27,602 Which of the industries listed experienced the smallest change in the number of workers from October 2017 to November 2017 in absolute value? Average Weekly Hours October 2017 November 2017 34.4 41.0 39.0 34.5 Workers in which of the industries listed worked the fewest hours per week on average in November 2017? 34.5 40.9 39.1 34.7 workers from October 2017 to November 2017. The average weekly hours of

Industry Total nonfarm payroll employment Manufacturing Construction Trade, transportation, and utilities Total nonfarm payroll employment a nonfarm payroll employee O Manufacturing Construction Employment (Thousands of workers) October 2017 November 2017 O Trade, transportation, and utilities Manufacturing Construction 147,234 12,489 6,988 27,553 by Trade, transportation, and utilities 147,450 12,519 7,030 27,602 Which of the industries listed experienced the smallest change in the number of workers from October 2017 to November 2017 in absolute value? Average Weekly Hours October 2017 November 2017 34.4 41.0 39.0 34.5 Workers in which of the industries listed worked the fewest hours per week on average in November 2017? 34.5 40.9 39.1 34.7 workers from October 2017 to November 2017. The average weekly hours of

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 2.4IP

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If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.
Is it rational for a firm to hire the 3rd worker? Why and Why not? Is it rational for a firm to hire the 4th worker ? Why and why not? Graph the TP, MP and AP Schedule.
From the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) Total product(# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6
Q35 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau's product sells for $3 per unit, and the wage rate is $13 per worker. What is Justin Trudeau's profit-maximizing output? Multiple Choice 16. 40 37 20 32
Q49 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Multiple Choice $9 $15 $24 $8 $14.
Consider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $330 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the…
Andy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.
QUESTION TWOa) Given labour demand curve LDi = 40 − 5wi + 2wj, and wages labour market I and labour market j are wi = K5 and wj = K3 respectively. At the existing wages in labour market I and j, calculate;i). What is the nature of relationship between labour market i and labour market j.ii) Discuss the relationship between slope and elasticity of labour demand curve.
A firm spends 1.000 pesos regardless of how much output is produced. Evry worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L =…
Fill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output is sold at a price of AED 10. Number of workers Total Output Marginal Product of Labor (MPL) Value of Marginal Product of Labor VMPL = P x MPL Wage per Worker W Profit Margin (PM)PM=VMPL-Wage 0 0 - - - - 1 60 300 2 110 300 3 150 300 4 180 300 5 200 300 6 210 300
Workers Bracelets MPLMPL 0 0 --- 1 7 7 2 * 28 3 53 18 4 * 6 5 * 0 Betsy's Bangles produces and sells woven bracelets. The table shows information about the number of workers employed, daily bracelet production, and the marginal product of labor (MPL)(MPL) . Use this to answer the questions. You must calculate the bracelet values that are absent to answer the question. How many bracelets can be produced by 5 workers? bracelets from 5 workers: braceletsbracelets Between which levels of bracelet production does Betsy's firm experience increasing marginal returns and diminishing marginal returns? a. There is insufficient information to answer the question. b. Marginal returns increase from 0 to 7 bracelets then diminish from 35 to 59 bracelets. c. Marginal returns increase from 35 to 59 bracelets then diminish from 59 to 59 bracelets. d. Marginal returns increase from 0 to 35 bracelets, then diminish from 53 to 59 bracelets.