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Q: What is the definition of Marginal Revenue Product? Give an example
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A: The answer is - wage rate
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Q: The value of marginal revenue is $64 and the change in output is 5 units. Calculate the change in…
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- A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $25 and the marginal factor cost is $30. Based on this, the firm should A-employ more units of labor. B-employ fewer units of labor. C-employ the same amount of labor D-lower its offered wage for labor. E-increase its offered wage for laborQ. The manager of All City Realtors wants to hire some real estate agents to specialize in selling housing units acquired by the Resolution Trust Corporation (RTC) in its attempt to bail out the savings and loan industry. The commission paid by the RTC to the company to sell these homes is a flat rate of $2,000 per unit sold, rather than the customary commission that is based on the sale price of a home. The manager estimates the following marginal product schedule for real estate agents dealing in government-owned housing: Number of Agents Marginal Product (# of Additional Units Sold per Year) Marginal Revenue Product 1 20 ______________ 2 17 ______________ 3 15 ______________ 4 12 ______________ 5 8 ______________ 6 4 ______________ a. Construct the marginal revenue product schedule by filling in the blanks in the table. b. If the manager of All City Realtors must pay a wage rate of $32,000 per year to get agents who will…Q. The manager of All City Realtors wants to hire some real estate agents to specialize in selling housing units acquired by the Resolution Trust Corporation (RTC) in its attempt to bail out the savings and loan industry. The commission paid by the RTC to the company to sell these homes is a flat rate of $2,000 per unit sold, rather than the customary commission that is based on the sale price of a home. The manager estimates the following marginal product schedule for real estate agents dealing in government-owned housing: Number of Agents Marginal Product (# of Additional Units Sold per Year) Marginal Revenue Product 1 20 ______________ 2 17 ______________ 3 15 ______________ 4 12 ______________ 5 8 ______________ 6 4 ______________ a. Construct the marginal revenue product schedule by filling in the blanks in the table. b. If the manager of All City Realtors must pay a wage rate of $32,000 per year to get agents who will…
- A firm finds the following relationship between workers’ productivity and the amount that workers lose if they are fired. Workers are paid $500 per week at other firms and all jobs last 50 weeks. Dollars lost by workers as a result of being fired Improvement in productivity because workers work harder to avoid losing their jobs (extra dollars to profit to firm) 1,250 1,750 1,750 2,750 2,000 3,500 2,500 4,500 3,250 4,750 Dollars lost by workers Pain for workers lost if they do not have Improvement in productivity →B B-C= Profit Total: Loss of due to waiting Total Weekly amount (C) Total Weekly (b) Profit (b-c) 1,250 0 1250 1250/50=25 1,750 1,750/50=35 10 1,750 0 1750 1750/50=35 2,750 2,750/50=55 20 2,000 0 2000 2000/50=40 3,500 3,500/50=70 30 2,500 0 2500 3500/50=50 4,500 4,500/50=90 40 3,250 0 3250 32500/50= 65 4,750…For a corripetitive firm workers marginal revenue product equals the marginal product of labor times the: wage rate. wage rate. price of the firm's product interest rate firm's total revenueThe marginal product of an input in the production process is the increase in 1. profit obtained from an additional unit of that input. 2. total revenue obtained from an additional unit of that input. 3. total revenue obtained from an additional unit of that input. 4. quantity of output obtained from an additional unit of that input.
- A restaurant with one, two, three, or four employees can serve 35, 50, 64, or 75 customers, respectively. The marginal product of the third worker is:The least-cost rule states that a firm should employ labor such at the marginal product per dollar spent on labor is equal to Multiple Choice the marginal product per dollar spent on capital. the wage rate. the marginal cost of labor. the marginal product of labor.The marginal product of an input is defined to be: A. the additional output that can be produced by increasing all inputs by one unit B. the total output produced divided by the number of units of the input C. the additional output that can be produced by increasing the input by one unit, holding all other inputs constant D. the additional revenue that is generated by increasing the input by one unit Clear my choice
- Which of the following statements is true? a. Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output. b. Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production. c. The demand curve for a perfectly competitive employer is horizontal at the market wage rate. d. The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.Marginal product measures the change in: Group of answer choices a firm's revenue brought about by changing production by one unit. total cost brought about by changing production by one unit. the firm's output brought about by employing one additional unit of input. product price brought about by changing production by one unit.The marginal product of labor is the Question 6 options: a) increase in total cost associated with a one unit increase in production b) change in total output associated with a $1.00 increase in total cost c) increase in total cost resulting from the hiring of an additional worker d) increase in total output as a result of hiring an additional worker
