QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A The firm should hire less O B. The firm should use more labor to pay minimum capital to increase the labor productivit OC The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum cost wage

Q: s not maxim

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

Q: 4. What must the relationship between marginal productivities and input prices if a firm is not…

A: The additional output, return, or profit generated per unit by benefits from production inputs is…

Q: nestion # 1: (20) (a) Suppose a Firm produce output using the production function Q-5KL. Wage rate…

A: a) Production Function of the firm; Q= 5KL             .......... equation 1 Wage rate for hiring…

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: Use the information in the table below to calculate the value of the marginal product of labor…

A: Value of marginal product of labor = Price * Marginal product of labor L MPL P VMPL 1 24 5 120…

Q: Total product (meals per hour) 24 20 TP 16 12 4 2 3 5 Quantity of labor (workers) The figure shows…

A: Total product shows the relationship between output produced and number of input hired.

Q: 5. What is the difference between the Marginal Product of Labor (MPL) and the Marginal Revenue…

A: The marginal product of labour is the additional labour's contribution to the firm's total output…

Q: In the table below, marginal product becomes negative after employing the Input of Labor (no. of…

A: Marginal product of an input is the additional output that results from adding an extra unit of…

Q: TABLE 7.1 TOTAL OUTPUT TABLE-DEEP CREEK MINING COMPANY 1. In the Deep Creek Mining Company example…

A: The three stages of production are as follows :- Increasing returns - Stage 1 - At this stage each…

Q: General Robotics uses only labour and capital as inputs. Suppose General Robotics' budget for…

A: In a market, producer's decision related to input resources is influenced by two effects that are…

Q: Lets assume this situation is real! Dissimliar to Lyft, where drivers have their own vehicles, Ebay…

A: All the requested parts have been solved below.

Q: A firm will be better off by hiring an additional worker only when: O The overall benefit is greater…

A: Profit maximisation is the ultimate goal of firms operating in the market. Hiring decisions depend…

Q: OPaying higher wages tends to reduce the average experience level of a firm's workers. O Higher…

A: Theory of Efficiency wage : The theory of efficiency wage implies firms paying higher wage than the…

Q: Which of the following statements is not correct? Select one: O a When MC is below AVC,…

A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…

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: A firm uses both labor and machines in production. Explain why an increase in the average wage rate…

A: As the Wage rate rises, the labour demand curve (the marginal sales product curve) moves up and to…

Q: Quantity of Labor Output (units) 1 80 170 3. 240 300 350 6. 390 7 420 Refer to the table above. The…

A: The total product (TP) is the amount of total goods and services produced from the given inputs and…

Q: 24 A competitive firm will hire inputs up to the point where: a. The price of the-input equals îts…

A: The motive of a competitive firm is to maximize profits.

Q: Oc. The marginal product of labour is rising as hours of study increase. O d. The marginal product…

A: Working hours is 40 hours per week and wage rate is 10 and then total income is 400 . To maintain…

Q: can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a…

A: The profit maximizing condition is given as  MRP( marginal revenue product) = wage

Q: Using the value marginal product concept, what do you expect if the price of the product sold falls?…

A: Marginal Product The marginal product of an input is the additional output that results from adding…

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: 14 When Total Product of labors (TPL) is maximized then: A. Marginal product (MPL) is maximized B.…

A: Total product in economics refers to the level of output that is produced with the help of given…

Q: 2. Short Run Cost and Product Curves [S O TPL = Q(L) = 10L½ 200 nav - The wage (price) of labor is W…

A: (a)  Q = 10L1/2 => L1/2 = (Q / 10) => L = (Q/10)2 => L = Q2 / 100 -----------> Total…

Q: How can we measure the opportunity cost of leisure? The opportunity cost of leisure is O A. economic…

A: Opportunity cost is the cost of next best alternative forgone.

Q: QUESTION 14 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O…

A: Q-14:- When the marginal revenue product of labor (MRPL) is greater than the wage (W) then Answer:-…

Q: MC Qu. 16-35 (Algo) Refer to the given table... Total Product Employnent Product Price $ 5 12 5. 22…

A: Total Cost = Employment * Wage Total Revenue = Total product * Product price  Profit = Total Revenue…

Q: A competitive firm should keep hiring as long as the value of the marginal product is: greater than…

A: In economics, the marginal product of labor (MPL) is the change in output that results from…

Q: #ofworkers(labor).          Total#of lawns mowed/hr(product) 0…

A: Marginal Product or the Marginal Return is the increment in the Total product when an additional…

Q: Referring to Figure 6, Firm X uses labour (L) as the main inputs. Which of the following statements…

A: A production function shows the relationship between the inputs used and the output produced in a…

Q: The marginal product of labour curve intersects the average product of labour curve from above…

A: Here Answer is "Between 4 and 5"

Q: If the marginal product of labor increases because of a technological advancement, it will likely…

A: If the marginal product of labor increases because of a technological advancement then it will…

Q: Supply of Labor Demand of Labor - to the above graph. It shows a firm that bu ases labor…

A: labor demand is derived from the firm's output which is demanded.

Q: When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm…

A: The marginal product of labor is the change in revenue resulting from an additional unit of labor.…

Q: A firm's demand curve for labor is its O marginal revemue curve O marginal product curve O marginal…

A: The firm’s labor demand curve is downward sloping as the firms are willing to pay less wages for…

Q: The demand curve for a factor of production will be O A. perfectly elastic if the factor is unique…

A: Assuming it's not difficult to track down a substitute item when the cost of an item builds, the…

Q: Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total…

A: As per given table,   At profit maximizing point, Marginal product value = Marginal labour cost

Q: QUESTION 3 Refer to the data. If the price of output is $15, and the labor's wage is $225, the…

A: Firm hires optimal no. Of labor where wage = value of marginal  product of labor. Where VMPL = price…

Q: 5. A firm uses capital and labor in its production process. The marginal roduct for the last unit of…

A: The firm will maximise profit or minimise cost at a point where marginal rate of technical…

Q: 4) If the marginal product of capital MPK > r, where r is the market rental rate for capital, the…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: run, a tool manufacturer nas a fixed amount oT capital. Labor is a varlable input. The cost and…

A: Marginal Revenue Product. The marginal revenue product of labor is the additional labor's…

Q: The demand for labor curve of nurses shifts rightward if the O A. supply of labor curve for nurses…

A: Demand for labor is equal to the value of marginal product (VMPL), where VMPL = MPL x Output price…

Q: 2. Consider the following data of Speedy Delivery Service. Speedy DS needs to find out the…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: a) Fill in the empty cells in the table.                You have been also given following…

A: MPl = Change in q / Change in L VMPL = Output price (P) x MPL Marginal profit = VMPL - W L q MPL…

Q: If the average output per worker in a firm is 7 units per hour, then th- average output will rise as…

A: The average output or AP is the total (TP) output produced per unit of factor of production. It is…

Q: (TCO C)  You have been hiredto manage a small manufacturing facility whose cost and productiondata…

A: The marginal product is the change in output which results from employing of one more unit of a…