Q: K L Q 10 10 1 15 10 30 10 3 50 10 4 60 10 65 10 6 68 What is the marginal product of labor for the…
A: The marginal product of labor (MPL) refers to increase in total production or output (Q) when one…
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A: Marginal product of labor is the additional output produced by employing an additional worker
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A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
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Q: If the Marginal Rate Technical substitution (MRTS) of labor (L) for capital (K) equal * (0.5), then…
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Q: 1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find…
A: Given information: Q = 50L - 0.01L2 The formula for MPL = aQ/aL 50 - 0.02L2-1 50 - 0.02L
Q: A plant's production function is Q = 2KL. For this production function, MPx = 2L and MPL = 2K. The…
A: Marginal productivity of capital: It refers to the additional capital that is added for the…
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A: Cost minimization simply means that businesses maximize their productivity or use the least…
Q: If output per per person is .25 and the wage rate is 10,what is the average variable cost?
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A: The marginal product of labour can be calculated by dividing change in output by change in labor.…
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A: Marginal product is the addition in total product when one more unit of variable factor is employed.…
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Q: True or False? This marginal cost function is the derivative of the production function.
A: We have, Cw1,w2,y=w113+w2133y2 The marginal cost MC = Cyw,y It means the C(w1,w2,y) function is…
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Q: Consider the following production function: q = f(K, N) = 4KN, where q is output, the two inputs are…
A: Given: q=fK,N=4KN
Q: Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where L…
A: Answer given in image below...
Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…
A: The marginal product of labor denotes the additional output that a firm is able to produce by…
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A: Given:
Q: The total number of output obtained per hour (q) is given by q =KT where L is labor input per hour…
A: The average productivity of labor is qL calculating it using the production function and formula:…
Q: When the input price is constant, the slope of the total factor cost function will also be constant.…
A: When the input price is constant, the slope of the total factor cost function will also be constant.…
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
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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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A: Average product of labor is the total product divided by the quantity of labor employed. Marginal…
Q: .Suppose the marginal product of labor is MPL=10 and the cost of each worker is w=50. What is the…
A: MPL=10 w=50
Q: A firm's production function is 0=50L – 0.01Ľ' , where L denotes the size of the workforce. Find the…
A: Given : Q=50L-0.01L2 The law of diminishing marginal productivity states that when an advantage is…
Q: Which of the following is incorrect when there is one input (labor) in the production? The…
A: Answer: The production function is concave when its slope (marginal product of labor) falls. So the…
Q: Suppose that a firm had a production function given by: q=LK () is $5. The wage rate (w) is $10 and…
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A: A firm minimizes the production cost at the following point. i.e., (MPL / PL) = (MPK / PK)…
Q: Emco Company has an assembly line of fixed size A. Total hourly output is a function of the number…
A: a. The marginal productivity of labor is the additional productivity made by an additional unit of…
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Q: (v) Find the ratio of the marginal productivities of labour (MPL) and capital (MPx) of the…
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Q: Describe the difference between a diminishing marginal product of labor and a negative marginal…
A: Law of diminishing marginal product is a short run concept where some factors are fixed and some are…
Q: Joe's coffee shop has the production function, q= 4k0.5 L0.5. If the price of labor, L, is 5 and the…
A: q= 4k0.5 L0.5 PL = 5 PK = 20 q=200
Q: A plant's production function is Q = 2KL. For this production function, MPK = 2L and MPL = 2K. The…
A: Given: Q=2KL MPK=2L MPL=2K w=$4, r=$6 In the long run cost minimization problem, the optimum is…
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- If there are diminishing returns to labor, then as more workers are hired the total amount produced by all of the workers will decrease. True FalseHow can stages of production be used to determine the most profitable number of workers to hireA 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:
- Because a perfectly competitive employer’s MRC curve is ______________, it will hire ______________ workers than would a monoposony employer with the same MRP curve. a. Upsloping; more. b. Upsloping; fewer. c. Flat; more. d. Flat; fewer. e. Downsloping; more. f. Downsloping; fewer.If the Marginal Product of Labor(MPL) for the 2nd worker is 500 units. What is the firms average Fixed Cost (FC) of producing 1,500 gadgets?Discuss how total earnings are determined for both piece-rate and time-rate workers
- The demand curve for labor will shift upward and to the left if labor becomes more productive. TRUE OR FALSE If total utility increases as wealth increases, the first derivative of the utility function is negative. TRUE OR FALSEDemand for labour is referred to as derived demand because it a. Has an inverse relationship with wages b. Is determined by marginal utility of labour c. Depends on capital goods used with labour d. Depends on the demand for final products that labour is used to pAssume in a given company the marginal productivity can be characterized by the following function MPL = 100 - L, where L denotes the number of higher workers.If the price of the good purchased by the company is 10 gel, and the workers wage is set at 600 gel. How many workers should a company hire to achieve the maximum profit? Select one a - 40 b - None c- 99 d- 60
- Why is the firm's demand curve for labor the value of the marginal product of labor?A small consulting firm is only interested in hiring graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(S)= 100S – (1/8)S2 . Hiring additional workers will increase production F(S) over relevant ranges of S. But is the 51st S more valuable than the 50th S in terms of her additions to overall production? What quantity of graduates should this firm hire and why does it stop hiring at this level of S? How does your answer change if the production function is F(S)= 200S –(1/8)S2 and the wage increases to $22?Show that the competitive labor market compensates workers for the probability that they will be laid off.
