Answered: Table 13-2 Number of Workers Total…

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

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What is the marginal cost of labor?
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(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 What is the marginal product of the secondworker?
(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost      Output     TotalRevenue          1                     $150                 100            $170          2                      300                 108              550          3                     450                 114            1150          4                      600                 119            1470          5                     750                123            1600          6                     900                 125            1700         7                     1050                 126            1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.
(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost      Output     TotalRevenue          1                     $150                 100            $170          2                      300                 108              550          3                     450                 114            1150          4                      600                 119            1470          5                     750                123            1600          6                     900                 125            1700         7                     1050                 126            1750 What is the marginal product of the secondworker? What is the marginal revenue product of the fourthworker? What is the marginal cost of the fifth worker?Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.   QUESTION TITLE :- 7. (TCO C) You have been hired to…
Week 6: Production Process Answer the following questions Question ·Bottom of Form XYZ restaurant sells donuts at $2 per unit. It uses 5 units of capital and employs labor in the short run to increase production. Complete the following table and use that information to answer the following questions. K L Q MPL VML 5 0 0 0 5 1 50 50 100 ----- 2 125 ------- 5 3 225 100 a.    What is the Marginal Product of Labor for the 2nd worker? Explain b.    What is the VMPL for the 2nd worker? Explain.
#ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.
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Suppose that labor is the only input used by East West University. The price of a cheakup is BDT 200 and the equilibrium wage of dentist (labor) is BDT 1000. The table below shows the dentists total product schedule. Quantity of dentists -------------- Quantity of chekups 0 0 2 20 6 40 16 70 a) Draw a table to present the marginal product of labor (MPL) for each dentist and the value of the marginal product of labor (vMPL) per dentist. b) How many dentist should be hired to maximize profit and how many chekups can be produced?

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Number of Workers	Total Output	Marginal Product
0	0	--
1	200
2	450
3	600
4	650

Table 13-2 Number of Workers Total Output Marginal Product 0 0 -- 1 200 2 450 3 600 4 650 Refer to Table 13-2. What is the marginal product of the fourth worker? Group of answer choices 250 units 200 units 150 units 50 units