The formula (MPL)(MRX), where L is for labor and X is the output, is for the marginal revenue from labor. total revenue of labor. the marginal product of labor. the marginal revenue product of labor.
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- 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 $6A 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 laborAssume an upward labour supply curve in wage (?) and employment coordinate system. Calculate the elasticity of labour supply if employment increases from 100 to 120 when wage increases from 100 to 110. Provide a plot for the labour supply with these points. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8?Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.labor input product output10 50011 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?
- 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 revenueA firm sells bagels for £0.51 each. With 8 workers the firm produces 72 dozen per hour, and with 9 workers it produces 83 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ .Explain the relationship between the own-wage elasticity of labor demand and output demand elasticity. labour costs as a share of total costs of production.
- Assume that tighter immigration laws cause a reduction in the supply of agriculturalworkers and this leads to higher wages in the sector. Dean’s Fruity Produce Ltd, afarm in Leicestershire, uses two inputs to harvest its output – machines (capital) andagricultural workers. Dean, the managing director of the company, has employedKarishma (a brilliant statistician) and she has estimated that the business’s long-runwage elasticity of labour demand is -1.7. Using isoquant/isocost analysis, explain the possible impact of the higher wages on the output level, total cost of production and input-factor mix of this business in boththe short and long-run and how would your answer change if Karishma had estimated that the long-run wageelasticity of labour demand was -0.4? (1000 words)A company has 700 employees who work 140 hours a month each. Each worker earns $37 per hour. There is a profitable project the company would like to start, but it would require an additional 42,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead. Given that the wage elasticity of labor supply is 0.65, calculate the hourly wage the company should offer its employees to encourage them to work on the new project.For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2. The first 18 items produced can be sold for $100 each, and beyond that production level, the unit selling price is $90. What is the marginal revenue product of labour when labour input is 20? a.6800 b.8000 c.9000 d.7500 e.7200
