The marginal product of a machine is 10 units of output per hour. The marginal product of labor is 6 units of output per hour. The rental rate of a machine is $4 per hour The hourly wage rate is $3 Is this firm minimizing its cost? Explain why or why not, and if not, which input should they switch towards and why?

Q: The marginal product of capital MPK The marginal product of labor MPL Don't just give your answers…

A: MPL is the marginal product of labor. We can calculate MPL by finding partial derivative of Q wrt L.…

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A: Marginal product means the increase in the total output because of addition of one more labor.

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A: Profit is maximized when (Output price x MPL) = Wage rate MPL = Wage rate / Output price

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A: The value of marginal product of labor is the measure of the additional value generated by an…

Q: Solve the attachment

A: Answer to the question is as follows :

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A: a. Marginal revenue product of labor = =marginal product * price MRPL(11)=16*6=96 and so on…

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A:

Q: The marginal product of labor is the additional:

A: Marginal product of labour is the change in output that results from employing an added unit of…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

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A:

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

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Q: 20. SG store sells its products at a price of $60,000 per unit. it is assumed that labor is the only…

A: Answer; Option (d) is correct $960,000

Q: The following table gives output for different numbers of workers for Shiny Sleeves, a producer of…

A: Given wages per hour = 10 $ Marginal product = change in Output / change in workers Total wage cost…

Q: Why does the marginal product of labor start to decrease after a certain number of workers are…

A: Marginal Product of labour basically means the change in total output, due to one unit change in…

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A: The main objective of a rational producer is to maximize profit by allocating its resources…

Q: 35. Refer to the table above. The marginal product of the third unit of labour is: a. 30. ь. 80. с.…

A: Marginal product of the third unit of labor can be calculated as follows:

Q: fer to Figure 1 in Question 11. The car-repair shop charges $150 per repair.  What is the value of…

A: Number of Machines (A) Number of Cars Repaired (B) 0 0 1 8 2 12 3 15 4 17 5 18

Q: XYZ Services uses four(4) word processors and two(2) two typewriters to produce reports.The marginal…

A: Given  Quantity of word processors (QW) = 4 Quantity of typewriters (QT) = 2 Marginal Product of…

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A: The marginal product of labor is the change in the additional output because of the change in the…

Q: Automated Labs uses 5 workers and 200 machines to produce its product. The marginal product of the…

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Q: If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal…

A: Given, Marginal Product of labor (MPL)= 50 per day Market price (P) = $4.50

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A: We have given the short-run production and output schedule of a competitive firm that produces…

Q: Solve for marginal product (MP) given the following If x = 25 units, Total Product  = 100 units; if…

A: Marginal product is the additional output produced when an input is increased by 1 unit. Marginal…

Q: Marginal Revenue Product = 40 - Q/10. The cost of Labor WL = 15. The production function is Q = 25L.…

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Q: The following is a table on the level of output by number of employees: 5 2 A number Working 82 79…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The number of repairs produced by a computer repair shopdepends on the number of workers as…

A: Average product is the ratio of total number of repairs to the number of workers.

Q: Robert can make 10 pizzas each hour. He works 8 hours each day. He is paid $100 a day. The shop can…

A: Total pizzas produced in a day can be calculated as follows: Total pizzas per day=10×8=80

Q: Which of the following events may increase the marginal product of labor?

A: Labor productivity refers to the amount of goods and services produced by the workers at a given…

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A: In economics, the marginal product of labor is the change in output that results from employing an…

Q: Dolls are fabricated in a process with two resources. The first resource has a capacity of 1.5 dolls…

A: The correct answer is given in the second step.

Q: please help

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Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery…

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