Using the chart below, when is the value of marginal product of labor when 6 employees are hired? # Workers (L) |6 12 MPL 12 9 3 Price of Output (P) $8 $8 |$8 $8 VMPL $96 $? $48 $24 Provide your answer below: VMP,
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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 $6labor 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?Q51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice 3 2 4 1 7.
- Q49 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Multiple Choice $9 $15 $24 $8 $14.Suppose a coal mine's workers can dig two tons of coal per hour and coal sells for $15 per ton. If the coal mine is the only hirer of miners in a local area and faces a labor supply curve of the form: l = 50w. What is the equilibrium level of employment? What is the wage paid to minors?How is the value of marginal product of labor (VMPL) defined? a.Price of output multiplied by the output of the last worker hired b.Price of output multiplied by the price of the last worker hired c.Price of the last worker hired d.Price of output
- 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) $ 384Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8750 per month, but with the new pilot, thinks he'll be able to increase his revenue to $10000 per month. What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?Q26 Assume that Paul Bocuse's restaurant in Lyon is hiring labour in an amount such that the MRC of the last worker is $10 and his MRP is $15. On the basis of this information, we can say that Multiple Choice profits will be increased by hiring additional workers. the Paul Bocuse restaurant is maximizing profits. the Paul Bocuse restaurant is minimizing losses. profits will be increased by hiring fewer workers. marginal revenue product must exceed average revenue product.