What does a business' labour-demand curve represent? Select one: O a. the quantity of labour supplied at the market wage O b. the quantity of labour supplied based on the product demand O c. the marginal product of labour O d. the number of workers that the business is willing to hire at any given wage

Q: QUESTION 6 The basic difference between the short run and the long run is that O A. all costs are…

A: A short-run  alludes to that time-frame, in which the establishment/installation of a new plant and…

Q: 1, If the wage rate 'w' is $40 and the cost of capital is $40, calculate the average cost of…

A: In economics, average cost or unit cost is equal to total cost (TC) divided by the number of units…

Q: Question 9

A: Marginal productivity of labor is the incremental unit of output produced due to one unit increase…

Q: How is the value of the marginal product of labour calculated? Select one: O a. by multiplying the…

A: Value of marginal product of labor =Marginal product of labor * price of the product.

Q: According to the law of diminishing return in short run O as we hire more labors, while other inputs…

A: the law of diminishing return is when the marginal product of the output decreases as a single…

Q: QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A…

A: The marginal revenue product of labor (MRPL) is the incremental revenue that is received by the firm…

Q: When the rental rate for capital falls, the capital O A. quantity demanded of, decreases O B. supply…

A: As per law of demand, when price of capital decreases (increases), quantity of capital demanded will…

Q: Total product (meals per hour) 24 20 TP 16 12 4 2 3 5 Quantity of labor (workers) The figure shows…

A: Total product shows the relationship between output produced and number of input hired.

Q: Answer the question on the basis of the following output data for a firm. Assume that the amounts of…

A: Marginal Product is the addition made to the Total product as a result of employment of additional…

Q: Q3: a): Explain how a firm will achieve Law of Diminishing Returns if labors and total product is…

A: The functional relationship between the factors of production (inputs) and output is shown by the…

Q: Labor demand In the long-run:describe what a firm will do when its long-run condition is not met,…

A: The Long Run is defined as a time period when all the factors of production and the costs are…

Q: Which of the following statements is not correct? Select one: O a When MC is below AVC,…

A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…

Q: Emily owns a small dress factory. She notices that, when she added her brother to the payroll, the…

A: The measure that depicts the total output amount that a firm could be a product with the amount of…

Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…

A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…

Q: QUESTION 10 Marginal product is: O B. the increase in total output attributable to the employment of…

A: In a market, the term marginal is significantly used by the firms andd policymakers because marginal…

Q: The average product of labor of workers in the Sony electronics facility that builds televisions is…

A: The markets are the place where the goods and services are sold and purchased. This divides the…

Q: d. Now suppose the price of labour rises to $5 per unit, but the firm still wants to produce 500…

A: An isoquant is the equal quantity curve that shows the combination of two inputs yields the same…

Q: Why does the labour demand curve slope downwards?

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Productivity is O A. the value of profit divided by the number of production workers O B. the value…

A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

Q: The relationship between the factors of production and the output of goods and services. O a.…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Quantity of Labor Output (units) 1 80 170 3. 240 300 350 6. 390 7 420 Refer to the table above. The…

A: The total product (TP) is the amount of total goods and services produced from the given inputs and…

Q: for human Suppose that employment processes change so that more human capital is required for a…

A: Demand and Supply: Demand and supply, in political economy, is the link between the amount of an…

Q: The short run is a period of time in which: OC. Prices and wages O A. The quantities of some…

A: Input resources are those resources that are used in the production process to produce the output.

Q: can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a…

A: The profit maximizing condition is given as  MRP( marginal revenue product) = wage

Q: The period of time for which there are no fixed factors of production is O Market period O Long Run…

A: Long run and short run differ from each other on the basis of the variability of factors of…

Q: Using the value marginal product concept, what do you expect if the price of the product sold falls?…

A: Marginal Product The marginal product of an input is the additional output that results from adding…

Q: Pizza Hut Total product Labor (workers) (pizzas produced per hour) 1 6. 12 14 15 Using the data in…

A: Evaluating the MP of the labor from TP.

Q: A graph that shows all the combinations of labor and capital that can be used to produce a given…

A: Cost minimization is done when isoquant is tangent to isocost curve.

Q: 7. The firm is currently along isocost CE. If the price of capital is 30, then the price of labor is…

A: Given: Price of capital=30 Isocost: CE To find: Price of labor Note: Due to multiple questions being…

Q: Job search is the activity of looking for job. O A. a permanent full-time B. an acceptable vacant…

A: Job search is the process of looking job for the unemployed or under employed person in order to…

Q: a) Why does the labour demand curve slope downwards?

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: Referring to Figure 6, Firm X uses labour (L) as the main inputs. Which of the following statements…

A: A production function shows the relationship between the inputs used and the output produced in a…

Q: QUESTION 4 When Total Product of labors (TPL) is maximized then: O Average product (APL) equals zero…

A: Total product of labor:-  The TPL curve depicts how much productivity a company can generate using a…

Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…

A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.

Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…

A: Total product (TP): - Total product is the amount of total final goods and services produced by a…

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

A: If the marginal product of labor increases because of a technological advancement then it will…

Q: If the price of capital decreases and the demand for labour increases then Select one: O A. the…

A: The production function exhibits the relationship between factors of production and the output…

Q: Supply of Labor Demand of Labor - to the above graph. It shows a firm that bu ases labor…

A: labor demand is derived from the firm's output which is demanded.

Q: A firm's demand curve for labor is its O marginal revemue curve O marginal product curve O marginal…

A: The firm’s labor demand curve is downward sloping as the firms are willing to pay less wages for…

Q: Which of the following statements is true? O A. The MP of labour is increasing at short run because…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: The demand curve for a factor of production will be O A. perfectly elastic if the factor is unique…

A: Assuming it's not difficult to track down a substitute item when the cost of an item builds, the…

Q: Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total…

A: As per given table,   At profit maximizing point, Marginal product value = Marginal labour cost

Q: (a) Why does the labour demand curve slope downwards? (b) A garment factory’s production function…

A: (a) Labor(L) demand(dd) curve slopes-downward because its shows a negative-relationship between…

Q: Which of the following events would cause a rightward shift in the demand for labour? O A. A…

A: In a market, firms make labor demand to make production activities as labor is needed to operate…

Q: Choose the correct statement. ... OA. The demand for capital is perfectly inelastic. OB. The supply…

A: Capital is one of the most important factor of production when producing a good as it is used as raw…

Q: pls explain if marginal product function (i.) and (ii) are either convex or concave? what is their…

A:

Q: Wages are paid to and interest is paid to O A. entrepreneurs; capital O B. labor; capital O C.…

A: Wages are a fixed payment which is paid regularly to the person who works on a daily/weekly basis.…

Q: QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal…

A: For a given level of output, the cost minimizing condition is given as: MPLMPK=wr   ...(1)  Here,…

Q: A firm's isoquant shows O A. The amount of labor needed to produce a given level of output with…

A: Isoquant Curve belongs to producer" Theory   and Producer can find equilibrium level of output at…

Q: Explain intuitively what might cause the marginal product of labor to become negative. The marginal…

A: The correct answer is C. If workers get in each others way there would be a time where the…