What is marginal revenue? the addition to total revenue from selling one more unit of output the addition to total output from hiring one more unit of labour the addition to total profit from selling one more unit of output the additional cost incurred from producing one more unit of output
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- What determines the demand for labor for a firm operation in a perfectly competitive out market?Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $62,000. If he adds one more tractor, monthly revenue will increase from $50,000 to $58,000. Each additional worker costs $4,000 per month, while an additional tractor would also cost $4,000 per month. Instructions: Enter your answers as a whole number. a. What is the marginal revenue product of labor? $ The marginal revenue product of capital? $ b. What is the ratio of the marginal revenue product of labor to the price of labor (MRPL/PL)? : What is the ratio of the marginal revenue product of capital to the price of capital (MRPC/PC)? :17.Mr.Ying is starting a telephone company. The marginal cost for each cell phone is given by the equation C(x) = 0.01x^2 − 3x + 229. x is the number of cell phones manufactured and sold. The marginal revenue function is R(x) = 429 − 2x. Both C(x) and R(x) are given in dollars. part a) Where do these curves intersect? What do those intersection mean? part b) Find the area between the curves, using end points that are reasonable. Round to the nearest cent. part c) What does the area under the curve mean in this scenario?
- The table below shows data for the production of Avocados for an individual firm operating in an imperfectly competitive market. Number of workers Number of Avocados Marginal Revenue 0 0 22 10 150 21 20 270 20 30 360 19 40 420 18 50 450 17 Given this data, complete the table: Quantity of Avocados Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 - - 10 20 30 40 505. The Marginal Product of the first worker is _______ units of output 6. Diminishing Returns sets in when output is equal to_______.7. The TVC of 90 units of output is equal to ______dollars.8. The TC of 125 units of output is equal to ______dollars.9. If the market price of output is equal to $2, then this firm will realize a profitof _________ dollars.10. If the firm employs 3 workers, its TVC is equal to _________dollars. Plz solved all part I give u thumbWhat is the definition of Marginal Revenue Product? Give an example
- Refers to Figure 18-1. Suppose the firm sells its output for $15 per unit, and it pays each of its workers $750 per week. When output increases from 210 units to 285 units, the a. marginal cost is $10 per unit of output. b. marginal revenue is $5 per unit of output. c. value of the marginal product of labor is $4,275. d. firm's profit decreases. Please explain why the answer is a.Suppose LA.Banana employs workers to harvest bananas. Answer the following questions using the information provided below: Quantity of labour: 0 labour 1 labour 2 labour 3 labour 4 labour 5 labour 6 labour Units of Output: 0 banana 16 banana 21 banana 25 banana 31 banana 36 banana 40 banana a.) Calculate the marginal product of labor, the value of the marginal product of labor, and the marginal profit ,suppose a fully competitive company, LA"Banana, where wages are fixed at $800 and each banana (output) sells for $20.Consider a competitive, price-taking firm that employs only one variable input, labor, to produce a product that sells for $14 per unit. The wage rate is $24 per unit of labor and total fixed costs are $500. Fill in the blanks in each column of this table as instructed by the questions below: a-Compute marginal and average revenue products and fill in the blanks incolumns 4 and 6. The sixth unit of labor __________________ (increases,decreases) _______________ (total, marginal) revenue by $__________.Decreasing labor usage from three to two units _______________ (increases,decreases) _______________ (total, marginal) revenue by $___________. b-Compute marginal cost and fill in the blanks in column 7. At first, marginalcost ___________ (rises, falls) as marginal product rises, then marginal cost_____________ (rises, falls) as marginal product falls.
- An employer who employs m workers determines that they produce: units of that product daily. Total income (in dollars) is given by: 1) ¿What is the price, per unit, when there are 30 workers? 2) Determine the marginal revenue when there are 30 workers. 3) The product of marginal income corresponds to the rate of change of income with respect to the number of active employees, at a given moment. Determine the product of marginal revenue when m = 30Please answer ALL questions below: 1.The marginal revenue product givesa. the additional revenue obtained when an additional unit of a variable input is hired. b. the additions to total cost when an additional unit of a variable input is hired. c. the amount that other inputs must increase by when labor increase by one unit. d. the change in total product for an additional unit of a variable input. 2. When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as a. the substitution effect. b. the complementary effect. c. marginal revenue product. d. the effect of changing labor productivity. 3. Which of the following is the largest union in the United States? a. American Federation of State, County, and Municipal Employees b. National Education Association c. International Brotherhood of Electrical Workers d. International Brotherhood of Teamsters 4.…Imagine there is a firm that only uses labor to produce goods and that its production function is given by Y(L)=5L-L^2. The price of the firm’s output is equal to 1. Let’s assume the firm is a price taker on the product market but is a local monopsony for employment. Imagine that its marginal cost is given by 2+L. Imagine that labor supply is given by 1+L How much labor does the firm want to use? What will be the wage it pays? How many people will work if the government imposes a minimal wage of 2.25? How will this affect the firm’s profit? Calculate and compare before and after the introduction of the minimum wage.
