What is the marginal product of labor for the 6th worker? Production Data Production Data Randall Production Data 10 Workers Cars Washed 1 Ту 2 23 That is correct! 3 42 4 64 80 Наppy Economics 6 90 Mentor 7 98 Okay, so at which worker is the marginal product of labor maximized? 8 96 Randall At the 7th worker At the 4th worker At the 5th worker At the 4th and 5th worker

What is the marginal product of labor for the 6th worker? Production Data Production Data Randall Production Data 10 Workers Cars Washed 1 Ту 2 23 That is correct! 3 42 4 64 80 Наppy Economics 6 90 Mentor 7 98 Okay, so at which worker is the marginal product of labor maximized? 8 96 Randall At the 7th worker At the 4th worker At the 5th worker At the 4th and 5th worker

Name: At which worker is the marginal product of labor maximized?a) at the 7
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Description: At which worker is the marginal product of labor maximized?a) at the 7th workerb) at the 4th workerc) at the 5th workerd) at the 4th and 5th worker Idk if the answer is either a or b? What is the marginal product of labor for the 6th worker?Productio

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

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Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.
Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.
1. Supose that·Total Factor Productivity increases·Capital depreciates by 10%Everything else equal, what happens to labor demand in the economy?A. It decreases (i.e. shifts to the left of the demand curve)B. It increases (i.e. shifts to the right of the demand curve)C. Not enough information to answer 2. Does an increase in the wage causes leisure always to increase, because leisure is a normal good?A. YesB. NoC. Only if the substitution effect dominates the income effectD. Only if the income effect dominates the substitution effect
Andy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.
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I need help with econ multiple hw questions asap! 48) Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of output. Assume two points on the firm’s production function are (L = 12, Q = 122) and (L = 13, Q = 132). What is the marginal product of the 13th worker? A. 122 units of output B. 10 units of output C. 8 units of output D. 130 units of output 47)
Your enterprising uncle opens a sandwich shopthat employs 7 people. The employees are paid$12 per hour, and a sandwich sells for $6. If youruncle is maximizing his profit, what is the value ofthe marginal product of the last worker he hired?What is that worker’s marginal product?
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Elsa and Anna are two students each considering whether to pursue a college education before entering the job market. For each worker, an education level of E = 1 indicates that she has completed college and earned a degree, while E = 0 indicates she has not. Elsa can generate V E = 36 worth of output per hour while Anna can only produce V A = 12 per Obtaining a degree is costly, and the students must pay for their educations by taking out student loans that will be repaid during their working years. Elsa is a naturally capable student so the degree costs her the equivalent of CE = 18 per hour in future wages, whereas Anna struggles with her studies and must pay CA = 27 per hour. Note that their education levels do not impact their productivity. Hans is an employer who cannot observe the workers’ innate abilities but can observe their education levels. The labor market is competitive, so that Hans must always offer a wage equal to his reservation price, and thus makes zero profit. a)…
Define the income-leisure trade-off that makes up the labor supply functionand the intuition for the upward sloping labor supply curve. What two effectsare involved in this trade-off? Explain.