When a firm hired it tenth worker, its factory output increase by four units per month. Would you expect the firm's output to increase by eight more units per month if the firm hired two more workers? Explain

Q: Suppose the hourly wage is $25, the price of each unit of capital is $50, and the price of output is…

A: The marginal product of labour is the change in production that occurs when more labour is added,…

Q: 3. Suppose the automobiles produced per year, L is the quantity of labor (man-hours) and K is the…

A: 3. a. Here the production function is: Q=LK For a quantity of Q=300, the equation of isoquant will…

Q: a) Why is the marginal product of a variable input like labour likely to increase initially in the…

A: Ans. (a).  Marginal Product is defined as the change in total out total output caused due to an…

Q: revious graph, use the purple points (diamond symbol) to plot Live Happley's curve when the output…

A: (a) Demand for labor is equivalent to MRP where MRP calculated as, MP x Output price = (Change in…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub parts…

Q: A firm employs M workers per week and the length of the workweek at the firm is H Let MPM be the…

A: Profit is the difference between total revenue and total cost. In general, profit is maximized at…

Q: The price of factor A is GHC20 per unit and the price of factor B is GHC300.00 per unit.The marginal…

A: Answer: As per the given question price of factor A is GHC20 per unit and the price of factor B is…

Q: Is it possible to increase the labor productivity (output per unit of labor) in a given production…

A: Labor is said to be productive when the output per unit labor increases overtime. Diminishing…

Q: Suppose Charles owns a lawn mowing company, Assume that without workers, no yards are mowed. When he…

A: Marginal product refers to change in total product with respect to change in its variable input.

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: I need help with econ multiple hw questions asap! 101) Typically, as a firm hires additional…

A: (101). Marginal product of labour means the additional output a firm get by using an additional unit…

Q: The owner of a Florida car wash is maximizing profit. The price of a wash is $4.00, a car wash…

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

Q: Consider the following production function: y = f(L, K) = L0K5, where L is the amount of labor that…

A: Production function: y = L0.4K0.5 Differentiate y w.r.t L to get MPL MPL = dy / dL => MPL = 0.4…

Q: please help

A: Profit maximization requires price of inputs to be equal to value of Marginal product of inputsP *…

Q: You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned…

A:

Q: Instructions: Click the buttons above the graphing window to show either production functions or…

A: Productivity in the following tables can be found out by dividing output by the number of workers.…

Q: Define marginal product of labor and value of the marginal product of labor. Describe how a…

A: As per the given question: Here we need to find the following points : Marginal Product of Labor :…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Total product(TPP) is the total output produced by the firm given the units of labor and capital…

Q: If the marginal revenue product of a gallon of oil used as input by a firm is $2.20 and the price of…

A: Marginal revenue product (MRP) is the marginal revenue created by using one additional unit of…

Q: O LounchPad • Country A and country B both have the production function Y = F(K, L) = K/³L?/3. %3D…

A: A production function has constant return to scale if the inputs and the outputs change by the…

Q: Tim works 51 hours per week, and his wage is $20 per hour.  If his wage increases to $40 per hour,…

A: Initially, the wage rate is $20 per hour and Tim works 51 hours per week. Now the wage rate…

Q: Define marginal product of labor and value of the marginal product of labor. • Describe how a…

A: The marginal product of labor refers to an addition to the total product when one more unit of labor…

Q: define marginal product of labor and value of the marginal product of labor.describe how a…

A: Definitions The marginal product of labor (MPL) The marginal product of labor is defined as the…

Q: The price of factor A is GHC20 per units and the price of factor B is GHC300.00 per unit. The…

A: Given: price of factor A =GHC 20 per unitsprice of factor B =GHC 300.00 per unitmarginal product of…

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…

Q: In economics, the short run is a period of time  A of one year or less. B in which all inputs are…

A: In short run in economics, the factors of production are such that they cannot be changed quickly…

Q: respond to changes in another? Why would a profit-maximizing firm expand the use of each input…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: When labor increases from two to three workers, total product increases by per hour.

A: total production is the production produce by producer by using resources at particular period of…

Q: Dinners are prepared in a process with two resources. The first resource has a capacity of 6.2…

A: The time sum of all process stages is used to calculate total labor content. If a procedure has two…

Q: It is easy to conclude that when hiring workers in the short run whose marginal productivity rises,…

A: The short-run is the time period in which fixed factors like buildings, machinery, etc. can not be…

Q: c.With the aid of a diagram, explain the relationship between ‘marginal cost’ and ‘average total…

A: There are three different types of cost-variable, fixed and marginal. Variable cost is the cost…

Q: Pizzas are produced using capital as a specific factor and labor as a mobile factor. The graph below…

A: Given that; Pizzas are produced using capital as a specific factor and labor as a mobile factor.

Q: When labor increases from four to five workers, total product increases by per hour. Use the orange…

A: In economics, total product refers to the output produced by all the workers. Marginal product…

Q: a. Isoquants can be convex, linear, or L-shaped. What does each of these shapes tell you about the…

A: The three criteria can be explained as: The convex shape isoquant- The nature of the production…

Q: Match the following with the correct answer. Answers can be used more than once. v In the labor…

A: There will be movement along the demand curve if wage rate changes and other factors affecting the…

Q: It is easy to conclude that when hiring workers in the short run whose marginal productivity rises,…

A: When the marginal product is increasing, the average product increases because the addition of every…

Q: Suppose you are considering hiring another worker. Also assume that you are at a firm that is…

A: We know that at the optimum: MRTS = MPL/MPK = w/r So here we have MPL = 5, MPK = 20 and w=2 and r=…

Q: What do economists mean by "deminishing returns" to an input? What causes diminishing returns? Where…

A: Diminishing Returns It means when we employ one additional unit of variable factor then the marginal…

Q: Suppose that an economy produces 1,400 units of output, employing 20 units of Input, and the price…

A: Given: The economy produces an output of = 1,400 units It employs = 20 units of input The price of…

Q: n the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm…

A: The additional output produced as a result of increased input placed into a business is known as the…

Q: If more and more labor is employed while keeping all other inputs constant, the marginal physical…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: In the short run, labor is a hat-making firm’s only variable input. Wage rate is $5.00/hour. The…

A: Marginal cost of a hat, is a cost of producing 1 more unit of hat.

Q: 6.12. Suppose the production function is given by the following equation (where a and b are positive…

A: The utility function shows L and K are perfect substitutes and MRTS for perfect substitutes is…

Q: uppose that the production function for compact disc player is Q=100L 0.6K 0.4   Where ? is the…

A: Given  Q= 100L0.6K0.4       ....... (1)  Where Q is total output, L is the quantity of labour…