Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 11, Problem 1SQ
To determine
The marginal revenue product of the 11th worker.
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Students have asked these similar questions
Part a. What is the marginal physical product(MPP) of the third unit of labor hired?
Part b. What is the marginal revenue product(MRP) of the fourth unit of labor hired?
Part c. If the labor market equilibrium wage(W*) were $9 per hour, how many workers would a firm wish to hire? Why?
labor 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?
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
$6
Chapter 11 Solutions
Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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- 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 outputarrow_forwardKelsey owns a cotton candy shop that employs 7 people. The employees are paid $12 per hour, and a cotton candy sells for $3. If Kelsey is maximizing her profit (and operating in a perfectly competitive output and perfectly competitive labor market), what is the value of the marginal product of labor of the last worker she hired? What is this worker’s marginal product of labor?arrow_forwardWhich individual is out of the labor force? John is without a job, is able to work, but is not actively looking for work. Matthew is working 40 hours per week. Mary is without a job, is able to work, and is actively looking for work. Emily is working 6 hours per week.arrow_forward
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- Question Bottom of Form XYZ restaurant sells donuts at $2 per unit. It uses 5 units of capital and employs labor in the short run to increase production. Complete the following table and use that information to answer the following questions. K L Q MPL VML 5 0 0 0 5 1 50 50 100 ----- 2 125 ------- 5 3 225 100 What is the Marginal Product of Labor for the 2nd worker? Explain What is the VMPL for the 2nd worker? Explain.arrow_forwardIn this section you have to indicate whether you think the statement is true or false and explain why. 3. If all employers offer the job that was more or less alike, the choice of the employee would be based entirely on total compensation. 5. If employees can move among employers in a costless way, labour demand curve will be horizontal.arrow_forward
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