Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 11, Problem 20SQ
To determine
The marginal factor cost of a firm.
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Define marginal product of talent, with detail and example
What is the Value of Marginal Product of adding the first worker?
Group of answer choices:
$1,500
$1,400
$1,200
$1,300
As employment of labor increases, the marginal product of labor will eventually decrease because
A) profitable firms employ better workers first.
B) there's a limit to how product individual workers can be.
C) fixed capital means additional workers are less productive than the workers who were employed before.
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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Similar questions
- Your enterprising uncle opens a sandwich shop that employs 11 people. The employees are paid $15 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, the value of the marginal product of the last worker he hired is , and that worker's marginal product is sandwiches per hour.arrow_forwardAt which worker is the marginal product of labor maximized? a) at the 7th worker b) at the 4th worker c) at the 5th worker d) at the 4th and 5th worker Idk if the answer is either a or b?arrow_forwardWhy does the learning curve apply mainly to direct rather than indirect labor?arrow_forward
- Robert can make 10 pizzas each hour. He works 8 hours each day. He is paid $100 a day. The shop can sell the pizzas for $15 each. What is Robert's value of marginal product of labor?arrow_forwardHaving a marginal product of labor that increases over low levels of employment is common in this situation. Why is that? a) The first workers a firm hires are just better workers than workers hired later on- they applied first and really want the job. B) often it has to do with specialization- workers are able to divide up tasks and be more productive. Is the answer a or b?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
- true or false The marginal revenue product of labor is the extra revenue associated with the last unit of output.arrow_forwardIf the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.arrow_forwardHow 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_forward
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