Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Chapter 11, Problem 6SQ
To determine
Marginal Revenue Product (MRP).
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Students have asked these similar questions
Total product
(lawns mowed per hour)
Quantity of labor
(workers)
0.
1
2
15
22
6.
26
7
28
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Decreasing
.marginal returns start to occur after the
worker is hired
اختر أحد الخيارات
a. sixth
b. first
C. fifth
d. third
e. fourth O
When the marginal product of labor equals the average product of labor, then
a. the marginal product is still increasing.
b. the marginal product is maximized.
c. the average product is still increasing.
d. the average product is maximized.
Theory of Production1. If 1 orchard, 7 workers, and 3 tons of fertilizer yield 1,000 bushels of peaches, while 1 orchard, 7 workers, and 4 tons of fertilizer yield 1,300 bushels, a. the average product of labor equals 1,150 bushels. b. the marginal product of labor cannot be calculated. c. the average product of fertilizer equals 1,150 bushels. d. the marginal product of fertilizer cannot be calculated.When answering the next five questions (2-6), refer to the following graph.2. The marginal product of labor is rising with increased use of labor until a. 10 workers are employed. b. 20 workers are employed. c. 30 workers are employed. d. 40 workers are employed.3. The average product of labor is falling with increased use of labor once a. 10 workers are employed.. b. 20 workers are employed. c. 30 workers are employed d. 40 workers are employed.4. As long as fewer than 30 workers are employed, a. the average product of labor exceeds the marginal product of labor. b. the marginal product…
Chapter 11 Solutions
Microeconomics For Today (MindTap Course List)
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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- The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.arrow_forward6. The demand for will decrease in response to an Increase productivity b. better training of all laborers c. a decrease in the supply of labor d. decreased demand in markets for consumer goods and services 7. In a purely competitive market for economic resources, a firm's marginal revenue product curve for a factor could decrease as a result of an increase in the resource's marginal product b. decrease in the demand for the firm's product Cincrease in the prices of all other resource inputs d. decrease in the supply curve for the economic resource 8. Other things being equal. If a once - competitive firm attains a high degree of monopoly power. its resource demand curve will a. become perfectly inelastic b. remains perfectly elastic c. become more elastic d. become more inelastic 9. Other things being the same if the demand for labor is inelastic a decreases in wage rates will result in greater payrolls b. increases in wage rates will result in greater payrolls c. decreases in wage…arrow_forwardEconomics Corner Coffe sells coffee at $2 and can rent espresso machines at $500 per month. It has the following production schedule: Calculate the marginal product and the value of the marginal product of each robot. Use only whole numbers. Number of Machines. Total Product Marginal Product. Marginal Product Value 500 2 700 850 950 1000 4 6 1025 How many machines should you rent? $_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? A. $1300 B. $1400 C. $1100 D. $1200arrow_forwardFarmer Stella has a crop of hemp to be harvested. Picking the crop requires a fixed number of sacks and a variable number of workers. Table 1 represents the output associated with different numbers of workers. Complete Table 1. (Type your responses in the boxes indicated by the faint outline with broken-border lines. ) Table 1 Number of 1 workers Total output 18 38 69 120 155 Marginal Product No fill Average product 2.arrow_forwardThe marginal product of labour tells us A. which employee is the most productive. B. the average output produced by each employee. C. the additional output produced by the last employee hired. D. how much money the firm can make from hiring each employee.arrow_forward
- 24. When the marginal product curve is above the average product curve, ________ as output increases. A. marginal product must increase B. average product must decrease C. average product must increase D. marginal product must decrease 29. The above table shows the short-run total product schedule for the campus book store. When the fifth employee is hired, the marginal product is ________ and is ________ the average product. (picture of table attached) A. decreasing; less than B. decreasing; greater than C. increasing; greater than D. increasing; less than 31. Based on the above figure, for which of the following levels of output at Ike's Ice Cream Kitchen does the marginal product of labor exceed the average product of labor? (picure of the graph attached) A. at 40 gallons B. at 70 gallons C. all of the above D. at 10 gallonsarrow_forwardA firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is variable. Labour (units) 1 4 5 7 8 9 Total Product 8 15 24 30 35 37 38 38 36 (TP) in Units Average Product (AP) in units Marginal Product (MP) in units a) Fill in the values of AP and MP. b) Sketch TP, AP and MP in one diagram. c) Identify the stages of production in the diagram. d) Explain why the firm still hire labour even though it is in the range of diminishing returns? e) What is the number of workers after which diminishing marginal returns starts?. f) Is this a short run or long run phenomenon? Question 2 The table below shows the average cost (AC) for a purely competitive market. The average revenue (AR) is constant at RM5 per unit and the firm's total fixed cost (TFC) is RM4. Output (Units) Average Cost (RM) Marginal Cost (RM) Total Total Cost Marginal Revenue (RM) Revenue (RM) (RM) 8.0 2 5.5 3 4.0 4 3.5 3.8 6 4.5 7 6.0 a) Fill in the values for total revenue (TR), total cost (TC)…arrow_forwardIf the marginal revenue earned by a firm due to an additional unit of worker is less than the marginal cost of hiring him, _____. a.the firm should not hire the worker b.the firm should hire the worker c.the firm should not operate in the long run d.the firm should not differentiate its productsarrow_forward
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