Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
6th Edition
ISBN: 9780134417295
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 17, Problem 17.5.6PA
To determine
Piece-rate system and hourly wage compensation system.
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Fill in the blanks to complete the Marginal Product of Labor column for each worker.
Total Product
Marginal Product of Labor
Number of Workers
(Pizzas)
(Pizzas)
1
100
2
180
240
4
280
300
On the following graph, plot Andrew's production function using the green points (triangle symbol).
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Hint: Be sure to plot the first point at (0, 0).
300
270
Production Function
240
210
180
150
120
90
NTITY OF OUTPUT (Pizzas)
Question 6
Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.50. The following table shows the number of brackets that can be
produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour.
Hours of Labor
Output
50
90
1
3
120
4
140
150
155
6
157
The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.)
The value of the marginal product of labor for the third hour of labor is 75. (Round your response to two decimal places.)
If the wage paid to workers in Die Casť's plant is $25/hour, it should employ worker(s). (Enter your response as an integer.)
If the wage paid to workers in Die Cast's plant is $35/hour, it should employ
worker(s). (Enter your response as an integer.)
If the wage is $25/hour, but the price of a bracket declines to $2.00, it should employ worker(s). (Enter your response as an…
Chapter 17 Solutions
Economics Plus MyLab Economics with Pearson eText (2-semester Access) -- Access Card Package (6th Edition) (The Pearson Series in Economics)
Ch. 17 - Prob. 17.1.1RQCh. 17 - Prob. 17.1.2RQCh. 17 - Prob. 17.1.3RQCh. 17 - Prob. 17.1.4RQCh. 17 - Prob. 17.1.5PACh. 17 - Prob. 17.1.6PACh. 17 - Prob. 17.1.7PACh. 17 - Prob. 17.1.8PACh. 17 - Prob. 17.1.9PACh. 17 - Prob. 17.2.1RQ
Ch. 17 - Prob. 17.2.2RQCh. 17 - Prob. 17.2.3PACh. 17 - Prob. 17.2.4PACh. 17 - Prob. 17.2.5PACh. 17 - Prob. 17.2.6PACh. 17 - Prob. 17.2.7PACh. 17 - Prob. 17.2.8PACh. 17 - Prob. 17.3.1RQCh. 17 - Prob. 17.3.2RQCh. 17 - Prob. 17.3.3PACh. 17 - Prob. 17.3.4PACh. 17 - Prob. 17.3.5PACh. 17 - Prob. 17.3.6PACh. 17 - Prob. 17.3.7PACh. 17 - Prob. 17.3.8PACh. 17 - Prob. 17.4.1RQCh. 17 - Prob. 17.4.2RQCh. 17 - Prob. 17.4.3RQCh. 17 - Prob. 17.4.4RQCh. 17 - Prob. 17.4.5PACh. 17 - Prob. 17.4.6PACh. 17 - Prob. 17.4.7PACh. 17 - Prob. 17.4.8PACh. 17 - Prob. 17.4.9PACh. 17 - Prob. 17.4.10PACh. 17 - Prob. 17.4.11PACh. 17 - Prob. 17.4.12PACh. 17 - Prob. 17.4.13PACh. 17 - Prob. 17.4.14PACh. 17 - Prob. 17.4.15PACh. 17 - Prob. 17.4.16PACh. 17 - Prob. 17.4.17PACh. 17 - Prob. 17.4.18PACh. 17 - Prob. 17.4.19PACh. 17 - Prob. 17.4.20PACh. 17 - Prob. 17.4.21PACh. 17 - Prob. 17.5.1RQCh. 17 - Prob. 17.5.2RQCh. 17 - Prob. 17.5.3RQCh. 17 - Prob. 17.5.4PACh. 17 - Prob. 17.5.5PACh. 17 - Prob. 17.5.6PACh. 17 - Prob. 17.5.7PACh. 17 - Prob. 17.5.8PACh. 17 - Prob. 17.6.1RQCh. 17 - Prob. 17.6.2RQCh. 17 - Prob. 17.6.3RQCh. 17 - Prob. 17.6.4PACh. 17 - Many people have predicted, using a model like the...Ch. 17 - Prob. 17.6.6PACh. 17 - Prob. 17.6.7PACh. 17 - Prob. 17.6.8PA
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- 1. Computing labor productivity and its relationship to the demand for labor Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function: Labor (Number of workers) 0 OUTPUT (Grills) 400 360 Use the blue points (circle symbol) to plot the production function for Sizzler's on the following graph. 240 200 160 120 80 40 0 1 0 2 3 4 5 Output (Grills) 0 95 185 260 320 355 1 3 LABOR (Number of workers) Production Functionarrow_forwardI 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)arrow_forwardSuppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 120 140 150 155 157 4. 6. The marginal product of labor for the third hour of labor is 30. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is 45. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ 4 worker(s). (Entor your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it ahould employ 3 worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.00, it should employ worker(s). (Enter your response as an…arrow_forward
- Suppose Charles owns a lawn mowing company, Assume that without workers, no yards are mowed. When he hires one worker, he is able to mow 3 yards per day. With two workers, he can mow 7 yards per day, and with three workers, he can mow 12 yards per day The marginal product of the first worker is yards per day The marginal product of the second worker yards per day.arrow_forwardUsing the information given in Table 5.2 (page 136), draw the isoquant correspond- ing to an output level of 20. Starting from L = 4 and K = 1, how much extra capital is needed to keep output constant if the labor is reduced by one unit to L = 3? How much extra capital is needed to keep output constant if the labor is reduced by one unit to L = 2 Table 5.2 Capital K L 1 2 3 4 5 6 1 10 14 17 20 22 24 2 14 20 24 28 32 35 3 17 24 30 35 39 42 4 20 28 35 40 45 49 5 22 32 39 45 50 55 6 24 35 42 49 55 60 Capital K is on the first column, and Labor L is on the first row.arrow_forwardSome economists believe that the US. economy as a whole can be modeled with the following production function, called the Cobb-Douglas production function: Y = AK¹/32/3 where Y is the amount of output K is the amount of capital, L is the amount of labor, and A is a parameter that measures the state of technology. For this production function, the marginal product of labor is MPL = (2/3) A(K/L)¹/³. Suppose that the price of output P is 2, A is 3, K is 1,000,000, and L is 1/100. The labor market is competitive, so labor is paid the value of its marginal product. a. Calculate the amount of output produced Y and the dollar value of output PY. b. Calculate the wage W and the real wage W/P. (Note: The wage is labor compensation measured in dollars, whereas the real wage is labor compensation measured in units of output)arrow_forward
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