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- Discuss how the interdependence of input markets for labor, capital, and land might affect supply, demand, and wages or rental prices. Make sure your answers are concise.the interdependence of input markets for labor, capital, and land might affect supply, demand, and wages or rental prices. answer in brief detail plz.10) Imagine a firm that hires two types of workers—some with computer skills and some without. If technology advances, so that computers become more useful to the firm, what happens to the marginal product of the two types? What happens to equilibrium wages? Explain, using appropriate diagrams.
- Demand for Resources A small manufacturing company has the following daily relationship between labor and output: Units of Total Labor Product 1 2 21 3 35 52 61 65 61 7 If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit, compute the following: Marginal Units of Marginal Product Revenue Labor Product 1 2 3 5 7 How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? Wł 3 How many workers will the firm hire is the market wage rate(includining benefits) is $20.00? 4 If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit? 5 2.When prices of the factor input falls the supply curve shifts rightward It is true or not????????....Paducah Slugger Company makes baseball bats out of lumber supplied to it by Acme Sporting Goods, which pays Paducah $10 for each finished bat. Paducah's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. a. The wage is $15 per hour and Paducah's daily fixed cost for the lathe and building is $60. Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Express marginal cost values rounded to the nearest penny (two decimal places). Q (bats per day) Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 35 16 22 Total revenue Total labor cost Total cost Profit ($ per day) ($ per day) ($ per day) ($ per day) Marginal cost per bat What is the profit-maximizing quantity of bats (note the values for MR and MC)? bats. b. What would Paducah's…
- Paducah Slugger Company makes baseball bats out of lumber supplied to it by Acme Sporting Goods, which pays Paducah $10 for each finished bat. Paducah's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. a. The wage is $15 per hour and Paducah's daily fixed cost for the lathe and bulding is $60 Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Express marginal cost values rounded to the nearest penny (two decimal places). Number of Total Total labor Marginal Q (bats per employee-hours per day) revenue cost Total cost Profit cost day (8 per day) (S per day) (S per day) 60 ($ per day) 60 -25 per bat in 50 15 75 1e 30 90 10 150 200 250 300 350 30 35 25 15 4 60 120 20 105 165 25 1 165 225 30 16 240 300 35 22 390 40 OEE What is the profit-maximizing…Solve Input demand and input supply Item1 : Good Q , L labor ,W wage ,A level of technology Q=A0K^alpha L^beta Q=80-P A0=1 K =36 unit L =40+0.5w alpha =0.5 beta =0.5 1. From the condition and price of the labor market equilibrium quantity in item 1, assuming that the price of good Q increases by 10% of the price of P0 Show the change in the price of the labor factor. and the amount of labor factor to be traded in the labor market And along with calculating the income size of both buyers and sellers, labor factors that should be relied on 2.Summarize the theoretical principles of the properties of demand. in factors of production and the factors affecting the change in the price of production factors are obtained when the price of production changes, the quantity of capital k changes, and the level of technology. as well as the supply characteristics of the changing factorsPaducah Slugger Company makes baseball bats out of lumber supplied to it by Acme Sporting Goods, which pays Paducah $10 for each finished bat. Paducah's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. a. The wage is $15 per hour and Paducah’s daily fixed cost for the lathe and building is $50. Instructions: Complete the table below. If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Express marginal cost values rounded to the nearest penny (two decimal places). Q (bats per day) Number of employee-hours per day Total revenue($ per day) Total labor cost($ per day) Total cost($ per day) Profit($ per day) Marginal costper bat 0 0 — 5 1 10 2 15 4 20 7 25 11 30 16 35 22 What is the…
- Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?The following graph depicts the daily labour supply curve for Jake, a worker in the construction industry in Vancouver. 30 27 24 21 18 15 12 Labour Supply 3 + + + 1 2 3 4 5 7 10 LABOUR (Hours worked) If the wage rate is $30 per hour, Jake will supply hours of work per day. additional The wage rate must be S per hour for Jake to supply 2 hours of work per day. fewer If the wage rate decreases from $30 per hour to $9 per hour, Jake will supply hours of work per day. WAGE (Dollars per hour) coFrank's Fajitas can produce 45 fajitas per hour with five workers and one grill. One more worker will increase output by 6 fajitas per hour. If the wage rate is $9 per hour, the marginal cost of increasing fajita production to 51 fajitas per hour at Frank's Fajitas is: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. b C Question 10 d $1.50. $3.00. $4.50. $9.00. Saved