The average product of labor of workers in the Sony electronics facility that builds televisions is 20 TVs per worker per day. The marginal product of labor at the current level of output is also 20 TVs per worker per day. If more workers are hired to fill additional orders for televisions, Select one: O a. the average product of labor will increase. O b. the marginal product of labor will increase. O c. the average product of labor will decrease. O d. None of the above.
Q: Explain life expectancy rate in the philippines
A: The amount of years an individual can probably live is referred to as "life expectancy." In the…
Q: Gaynor is the only manufacturer of gas pumps that automatically refill. Gaynor can earn a profit on…
A: In a competitive market firms can earn positive profit in short run but will earn zero economic…
Q: 35 Which of the following is TRUE about exchange rates? A They are more volatile than several…
A: Exchange Rate Volatility:- The regularity and magnitude of variations in a value of currency is…
Q: According to the economic quality level model, the pursuit of higher levels of quality will result…
A: Introduction Its answer is true because when the level of quantity is higher then it will decrease…
Q: Evaluate the relationship between risk probability, risk impact and risk exposure.
A: In general, firms can calculate risk exposure using one of two methods: quantitative or qualitative.…
Q: The theory is a fact that is always proven. True False According to the economic quality level…
A: Introduction a) Its answer is false. because theory is an explanation of one or more facts which is…
Q: 2. Suppose you asked the following question to Person A and Person B: "How much are you willing to…
A: Introduction Here wealth of A and B is $100. Suppose CARA utility function for A is U ( A) = 2…
Q: Considering the growing potential threat of terrorists' attacks worldwide, the President of an…
A: Aggregate demand refers to a total demand of an economy and aggregate supply is a total supply
Q: Medicaid utilizes O personal funds that are matched by federal government to help low-income…
A: Medicaid is providing financing for hospitals, community health centers, physicians, nursing homes.…
Q: A secondhand van is offered for sale. The owner offers two methods of payment . The first method…
A: Better method of payment for the buyer is given below...
Q: The First cost of a passenger bus is P800,000. Its estimated life is 4 years with no salvage value.…
A: Given: Day wise Yearly Days of operation 300 Tires 24000 Gasoline 900 270000 Oil 80…
Q: How the time affects supply, perishable Goods and how it affects the reproducible goods?
A: The curve that depicts various quantities of goods and services being supplied by producers at…
Q: A breakthrough in solar energy research that halves the cost of electricity will have no effect on…
A: "Electricity act as an important input in the production process of all the commodities and…
Q: Qd=5.3-0.1p where Qd is the number of new automobiles demanded per year (in millions) when P is the…
A: The demand equation: Qd = 5.3 - 0.1P whereas, Qd = Number of new automobiles demanded per year (in…
Q: What goods and services—and how much of each—will be produced?
A: In a nutshell, an economy must distribute its resources and pick between several possible bundles of…
Q: A company is planning to install a new automated plastic- molding press. Two different presses are…
A: Given Data, Producing = 120,000 units per year. Non defective units are sold for $0.345/unit.…
Q: 3) A certain warehouse is worth P700,000. The average value of the merchandise in the warehouse is…
A: Cost of insurance Annually : Warehouse = 1% of 700,000 = 7000 Merchandise = 0.9% of 600,000 = 5400…
Q: _______ When the level of prices in an economy rise, it’scalleda. prosperity.b. recession.c.…
A: The price level is the average of current prices over the entire spectrum of goods and services…
Q: he U.S. government's focus on supply reduction efforts in its "war on drugs" has been relatively…
A: Given: Price elasticity of demand for cocaine=-0.5
Q: What is the optimum level of production? Price Total cost 200 90 190 180 Quantity 180 170 160 150…
A: Optimum level of production is achieved when firm earn normal profit as in the case of perfect…
Q: Marginal Cost RSJI Avorage Tal Cost ROQ,I Demand RULI Marginal Revenue 28. 9,0,0, 0, QUANTITY The…
A: The economic profit could be measured by the difference between the revenue generated through the…
Q: the value equation is a ratio between benefits and price per product. Whithout knowing the Farmers…
A: Benefit-Cost Analysis is a procedure that found the prospective risk deduction advantages of a…
Q: 1. The IS curve is based on the goods market: Y C, + mpc (Y - T) + la-2r +G. Assume that the mpe 80.…
A: IS curve denotes locus of those points at which goods market is in equilibrium . It is drawn in (r ,…
Q: It is possible for a monopolist's to earn economic profits even in the long run due to: a. its…
A: Monopoly is a market arrangement in which there is only one vendor of a good with complete market…
Q: A building has a salvage value of P1 M after 50 years. Annual depreciation is P2 M. Using straight…
A: Given that, the salvage value is P1 M after 50 years. Annual depreciation is P2M. the solution is…
Q: The famous singer Jason Lumberpond likes to drive his solid-gold rocket car back and forth in front…
A: Firstly as per the relationship given, L>E>C it is clear that loss in any of install either…
Q: In the long-run, any perfectly competitive firm that produces will choose a quantity such that
A: The market is a location where the transaction of services and commodities takes place. It is…
Q: An ag firm is looking to produce 30 units of output. If the firm were to operate at the least-cost…
A: Required Q=30, w=10 r =50
Q: Fill in the blank: In the long run, maximizing profits is different from minimizing costs as the…
A: In a market, there are some differences in dealing the market condition in the short-run and in the…
Q: 32. A factory has production capacity of P12,000 units per month with an efficiency of 80% Fixed…
A: When money produced from a commercial activity exceeds the expenditures, costs, and taxes involved…
Q: Suppose there is a firm with at least some market power that supplies the same product to two…
A: "There is a relation between price elasticity of demand and total revenue. With inelastic demand,…
Q: Majdy Corporation purchased a machine 5 years ago for JOD 527,000 when it launched product X.…
A: Sunk cost refers to the transaction costs that cannot be recovered. Once spent, the credit is…
Q: 40. Determine the exact simple interest on P10,000 for the period from January 10 to June 15, 2002…
A: Given information: Principal amount (P): P10,000 Time period (t): 156 days (Jan 10 to June 15 2002)…
Q: With prices p1, p2, and income y: 1. Draw demand curve for good 1, and Engel curve, given ? =…
A:
Q: Why is the unemployment rate important?
A: Unemployment is defined as a state in which all those people who are willing to work at the existing…
Q: 2.The shoe company in Marikina have decided to increase to 18% per pair of shoes to due to its high…
A: Elasticity helps in determining the change in quantity demanded when there are changes in product…
Q: 3 8. Let be the utility function U(x, y) =(xi+ 2yä), , where x and y are the quantities consumed of…
A: Introduction We have given a utility function of two commodities x and y. Here given utility…
Q: Under the investment approach, what is the likelihood that a rational voter will choose to vote and…
A: In a market, rationality refers to the situation when an individual make his decision based on given…
Q: In a representative Real Business Cycle model, with capital stock in period t+1 defined by Kt+1 =…
A: Effective Investment is related to a good outlay of money for the purpose of more profit in the…
Q: aintenance cost of a machine is S 100 during the second year and to increase by $ 100 every year for…
A: Maintenance cost is in a form of gradient series which increase at a constant rate of 100 .…
Q: The closest example of a perfectly competitive industry is a. beer. b. Cabbage c. gas stations. d.…
A: In perfectly competitive market, firms do not have any market power because the good is homogenous…
Q: . It is the satisfaction derived from the consumption of a commodity. A. Total utility…
A: Production means converting raw materials into finished goods. It means the goods and services are…
Q: What intellectual property distinctive competencies exist for India and China?
A: Patents, copyright, and trademarks, for example, are legal protections that allow people to profit…
Q: Suppose that labor is Becky's only variable cost and that she has a fixed cost of $30 per day and…
A: The factor of production (inputs) can be either fixed or variable in the short run. Inputs are…
Q: Suppose the firm's production function is Q = 2KL, where Q is units of output, K is units of capital…
A: We can find out the short run production function using the capital K= 4.
Q: 1. What kind of good is it? Determine whether each of the following goods is a private good, a…
A: "Public good is a good that is available to everyone and that one person's use of it does not impair…
Q: Difference between the Partial equilibrium Approach and the general equilibrium Approach? Show their…
A:
Q: Ordinarily, banks try to keep excess reserves as low as possible because the Fed requires them to do…
A: Excess reserve is the amount of capital reserve held by the bank in excess of what is required by…
Q: Suppose Sarah and Julia both work at a bakery making bread and muffins. In an hour, Sarah can either…
A:
Q: What are the problems faced by the avg production system in a developing country
A: There are many problems faced by the average production system in a developing country. Few among…
Step by step
Solved in 2 steps
- The average product of labor of workers in the Sony electronics facility that builds televisions is 20 TVs per worker per day. The marginal product of labor at the current level of output is also 20 TVs per worker per day. If more workers are hired to fill additional orders for televisions, Select one: a. the average product of labor will increase. O b. the marginal product of labor will increase. O c. the average product of labor will decrease. O d. None of the above. Other things being equal, an increase in the average product of labor in steel production will Select one: O a. decrease the average variable cost of steel. O b. increase the average variable cost of steel. O c. increase the average cost of steel. O d. Both (b) and (c).A small specialty cookie company, whose only variable input is labor, finds that the average worker can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm O A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. O B. is not maximizing profit because the marginal revenue product of labor is less than the wage. O C. is maxinmizing profit because the marginal product of labor is greater than the wage. O D. is not maximizing profit because the price of the output is not equal to the wage. O E. is not maximizing profit because the marginal product of labor is greater than the wage.Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 690 machines. Suppose Jill adds one more worker and, as a result, her factory's output increases to 700. Jill's marginal product of labor from the last worker hired equals Select one: O a. 20. O b. None of the above answers is correct. O c 690. O d. 700. O e. 10.
- Use the table below to answer questions about a firm's hiring decision. Labor (workers) Output (units) Total Cost ($) $50 1 15 $60 2 27 $70 3 37 $80 45 $90 5 50 $100 What is the total cost when the marginal product of labor is 10? Choose one: O A. $60 о в. $30 O C. $20 O D. $50 O E. $70 O F. $10 O G. $90 O H. $40 O . $100 O J. $80 4.The figure shows the total product curve for different levels of a variable input, labor. O In the figure, marginal product of labor becomes negative beyond point A O C O B Output E Total Product curve A B C DE Quantity of LaborYou are an employer seeking to fill a vacant position on an assembly line. Are you more concemed with the average product of labor or the marginal product of labor for the last person hired? O A. The marginal product of labor because to maximize profits, you will want to hire labor up to but not exceeding the point where labor begins to experience diminishing marginal returns. O B. The average product of labor because productivity is maximized when average product is maximized This determines the output where revenue and profit are maximized. O C. The average product of labor because to maximize profits, you will want to hire labor up to but not exceeding the point where labor begins to experience diminishing marginal returns O D. The marginal product because it measures the effect the last person hired has on output, or total product. This helps determine the revenue generated by hiring an another worker, which can be compared with the cost of hiring an another worker
- The Rocky Mountain Spring Water Company experiences a surge in orders, because the water of one of its major competitors is taken off the market due to news that samples contained benzene. As the Company struggles to increase production of its bottled water, it finds that the marginal product of labor, its only variable input, approaches zero. When the marginal product of labor becomes zero this month, the firm Select one: O a. will still be able to fill additional orders this month without hiring more workers. O b. won't be able to fill any additional orders this month. O c. will achieve maximum output per unit of labor. O d. will be able to fill additional orders this month by hiring more workers.Use the table below to answer questions about a firm's hiring decision. Labor (workers) Choose one: O A. $70 B. $80 O C. $60 O D. $90 E. $50 F. $100 0 1 2 3 G. $20 O H. $10 O I. $40 O J. $30 4 5 What is the total cost when the marginal product of labor is 10? Output (units) 0 15 27 37 45 50 What is the total variable cost when the marginal product of labor is equal to 5? Total Cost ($) $50 $60 $70 $80 $90 $100Use the table below to answer the following questions. O a. $6.25. O b. $5. $4.25. Table 10.3.1 Labour TFC TVC TC Output (workers per (teapots per (dollars per (dollars per (dollars per day) 0 day) day) day) 0 Oc с. O d. $25. Oe. $4. 1234 141569 0 5 13 18 day) 20 20 20 20 20 20 - E 100 125 型 20 5 270 5 - 145 Refer to Table 10.3.1, which gives Tania's Teapots' total cost schedule. When output increases from 4 to 9 teapots, the marginal cost of one of the 5 teapots is 45 95
- Oc. The marginal product of labour is rising as hours of study increase. O d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours x 7 days - 40 hours = 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: a. Your total number of hours will fall by 25%. O b. Your total number of hours will fall by 50%. O C. You will work 25 hours per week. O d. Your free time will increase by 25%. ASUS ZenBookGopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Shovels) (Number of workers) 0 0 1 100 2 195 3 275 4 340 5 380 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. (?) 400 O -O- 360 Production Function 320 280 240 200 160 120 80 40 0 O 0 2 2 5 LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. ? 100 90 80 70 60 50 40 30 20 OUTPUT (Shovels) MPL (Shovels per worker) 10 0 0 O 1 1 2…At Fuller's Coffee Shop, the marginal products of the first, second, and third workers are 15, 11, and 8, coffees produced respectively. The total product of the three workers is: O 8 O 34 O 15 O 42 21 の at tv MacBook Pro F9