1. The MRP curve for labor: A. intersects the firm's labor demand curve from above. B. is functionally equivalent to the firm's labor demand curve. C. lies below the firm's labor demand curve. D. lies above the firm's labor demand curve.
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- Which of the following determines the firm's demand curve for labor? a.The size of the labor force b.The marginal product of labor c.The total product of labor d.The average product of laborQuestion 20. SG store sells its products at a price of $60,000 per unit. it is assumed that labor is the only input that changes. it is known that the marginal product of the 11th worker is 16 units, MU store pays its workers $150,000 per day. What is the value of the marginal product of labor for the 11th worker? a. $2,400,000. b. $480,000. c $1,200,000. d. $960,000.QUESTION 19 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage B. The firm should use more capital to increase the labor productivit C. The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum cost
- 38) In the short run, the marginal product of labor might increase initially as more workers are hired because A) the first workers hired get to use the best equipment. B) specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. c the best workers are hired first and later hires are not as skillful. Dj beyond some point, a firm has hired too many workers.If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as well1. Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor. 2. Give two examples of events that could shift the demand for labor, and explain why they do so.
- When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shapedA firm’s quantity of output is 10 units. The price of labor is $25 per unit and the price of capital is $100 per unit. The input combination of labor and capital is 20 units and 30 units respectively. Calculate: a. LTC b. LACHi- please answer both A and B A construction company has two types of employees: skilled and unskilled. A skilled employee can build 1 yard of a brick wall in one hour. An unskilled employee needs twice as much time to build the same wall. The hourly wage of a skilled employee is $15. The hourly wage of an unskilled employee is $8. a) Write down a production function with labor. The inputs are the number of hours of skilled workers, LS, the number of hours worked by unskilled employees, LU, and the output is the number of yards of brick wall, Q. b) What is the cost-minimizing way to build 100 yards of a wall?
- If 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 productsRobert 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. $12007. Use a graph and derive the labor supply curve of a worker. Explain in detail.
