Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of labor is 300+8w Refer to Scenario 1. What is the equilibrium level of employment? ON-420 ON-380 ON-320 ON-120
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- Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 14 $38 2 14 28 3 14 24 4 14 20 5 14 14 6 14 10 a. Show graphically this firm's labor supply and marginal resource (labor) cost curves. Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required polnts for each curve. Тools MRC MRP 1. 3 4 5 6 7 Quantity of labor Wage rate (dollars)Nadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?Question In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 1. Plot the APP and MPP curves on the same graph 2. Plot the ATC and MC curves on the same graph
- Scenario 1 Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of labor is 300+8w Refer to Scenario 1. What is the market clearing real wage? Ow=5 Ow-11 Ow-10 Ow-15DA production ficmis faced with a cobbDolas producion furchon of aCLn)-BL°a Ko! the MATS of capital and labour is ? BIunn conoume's two qods,X and Y. His budpt eguation is 70 7Y His MRSis? papes production fum hay a prodcnion unetion oda-KL. The marginal rate of technical sulbstitution is 15.the cost d production is N$80 the What is the rental rate of capital? wge rate is B8 D Amal consumes two goods,Xand the of X is NAS and the price pace of N is Nalo. She has an income of to spend goods Her niliy fuction on the th0 is ll=x combination of X and Y that The maximizes Almal's unility issWhich of the following is most likely to result in an increase in wages? O Machines have been developed to replace workers in this industry. O More people are pursuing this occupation as a career. O The economy has been in a prolonged recession. O There has been an increase in the number of people retiring from this occupation. « Previous Next ASUS 6 7 8
- 19. A point on the production possibi:lities fronte reflects an e atainable point with full employmeni of ali resources E. atainable point withou: full employment of all resources e unsttainable point with full employment of all resources d unattainable point without full employment of all resourcesIn the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 Using the information provided, calculate the following: APP MPP VC FC TC ATC MC a.Plot the APP and MPP curves on the same graph b.Plot the ATC and MC curves on the same graph c.With the aid of a diagram, explain the relationship between ‘marginal cost’ and ‘average total cost’ d.With the aid…In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 Using the information provided, calculate the following: APP MPP VC FC TC ATC MC
- Given the following table, how many workers sh red to maximie profs Labor Marginal Product Laber VMP Wage $32 S100 32 $128 $100 16 $64 $100 4. 5-4 S100 5. -12 S-48 S100 A.AK.25L.75 A=3 K=15 L=140 there is a 30% reduction in L a. how much does marignal product of labor change?Q=ksquerLquebed and input prices arer=8birr perunite andw=2birr per unite.find the labour and capital that maximaize the level of output for atotal out lay of birr 240
