Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question. Workers Total Output per Day Price of Good 2 10 $10 3 15 10 4 19 10 5 22 10 6 24 10 7 25 10 How many workers will the profit-maximizing firm hire if the wage rate is $20 per day? Multiple Choice four three six five

Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question. Workers Total Output per Day Price of Good 2 10 $10 3 15 10 4 19 10 5 22 10 6 24 10 7 25 10 How many workers will the profit-maximizing firm hire if the wage rate is $20 per day? Multiple Choice four three six five

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 6MC

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The following chart shows the number of workers and hourly wage rate required to produce different quantities of braking systems in an hour. 15 9 13 15 2.89 4.00 4.70 6.43 7.27 Quantity of Output (Q) 2 Workers (L) Wage Rate Per Hour 15.28 15.28 15.28 15.28 15.28 Calculate the cost of producing nine braking systems in an hour. Round your answer to the nearest cent. Provide your answer below:
QUESTION 15 Answer this question based on the information in the table:If hiring the 6th worker increases total product by 7 units and the price of each unit is $2, which of the following is true? Number of Workers Total Cost 0 50 1 110 2 160 3 200 4 240 5 250 6 260 7 280 8 310 9 350 10 400 The firm should not hire the 6th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 6th worker as MR>MC. The firm should not hire the 6th worker as MR<TC.
Table 18-8 The following table shows the production function for a particular business. The numbers represent the various labor and output combinations the firm may choose for its output on a daily basis. Labor Output 0 0 70 130 180 220 250 123 4 5 Refer to Table 18-8. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. How many workers should this firm hire to maximize its profit? 2 workers 3 workers 4 workers 5 workers
For Question 53, and 54, use the table below. The table provides information about output (Q) the firm produces, revenues in a perfectly competition firm using factor of production labor FP (L) which represents workers. For example, a total of 2 workers produces 15 units per-hour. TR is total revenue. MR is marginal revenue, MP is marginal product and MRP is marginal revenue product. Given this information, how much is the MP for worker (L) for worker 2 and 3. P Q 0 15 O 5 and 5 O 35 and 25 07 and 5 O Band 7 TR 0 100 MR MP MRP FP (L) 0
The below table shows the output associated with each quantity of labor, assuming the level of capital is fixed. Assume the price of a unit of output is $2 and the wage is equal to $11. How many workers would the firm hire? Show your work. Number of Workers Output per hour 0 0 1 8 2 14 3 18 4 20
Q4. Suppose the firm sells its output according to the following demand schedule: Labor Total Product Product Price 1 X+2 (Z+3)/10 2 18 2.8 29 2.30 4 30 1.20 How many workers will be hired at a wage of $7 to maximize the profit?
The graph below depicts the major employer in a small town. At what quantity of workers does the marginal benefit of hiring the next worker equal the marginal cost? Multiple Choice 20 workers 60 workers 40 workers 50 workers
One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rate
Consider the following table illustrating the hourly production of zidgets. Furthermore, suppose the wage rate is $15/hour; however, there are two firms, Firm A and Firm B, where Firm A has fixed cost of $10/hour and Firm B has fixed cost of $20/hour. L (workers) Q (units) 1 50 90 3 120 Firm B's total cost of producing Firm A's total cost of producing 90 zidgets is 90 zidgets. O greater than less than equal to not enough information
Problem 51: With the table below showing the firm's outputs given the labor inputs: Labor 1 2 3 4 5 7 Quantity Total Output 20 35 47 57 65 70 a. Identify the profit maximizing labor quantity if w = $16/hr. and P of Q = $2/unit b. Determine the same as letter (a) but the wage is higher at w = $20/hr. c. Determine the same as letter (a) but the P of Q is now $3.5/unit
Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm’s short run production function. Labor Output 0 0 1 15 2 40 3 70 4 86 5 94 6 98 In the table below, you will determine several points on the firm’s demand curve for labor. To do this, you must determine how many workers the firm should hire for different values of the wage rate in order to maximize profit. Complete the table below: Wage Rate Per Worker Quantity Demanded of Workers $30 $50 $70 $100 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Suppose a firm produces the following products. Calculate and fill in the missing values in the table below. (Round your answers to the nearest whole number.) Marginal product of Value of marginal Product Number of workers Price per unit labor product of labor A 10 170 $1,200 20 130 $12 25 130 $14 30 90 $1,200 In the above case, when the daily wage of the workers is $1400, then the firm will produce the products only after reducing the number of workers employed. The firm observes with the help of the that as additional labor is employed, the quantity produced for product A increases.