A technological advance that increases the marginal product of labor willO increase the supply for labor.O increase the demand for labor.decrease the supply for labor,decrease the demand for labor.DQuestion 2If the price that a perfect competitor received for his or her final product doubled, the firm's MRPschedule woulddouble at each price.stay about tie same.O rise.fall.

The marginal revenue product of a perfectly competitive firm is the product of the per-unit price…

A technological advance that increases the marginal product of labor will O increase the supply for labor. O increase the demand for labor. O decrease the supply for labor. O decrease the demand for labor. Question 2 If the price that a perfect competitor received for his or her final product doubled, the firm's MRP schedule would

A technological advance that increases the marginal product of labor will O increase the supply for labor. O increase the demand for labor. O decrease the supply for labor. O decrease the demand for labor. Question 2 If the price that a perfect competitor received for his or her final product doubled, the firm's MRP schedule would

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 3CQQ

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Similar questions

What determines the demand for labor for a firm operation in a perfectly competitive out market?
What is the marginal cost of labor?
suppose Fred produces 500 litres of milk every day with 10 workers. the price of milk is $12 per litre, and each worker is paid $550 daily. if th margin product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred incrase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.
A firm's demand for labor will increase if the O marginal product of labor decreases. O price of the firm's output increases. O wage rate rises. O price of the firm's output decreases.
Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…
Calculate the size of the workforce needed for the companyto meet average weekly demand.
Amanda owns a small bakery in the perfectly competitive pastry industry. She is considering whether to hire an additional pastry chef. The wage rate for pastry chefs is $1,000 per week; the marginal product of an additional pastry chef is 1,000 pastries per week; and the unit price of pastries is $1.25. Amanda should: O hire the additional pastry chef. not hire the additional pastry chef. raise the price of the pastries. O Not enough information is given to answer the question.
56 48 40 32 24 16 0 - Total Cost is $ 2400 4800 7200 The graph shows the short-run cost curves for a firm in a perfectly competitive market. The firm's only variable input is labour and the wage rate is $36. If market price is $48: - profit-maximizing level of output is - Total Fixed Cost is $ - for the profit maximizing output the firm should hire - the firm's profit is $ If market price is $16: - profit-maximizing level of output is 9600 - the firm's profit is $ SMC ATC units of labour. AVC
In part 2, part b, you solved the question with supply of labor. We haven't seen that issue.we know - profit in the short run PQ-wLlong-term profit-PQ-wL-rK
can you please show the working out for the second part that starta with " How much labour and capital would they need to employ if the price oflabour per hour is £9 and the price of capital is £36 per hour? What isthe total cost of production?"
Explain factors affecting labour of supply
A. In the resource market, what is the impact on the demand for coal if the price of the substitute good, natural gas increases? B. The table below represents a perfectly competitive market, if the industry price is $18, calculate the marginal revenue product for the second and third workers. No of Employees 1 2 3 No of Washes 10.00 19.00 26.00 C. Explain why the Value of the Marginal Product Marginal Revenue Product for perfect competitors but these values are not equal for the monopolistic competitors. D. In a company, if the Marginal Revenue Product of the 8th worker hired is less than the MRC for that worker, should the firm hire the 9th worker? Explain E. Graph the resource market for passenger and freight train engineers. Show the change in the wage rate and quantity of workers hired if there is a very large number of engineers retiring and the demand for rail travel has increased in the last year. =