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- Which of the following is a method used by unions to increase the demand for their members' labor? O A. Decrease the marginal product of union members. O B. Oppose minimum wage laws. OC. Oppose immigration restrictions. O D. Support import restrictions. O E. Increase imported goods and servicesManual tasks are now replaced by automation where technologies are used to produce and deliver goods and services with minimal human intervention. What is the effect of automation for a company? O a. Survival O b. Increase efficiency O c. Increase workload O d. Redundant task.A firm uses both labor and machines in production. Explain why an increase in the average wage rate causes both a movement along the demand curve and a shift of the demand curve. An increase in the average wage causes a movement O A. up the labor demand curve because the wage becomes greater than the marginal cost of labor. O B. down the labor demand curve because the wage becomes greater than the marginal revenue product of labor. O C. up the labor demand curve because the marginal cost of labor becomes greater than the marginal revenue from an additional unit of output. O D. up the labor demand curve because the marginal cost of labor becomes greater than the marginal revenue product of labor. O E. down the labor demand curve because the marginal cost of labor becomes greater than the marginal product of labor.
- In economics, how long is the long run? O 5 years or more More than 12 months O 24 months or longer Whatever time it takes a firm to vary all inruts.During the recent auto sales slump, GM, Ford, and Chrysler decided it was cheaper tosell cars to rental companies at a loss than to lay off workers. That’s because closingand reopening plants is expensive, partly because the auto makers’ current unioncontracts obligate them to pay many workers even if they’re not working.When the article discusses selling cars “at a loss,” is it referring to accounting profit oreconomic profit? How will the two differ in this case? Explain briefly.Why is the scientific revolution an insufficient explanation for the Industrial Revolution? The scientific revolution was stopped by religious fanatics. Scientific discovery is unrelated to economic progress. The early advances of the Industrial Revolution were not reliant on scientific breakthroughs. The scientific revolution, while a step forward, still got most things wrong.
- Cost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC OutputConsider 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…Bob Mills Inc. markets office furniture but does not manufacture it. The company orders the furniture from the manufacturer only when a customer makes a purchase. The manufacturer delivers it directly to the customer. Bringing together materials when they are needed is called production. O A. ISO 9000 B. ISO 14000 OC. just-in-time O D. supply chain management O E. total quality management
- 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?"Question 1 The table below gives the number of workers and their possible daily output for a company. The wage is $150 per day. What is the marginal product of the 30th worker and the marginal cost of that worker's output? Workers 10 20 30 Total Product 2500 5300 8400 O a. Marginal Product is 8400 and Marginal Cost is $56.00 O b. Marginal Product 103.3 is and Marginal Cost is $1550 O c. Marginal Product is 310 and Marginal Cost is $0.483 Od. Marginal Product 5900 is and Marginal Cost is $4500 1 pointsIn 2018, General Motors (GM) announced that it would reduce employment by 14,000 workers. a. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? O The MRC of those 14,000 workers was negative. O The MRC of those 14,000 workers was less than the MRP. O The MRP of those 14,000 workers was negative. O The MRC of those 14,000 workers was greater than the MRP. b. Why didn't GM reduce employment by more than 14,000 workers or by fewer than 14,000 workers? O The company wanted to set the labor level where MRC equaled MRP to maximize profits. The company wanted to set the labor level where MRC equaled MRP to maximize revenue. O This was what the board of directors voted to do. O It lowered GM's cost enough to make some profit.
