A firm produces at an output level where the marginal products of labor and capital are both 50 units. If the output produced can be sold at a price of $5, what is the value marginal product of labor? Select one: O a. $5 O b. $250 O c. Not enough information provided O d. $50
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- How can we measure the opportunity cost of leisure? The opportunity cost of leisure is O A. economic discrimination. B. the marginal product of labor. c. a compensating differential. O D. the wage rate. O E. pure rent. The substitution effect of a wage increase O A. causes a worker to supply a larger quantity of labor, and the income effect causes a worker to supply a smaller quantity of labor. B. causes a worker to supply a larger quantity of leisure, but the income effect causes a worker to supply a smaller quantity of leisure. C. causes a worker to supply the same quantity of labor, and the income effect causes a worker to supply a smaller quantity of leisure. D. causes a worker to supply a smaller quantity of labor, and the income effect causes a worker to supply a larger quantity of labor. Why is the supply curve of labor usually upward sloping? O A. As the wage increases, the opportunity cost of labor increases, causing individuals to devote more time to working. B. As the wage…Number Of Output Workers 1 50 110 300 4 450 590 665 700 8. 725 710 10 705 According to the above table, At what point does diminishing retums set in? O 4th labor 3rd labor O 1st labor O 2nd laborQUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A. The firm should hire less labor to pay minimum O B. The firm should use more capital to increase the labor productivit OC The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to wage pay minimum cost
- Which of the following events would cause a rightward shift in the demand for labour? O A. A decrease in the wage rate. O B. A decrease in the price of capital which causes the substitution effect to outweigh the scale effect for labour. O C. None of the listed options O D. A decrease in the demand for a product.10. the olowing graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. + APMP 100 80 60 MP AP 20 40 60 80 100 120 140 10 Labor What is AVC at its minimum? Multiple Choice O $80 when AP is maximzed O $15 . O$25 .O$40 120000 . O$100 2,000 Ave rage ard m arginal prodictof laborConsider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand forlabor?O a. Public taste shifts away from iPhones towards AndroidsO b. The price of capital falls and labor is easily substituted for capital.O c. The factory has trouble hiring competent workers (workers become less productive).O d. (b) and (a)O e. all of the above
- Adam operates a small shop specializing in party favors. He owns the build- ing andsupplies all of his own labor and money capital. Adam incurs no explict rental or wagecost. Before starting his own bussines Adam earned $1,000 per month by renting outthe store and earned $2,500 per month as a store manger for a lrge departmentstore chain. Because Adam use his own money capital, he also sacrificed $1,000 permonth interest earned on U.S government treasury bonds. Adam’s monthly revenuesfrom operating his shop are $10,000 and his total monthly expense for labor andsupplies amounted to $6,000. Calculate Adam’s monthly accounting and economic profitsGeneral Robotics uses only labour and capital as inputs. Suppose General Robotics' budget for production of gadgets decreased by 20%, causing the company to produce 20% less gadgets. What effect would this development have on this company's demand for labour? O A. 100% scale effect; demand for labour would increase. O B. 100% scale effect; demand for labour would decrease. O C. 100% substitution effect; demand for labour would decrease. O D. 100% substitution effect; demand for labour would increase.Job search is defined as O A. equivalent to job rationing. O B. attending school to increase your employability. OC. saying you are looking for a job when you are actually not looking. O D. the activity of looking for an acceptable, vacant job. O E. being paid an efficiency wage.
- 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.The demand for labor curve of nurses shifts rightward if the O A. supply of labor curve for nurses shifts rightward. O B. value of marginal product of nurses increases. OC. wage rate paid to nurses rises. O D. supply of labor curve for nurses shifts leftward. O E. wage rate paid to nurses falls.MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)