Solve for and fill in the missing portions of the following table to derive the monopsonist's derive demand curve for labor and answer the following questions: Total Physical Marginal Physical Product Number of Marginal Revenue Price Workers Product Product 246 9,557.10 32.70 32.70 247 32.65 1 248 9,622.35 32.60 32.60 249 9,654.90 1 32.55 250 32.50 1 32.50 251 9,719.85 32.45 1 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 32.30 1 32.30 254 9,816.90 Question: What is the total physical product when the firm hires the 247th worker, and what is the margina revenue product from hiring the 247th worker?

Solve for and fill in the missing portions of the following table to derive the monopsonist's derive demand curve for labor and answer the following questions: Total Physical Marginal Physical Product Number of Marginal Revenue Price Workers Product Product 246 9,557.10 32.70 32.70 247 32.65 1 248 9,622.35 32.60 32.60 249 9,654.90 1 32.55 250 32.50 1 32.50 251 9,719.85 32.45 1 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 32.30 1 32.30 254 9,816.90 Question: What is the total physical product when the firm hires the 247th worker, and what is the margina revenue product from hiring the 247th worker?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section: Chapter Questions

Problem 12QP

See similar textbooks

Similar questions

Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .
Homework (CH 18) Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function: Labor (Number of workers) 0 OUTPUT (Grills) 400 320 280 240 Use the blue points (circle symbol) to plot the production function for Sizzler's on the following graph. (?) 200 1 160 80 ! 0 Q A N 1 0 2 3 4 5 @ 2 Output (Grills) 0 90 175 245 300 325 LABOR (Number of workers) W S X # 3 E D 4 C 4 $ R F % 5 V Production Function T -O- G 6 B Y & 7 H U 8 ( M 9 K O ) 0 L P
What happens to the labor supply curve of single mothers when TANF benefits are introduced?
1. Computing labor productivity and its relationship to the demandfor labor Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function: Labor (Number of workers) 0 OUTPUT (Grills) 400 360 320 280 Use the blue points (circle symbol) to plot the production function for Sizzler's on the following graph. 240 200 160 120 80 40 0 1 0 2 3 4 5 1 Output (Grills) 0 95 185 260 320 355 2 3 LABOR (Number of workers) 4 5 Production Function (?) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol).
The Studies Examining Gender Discrimination. 2. Give an overview of the studies examining gender discrimination.
Suppose male wages are determined by the earnings function WM = 25 + 0.40EM and female wages are determined by the earnings function WF = 15 + 0.20EF. If women have 10 years of experience and men have 20, what is the gender wage gap? How much can be attributed to human capital differences and how much is unexplained, and therefore attributed to discrimination? Show this scenario on a graph of both the male and female earnings functions
Why do economists say that discrimination is inerhently inefficent and therefore will not occur in general?
Q38 In the Canadian labour market, demand for labour can be impacted by elasticity of the product in which labour is an input. What will the elasticity of factor demand be if unit wages rise by 5 percent and the number of employed workers falls by 9 percent? Multiple Choice 1.67. 0.56 1.80 2.36 3.00
Q5 Those working for Amazon have been trying to form a union. Suppose that these workers are successful in forming a union and call themselves the Amazon Delivery Workers. Assume the union successfully negotiated a 14 percent wage increase and the result was that the quantity of labour demanded decreased by 10 percent. Given a fixed labour demand curve, we can conclude that Multiple Choice labour demand is inelastic. the coefficient of elasticity of labour demand is equal to 1. labour demand is elastic. the labour demand curve is upsloping. economies of scale has been achieved.
Derive the output elasticity of labour.
Give an example of how discrimination might persistin a competitive market.
Q50 Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named Sophie, at $11 per hour, the shop can provide 22 haircuts per eight-hour day. By hiring a second barber, Gregoire, at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MRP of the second barber, Gregoire, is Multiple Choice 20 haircuts. negative. $160. $220. 42 haircuts.