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- Calculate MPP and MRP in table below. The price of the product price is $6. Must show work. Labor Q per day MPP MRP 1 40 68 3 89 4 108 123The marginal revenue product represents the worker's contribution to the firm's total revenues. the value of each additional unit of output. the worker's contribution to the firm's output. the marginal physical product of labor divided by the price of the good produced.In a competitive labor market, an increase in theminimum wage results in a(n) _________ in thequantity of labor supplied and a(n) _________ in thequantity of labor demanded.a. increase; increaseb. increase; decreasec. decrease; increased. decrease; decrease
- It is profitable to hire labor so long as the: MP is greater than wage b. MP is less than wage C. VMPL is less than wage d. VMPL is greater than wage. miA new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $2 and the value of marginal product of workers in the coffee shop is $8 an hour. If the price of a cup of coffee rises from $2 to $3, the value of marginal product of the last worker hired before the price change and the number of workers hired de in % 5 A. increases; decreases B. decreases; increases C. decreases; decreases D. does not change; does not change E. increases; increases C 6 M & 7 8 O 1 9 0 Next TIP tact U =1. The marginal product of labor for a firm is defined by the following equation: MPN = A(100- N)" a. If the price of this firm's output is $2.00 and productivity is 1.0, what will be the firm's demand for labor if the nominal wage is $10. If the wage is $20? b. Repeat part a after doubling productivity.
- Find the marginal products of capital and labour (MPK and MPL).Work and Utility. Explain the concept of the "net utility of work." How is it useful in developing the labor supply curve?If the marginal product of labor is less than the nominal wage divided by the price of output, a firm that wishes to maximize profits will raise the real wage. hire more labor. maintain its current level of workers. Olay off workers.
- Decent Donuts Total product dozens of donuts per) Labor (workers) (day 0. 12 26 2 44 3. 64 4 86 110 122 125 8. 127 9. 128 10 Using the table above, for which of the following levels of employment does the average product of labor ?exceed the marginal product of labor at Decent Donuts اختر أحد الخيارات a. neither of the above b. both of the above c. ten workers O d. seven workers OAndy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.The adjacent graph shows the initial labor supply curve (LS₁), initial labor demand curve (LD₁), and the initial labor market equilibrium in an economy. Suppose the economy now suffers from a recession. Using the line drawing tool, show: • the short run impact of this shock on the economy with multipliers and label the labor demand curve LDM- • the medium run partial recovery in the economy due to market forces and label the labor demand curve LDPR . • the medium run full recovery in the economy due to inflation and label the labor demand curve LDFR (Assume the full employment level is reached.) Carefully follow the instructions above and only draw the required objects. The post-recession wage is the pre-recession wage.
