Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 11, Problem 1SQ
To determine
The marginal revenue product of the 11th worker.
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A company has the following production relationships:
Number of Workers
Output
11
18
26
33
4
The marginal product of the fourth worker is
units.
If the marginal product of the third worker were 7 units, and the price of the output is $10, the third
worker's marginal revenue product is $
If the marginal product of the third worker were 7 units, and the price of the output is $10, then the
maximum amount the company would be willing to pay the third worker if he or she were hired is $
Suppose initially the marginal product of the third worker were 7 units and the price of the output is
$10. Then the output market improves dramatically and the output price doubles to $20. The new
maximum amount the company would be willing to pay the third worker is $
Suppose initially the marginal product of the third worker were 7 units and the price of the output is
$10. Then a new technology makes each worker more productive and marginal product doubles. The
new maximum amount the company would be…
Labor(workers per day)
Total product (units per day)
Marginal product
Average product
0
0
0
0
1
2
2
2
2
8
3
12
4
15
5
16
1
In the above table, the marginal product is greatest when the
fourth worker is hired.
first worker is hired.
third worker is hired.
second worker is hired.
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Suppose there is a town with 800,000 people. 200,000 of these people work full-time while
240,000 work part-time. 180,000 of these part-time workers want to work more hours, but
are not permitted to do so by their respective employers. Another 85,000 individuals in this
town are under the age of 16. 275,000 other individuals are currently not working. 215,000
of these individuals are actively seeking work, while 60,000 individuals have given up
looking for a job. Of the 215,000 who are actively seeking work, 150,000 lost their jobs due
to the effects on business losing demand due to COVID-19. 30,000 of the 215,000 lost their
jobs due to technological advancements, and the remaining 35,000 are not working due to
normal turnover in the labor force.
Solve for the labor force in this community.
Solve for the number of people…
Chapter 11 Solutions
Micro Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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