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- What is technical rate of substitution? Show it graphically.Tim works 51 hours per week, and his wage is $20 per hour. If his wage increases to $40 per hour, and his labor supply curve is downward-sloping, this means:Each extra worker produces an extra unit of output up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves in a grap
- Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}.If he uses 1 kg of wool and 3 hours of labour, he can produce 1 t-shirt.1. Draw isoquants for q = 1 and q = 2 on a diagram with labour on the horizontal axis and wool on the vertical. 2. The pice of wage per hour is given by w=$10 and the price of each kg of wool is given by r=$4. What is the optimal bundle of that he can produce in order to minimise costs? Draw the isocost lines.Suppose that John could work 365 days per year and could earn $200 per day for each day he worked. Draw his budget lines with respect to his labor-leisure choice.If the marginal product of labor is 25 and the marginal product of capital 10, what is the marginal rate of technical substitution of labor for capital?
- The production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker. # of Workers 7 8 9 10 Hot Dogs Produced 83 97 110 107Please calculate the marginal product of labor at the steady stateFill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 1 70 2 120 3 160 4 190 200
- When a firm hired it tenth worker, its factory output increase by four units per month. Would you expect the firm's output to increase by eight more units per month if the firm hired two more workers? ExplainCapital 9 Isorevenue lines O Isocost lines Labor B What does the graph above indicate? Choose all that apply The least cost combination of inputs 100 units of output An Isoquant The least cost combination of outputs 8°The production function expressed in the table below represents the amount of hot dogs Hot Dog on a Stick makes during a lunch hour based on the number of workers. Calculate the marginal product of the 8th worker. 7 97 # of Workers 10 Hot Dogs Produced 83 110 107 Provide your answer below: hot dogs produced