12. Determination of wage, from table, graph, and mathematically. The Upstart Company has the following production function. Number of Workers Number of Cases Produced 0 12345 0 10 19 26 31 34 If the company hires 4 workers, which of the following could be the real wage rate? A) 2 B) 5 C) 6 D) 8 Answer: B

1. Individual Problems 1-11 The owners of a small manufacturing concern have hired a vice president to run the company with the expectation that he will buy the company after five years. For the first $150,000 of profit, the vice president's compensation is a flat annual salary of $50,000 plus 50% of company profits. Beyond the first $150,000 in profits, the vice president's compensation is the salary he receives at $150,000 profit plus 20% of company profits in excess of $150,000. On the following graph, use the purple points (diamond symbols) to plot the vice president's salary as a function of annual profit, for the profits levels of $0, $50,000, $100,000, $150,000, $200,000, $250,000, and $300,000. MANAGER SALARY (Thousands of dollars) 250 725 200 175 110 125 100 Total VP Salary

Table 18-6 Marginal Product of Labor Value of Marginal Product of Labor Marginal Profit Labor Output Wage 300 500 600 650 300 200 $600 AA $200 $300 $300 $300 $300 1 $300 2 $100 3 100 BB 4 CC DD |-$200 11. Refer to Table 18-6. What is the value for the cell labeled BB? a. $100 b. $300 с. -$100 d. $200

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60) If another worker adds 9 units of output to a group of workers who had an average product of 7 units then the average product of labor a. will increase. b. will decrease. C. will remain the same. d. cannot be determined from the information given.