2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output (Units of output) Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) (Number of workers) 0 0 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show 00000

4. Graphing demand for labor and computing the optimal quantity A company operates in a perfectly competitive market, selling each unit of output for a price of $10 and paying the market wage of $130 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labor (MRPL) at each quantity of workers. Labor Output Marginal Product of Labor Marginal Revenue Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 15 1 15 14 2 29 12 3 41 10 4 51 6 5 57 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the…

The following table contains the relationship between a number of trainers working at a new gym and the number of client's they can train. These client's represent the output of trainers. Client's pay $40 per session. A. Find the marginal product of labor (mpl) and the value of the marginal product of labor (vmpl) for each additional trainer hired and record these numbers in columns in the table. B. Premier trainers earn $200 an hour. How many trainers will the gym hire?

38) In the short run, the marginal product of labor might increase initially as more workers are hired because A) the first workers hired get to use the best equipment. B) specialization allows a worker to focus on one task, thereby increasing her proficiency at that task. c the best workers are hired first and later hires are not as skillful. Dj beyond some point, a firm has hired too many workers.

Marginal revenue product of labor 56 48 $36 40 36 28 20 11 0 O 12 cake pops 36 cake pops $144 1 2 3 4 5 6 The Figure shows the marginal revenue product (also called the value of the marginal product) for Cora's Confections, a producer of hand-made cake pops. If Cora can sell her cake pops at $3 each, what is the marginal product of the 4th worker? 7 Marginal revenue product of labor Quantity of labor

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.

Consider a company operating in a competitive market. The company sells units of output and receives a price of $30 per unit, and pays a daily market wage of $285 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Value of the Marginal Product of Labor Labor Output Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) WAGE (Dollars per worker) 500 450 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) 400 Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate…

23) The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is A) 10 B) 12 D) 116 Answer: A Diff: 2 Topic: The Production Process Skill: Analytic C) 22

This table shows the number of cars the local car wash can wash in an hour depending on the number of workers employed. Number of workers 2 4 8 10 12 Total output (number of cars washed per hour) 10 26 40 50 58 62 Use this table to find the marginal product of labor for the following workers: marginal product of labor for the 2nd worker: 5 marginal product of labor for the 6th worker: marginal product of labor for the 12th worker: 5 4