Consider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $330 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. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 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 the wage rate. (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 value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.   DemandMarket Wage Rate01234540036032028024020016012080400WAGE (Dollars per worker)LABOR (Number of workers)   The profit-maximizing quantity of labor at the market wage is    .

Suppose Kara maximizes her profits by hiring workers to produce hand-made soaps. Her soaps sell for $1 each. How should Kara decide on how many workers she should hire? a.Hire workers up to the point when the price of her soaps starts to fall from $1 b.Hire workers up to the point when the total product of all her workers is at its maximum c.Hire up to the point when the wage rate equals to the value of the marginal product of the last worker hired d.Hire up to the point when the marginal product of the last worker hired is equal to zero

A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (Pounds) 0 0 1 10 2 19 3 25 4 27 5 28   Complete the following table with the marginal product of each hour spent fishing. Hours Quantity of Fish Marginal Product (Pounds) (Pounds) 0 0   10 1 10 9 2 19 6 3 25 2 4 27 1 5 28

The table below tracks the total product that results from each level of labor. Units of Labor (L) Total Product (TP) Average Product (APL) Marginal Product (MPL) 1 3 2 10 3 24 4 36 40 6. 42 7 42 40 Required: 1- Calculate average product of labor (APL) and marginal product of labor (MPL) 2- Draw only Average product of labor (APL) and marginal product (MPL) curves

29) How many units of labor will the AquaPlant hire based on the figures from the table? 30) What is the economic concept associated with the decline in MPL as the number of labor units increase?

Question 1.34: Marginal product of labor Country Z has perfectly competitive markets in which labor and all goods clear. A firm produces bread using raw material (flour), workers (bakers), and capital (ovens). A worker produces 29 loaves of bread each hour. Each loaf of bread sells for 3.47. ● ● The firm uses flour costing 1.53 for each loaf of bread. No bread remains unsold each day, and consumers can buy all the bread they want. The price level is 1.39. The nominal wage rate is 56.62 an hour. ● Firms earn an accounting profit of 2.20 on each loaf of bread. What is the marginal product of labor (in real terms) for bakers? A. 40.73 an hour B. 45.90 an hour C. 63.80 an hour D. 72.40 an hour E. 100.63 an hour Question 1.35: Real interest rate Which of the following causes the current real interest rate to decrease? A. A permanent decrease in government spending B. A temporary decrease in government spending C. Central bank purchases of bonds in the open market D. Central bank sales of…

In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $2. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Marginal Resource Units of Total Labor Marginal Product Wage Rate Total Product Revenue Labor Cost Product (Labor) Cost 10 200 $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ %3D Equilibrium level of employment workers

The table below shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the firm can sell output in a perfectly competitive market. Labor Marginal Product of Labor Price of the Product Value of the Marginal Product 1 7 $3 6 $3 3 $3 4 4 $3 3 $3 a) Complete the table finding the Value of the Marginal Product (show your work!). b) If the wage rate is $15, what is the firm's profit maximizing level of employment? JUSTIFY your answer! 2.

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…

In the short run, the owner of a firm should continue to hire additional units of labor until: a. the price of the product is equal to the wage rate divided by the marginal product of labor. b. the wage rate is equal to the price of the product multiplied by the marginal product of labor. c. the marginal product of labor is equal to the wage rate divided by the product price. d. Both a and c are correct. e. All of the above are correct.