Diamond is the office manager of a service company. Recently, she approved the request for new computers and office equipment for the entire office. If Diamond's company is like most service companies, she will probably see a big jump in the productivity figures reported for workers in her office. True or False True False

Refer to the table below. Diminishing marginal productivity begins when the:      A). third worker is hired.       B). fourth worker is hired.       C). fifth worker is hired.       D). sixth worker is hired.

A firm uses capital and labour to produce widgets. In the short-run capital is fixed, while labour is variable. The short-run production function is X=-L3 + 24L2 + 240L Where X is the number of widgets produced in per week, and Lis the number of workers employed. Each worker works a 40-hour week. The wage rate is $12 per hour. Calculate the range of values for Lover which the firm is in stage I, stage II and stage III what is the minimum product price at which the firm will operate in the short-run? The product price, over which the firm has no control, is such that the firm's maximum possible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers. How much is the firm's total fixed cost?

Why would automation impact the job market within the next few years?

If there are diminishing returns to labor, then as more workers are hired the total amount produced by all of the workers will decrease. True False

Lesson 8 - Costs Question 6

A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $180, 000 a year and nurses make $60,000 a year, the clinic Multiple Choice is making the correct hiring decision because doctors are more productive than nurses. is making the correct hiring decision because doctors are paid more than nurses. could serve more patients with the same payroll by hiring more doctors and fewer nurses. could serve more patients with the same payroll by hiring more nurses and fewer doctors.