Econ 101 W/ Stevenson Quantity of driving lessons Quantity Jameel runs a driver education school. The more driving instructors he hires, the more driving lessons he can sell. But because he owns a limited number of training automobiles, each additional driving instructor adds less to Jameel's output of driving lessons. The accompanying table shows Jameel's production function per day. Each driving lesson can be sold at $35 per hour. Determine Jameel's labor demand schedule (his demand schedule for driving instructors) for each of the following daily wage rates for driving instructors: $160, $180, $200, $220, $240, and $260. of labor 1 8 2 15 3 21 4 26 5 30 6. 33

Fill in the blanks: 80 60 ●A BD 60 80 120 Units of labor The firm is currently along isocost CE. If the price of capital is 30, then the price of labor is Units of capital

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18. This is a 3 part question.What is the relationship between the marginal product of labor and the value of the marginal product of labor?Does history suggest that most technological progress is labor-saving or labor-augmenting?A highly-paid research scientist works 12 hours a day, while a common laborer works only 5 hours a day. Offer a likely explanation, using the concept of opportunity cost.

Suppose that Tim runs his own lawn care service and that his firm is competitive in the lawn care industry. He has a fixed number of tools that can be used to maintain a yard, but he needs to determine the productivity gained from hiring various numbers of workers per week. Which of the following statements best represents the idea behind the marginal product of labor ( MPL )? When Tim hires more workers, he can mow more lawns per week, but at a decreasing rate. If Tim hires twice as many workers per week, he can mow twice as many lawns per week. If Tim buys one more lawn mower, he can mow 13 more lawns per week. If Tim hires an additional worker per week, he can mow 11 more lawns per week. The following graph portrays the weekly total product curve for lawn mowing given a fixed amount of capital and varying labor inputs. (Note: Each black point (plus symbol) represents a point on the total product curve.) 100 90 во 70 60 50 40 30 20 10 xxxx_ Total Product ° 0 1 2 4 5 7 8 10 LABOR…

Imagine you've been hired as the manager of a firm producing a certain product X. The following schedule shows the total production per week of product X Additionally, assume each unit of product X sells for $10 per unit, workers can be hired in a competitive labor market for $500 per week, and the rental price of a unit of capital is $R per week Capital (K) Quantity (Q) Labor (L) 0 5 0 1 5 40 2 5 105 3 5 170 4 5 245 5 5 325 6 5 410 7 5 500 8 5 595 9 5 695 10 5 760 11 5 810 12 5 855 13 5 890 14 5 915 15 5 930 a. How many workers should be hired? To answer this question, append to the above table three new columns similar to columns (3), (4) and (5) of Table 5-2 in your textbook. Explain your final answer!

The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers Kilogrammes of grain produced (thousands)

Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers).

Use the following information to answer the question below: Study Hours Grade O 1 3 17 124 124 124 4 10 11 12 13 14 15 16 18 19 20 O 25 42 57 69 79 96 103 109 114 118 121 123 124 124 124 124 The marginal product of the 7th hour of study is: Select one: O a. 88 O b. 9 O. 96 O d. 8

The following table shows how apple output changes as additional apple pickers are hired per day. Calculate marginal physical product, total revenue, and marginal revenue product. The price of apples is $4 per basket. Daily Apple Production Marginal Marginal Physical Revenue Number of Apple Product Total Product Pickers Output (baskets Revenue (dollars (pickers) (baskets) per picker) (dollars) per worker) 4. 2 10 3. 15 4 19 22 Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and the equilibrium wage is $40 per day, how many apple pickers will the firm hire? Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and the equilibrium wage is $40 per day, how many apple pickers will the firm hire? Multiple Choice 2 pickers 3 pickers 4 pickers 5 pickers