How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8? Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384

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As a firm hires more workers, holding capital and other factors constant, the marginal physical product of labor(MPPL) declines because a) the amount of other inputs each worker has to work with declines as the number of workers increases. b) less efficient workers are hired as the number of workers increase. c) there are diseconomies of scale. d) workers don't perform well in teams.

True or false The marginal revenue product of labor is the extra revenue associated with the last unit of output.

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A small consulting firm is only interested in hiring graduates (denoted by S), but it does not know how many it should hire in order to be profit maximizing. Assume there is a competitive wage of $20 per hour and the production function is F(S)= 100S – (1/8)S2 . Hiring additional workers will increase production F(S) over relevant ranges of S. But is the 51st S more valuable than the 50th S in terms of her additions to overall production? What quantity of graduates should this firm hire and why does it stop hiring at this level of S? How does your answer change if the production function is F(S)= 200S –(1/8)S2 and the wage increases to $22?

A firm is thinking of hiring an additional worker to their organization who can increase total productivity by 100 units a week. The cost of hiring him is $1,500 per week. If the price of each unit is $12, which of the following is correct? Group of answer choices the MR of hiring the worker is $1,500. The MC of hiring the worker is $1,200. The worker should be hired at that wage because the marginal benefit exceeds the marginal cost. All of the above are correct. None of the above is correct.

a) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). product

The marginal product of labor  is the   Question 6 options:   a)  increase in total cost associated with a one unit increase in production    b)  change in total output associated with a $1.00 increase in total cost    c)  increase in total cost resulting from the hiring of an additional  worker    d)  increase in total output as a result of hiring an additional worker

XYZ Services uses four(4) word processors and two(2) two typewriters to produce reports.The marginal product of a typewriter is 50 pages per day and the marginal product of aword processor is 500 pages per day.The rental price of a typewriter is GHS1 per day,whereas the rental price of a word processor is GHS 50 per day.Is Temporary services utilizing typewriters and word processors in a cost-minimizing manner?Explain.