If MPL=.5 and the wage rate is 20 when 5 units of output re being produced, what is the marginal cost?

Marginal Product of Labor (MPL) refers to the additional output produced by an additional unit of…

Answered: If MPL=.5 and the wage rate is 20 when…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose the supply of soccer players is give by the the equation Ls=W/10 and the valu of the marginal product is given by VMPL=100,000 - 100LD. Question 1 Compute the equilibrium number of players hired in a competitive labor market. Round to the nearest whole number. Question 2 Compute the equilibrium the wage paid to each player in a competitive labor market. Round to the nearest dollar.
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MC ATC 15 E. 10 5 2 D- AR DMR 50 70 100 Output Now suppose the industry' is made up of many small, price-taking firms (with the same technology). What are the equilibrium price and level of output in this case? Answer: Identify and explain minimum efficient scale in the above graph. Answer: Price
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A competitive firm is selling a oroduct on Rs 30 . Is it possible that he sells the product on Rs 35 ? Explain this point with the help of diagram ?
Please help with the following.
M d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case iS 24 hours x 7 days - 40 hours 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: Your total number of hours will fall by 25%. O a. O b. Your total number of hours will fall by 50%. You will work 25 hours per week. C. O d. Your free time will increase by 25%. 因口五 0 ASUS ZenBook
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suppose Fred produces 500 litres of milk every day with 10 workers. the price of milk is $12 per litre, and each worker is paid $550 daily. if th margin product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred incrase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.
The idea of "economic rent" can be applied to resources other than land. What is economic rent? O The additional "pay" the owner of a resource can earn greater than its "supply price." It's when supply is greater than demand. |0|0|0 O It applies to apartment rent in large cities where rents are outrageous. OIt refers to ridiculously high taxes on entrepreneurs.
Consider a small business that makes pastries. The business has rented a building to be used as its factory and shop floor. The rent of the building is $2,000 per week. The rest of the firm's weekly costs are as follows: ●Income lost from alternative employment - $2,000 ●Explicit variable costs - $1,500 ●Implicit variable costs - $ 500 i. If the firm sells 1,000 pastries per week, at $6 per pastry, calculate the firm's weekly ●Accounting profit, and ●Economic profit ii. Based on your answer to part b. i. above, should the firm continue to operate? Why or why not? iii. Assume that the firm continues at the current output level of 1,000 pastries per week while the prices start to fall. The firm should consider 'shut-down' if the price falls below what dollar value? Explain using relevant calculations and concepts
From Table 6.4, (a) find the AP and the MP of labor. Labor 0 1 2 3 4 5 6 7 8 9TP 0 2 5 9 12 14 15 15 14 12

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