If the market value of the output of the last worker hired by a firm (VMPL) is higher than the wage paid to the worker, what should the firm do? a.Hire more workers b.Keep the same number of workers c.Lay off workers d.Change its production methods

Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p.  Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell?

Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?

Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend Murphy. Murphy can paint five houses per week. What is the maximum total output possible if Eldin hires Murphy?

Answer questions A-E. Show all work. See attached image.

What steps are taken when the supply of employees is predicted to be greater than demand?

Explain efficiency wage theory    Only typed solution

For each of the following determine the impact on the demand or the supply of labor and effect on the equilibrium wage and quantity of labor employed.   The marginal productivity of workers rises. The government has just adopted an open-door immigration policy People desire leisure more than ever before

Which of the following explains the slope of the demand curve for labor?a. the marginal productivity theoryb. the law of diminishing marginal productc. the practice of featherbeddingd. the result of monopsony

How does an increase in the minimum wage impact small businesses in terms of employment rates and operational costs?