If total product is maximum, hiring and additional worker will

If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal revenue product.

One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rate

The next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12 80 14 86 Marginal Product when the number of workers increases from 2 to 4 workers is Marginal Product is maximized when the firm hires workers. Average Product is maximized when the firm hires workers. units.

A worker's labor supply depends on, among other things, his ability, his preference for the task, and the opportunity cost of his time. True False

The fast food company Schnabb uses labor and capital to produce its product. Holding the production fixed, what is the effect of a lower price of capital on the ratio between the number of workers and the amount of capital used? Explain using isocosts and an isoquant.

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Suppose the firm only produces good X and that the price of good Y, a substitutegood, decreases. What will happen to the optimal quantity of labor the firm willhire? Explain.

Barb's Bakery employs three workers who produce 6 cakes per hour. After Barb hires a fourth worker, production increases to 12 cake per hour. Which of the following statements is TRUE? a. b. C. d. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is less than the average product of three workers, the average product must fall Because the marginal product of the fourth worker is less than the average product of three workers, the average product must rise. Because the marginal product of the fourth worker is greater than the average product of three workers, the average product must fall.