In the demand for labor for a firm was expressed as L = N x average hours per employee per day. Assume a firm has 50 employees that average 6 hours per day for 300 man-hours per day. A minimum wage is passed and reduces demand to 240 man-hours per day. Answer the following questions.   a. How many layoffs are required if average hours per employee are not reduced? Explain.   b. If no layoffs are made, what would the average hours per employee be set to? Explain.

Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers. 0 1 2 3 4 5 6 Units of Output 0 38 85 150 220 320 380 The marginal product of the fourth worker is

Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital   1    30         1    50   2    25         2     40   3    20         3     35   4    15         4     15   5    10         5      5 What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $5 and the price of capital is $10?  A-1 unit of labor; 3 units of capital.  B-2 units of labor; 2 units of capital C-3 units of labor; 2 units of capital.   D-4 units of labor; 4 units of capital E-5 units of labor; 1 unit of capital

Use the following information to answer the following questions: Mickey L. Douglas, owner of MLD Incorporated, knows that the marginal product of labor (MPL) for his workers can be defined as follows: MPL = 32 - L The total output a given level of workers can produce is found as: Q=32L-1/2 L² He also knows that the price of his output is $3. His profits can be found as: Profit=(PxQ)-(W x L) What wage would be required to allow Mickey to hire the twenty-fifth worker? O $21 O $7 O $125 O $3 $25

Describe the construction of the firm’s demand curve for labour in the short run.Describe the relationship between the firm's demand curve for labour in the short-run andthe market demand curve for labour in the short-run. In particular, is one curve likely to bemore or less elastic than the other? Explain your answer.

Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = M.5 B.5 and wants to produce 10 barrels of pale ale this week. If the wage of managers is $50 per hour and the wage of brewing assistants is $10 per hour, how many managers and brewing assistants should the firm hire (round to nearest whole number)? How does your answer change when the wage of managers decreases to $30 per hour and the wage of brewing assistants remains constant. Is this result consistent with your intuition?

Describe the construction of the firm’s demand curve for labour in the short run. Describe the relationship between the firm's demand curve for labour in the short-run and the market demand curve for labour in the short-run. In particular, is one curve likely to be more or less elastic than the other?     Can you please specify why the curve is more elastic than the other.   And include diagram

Profit maximization Suppose that the market wage for blueberry pickers is $80 per worker per day, and the price of blueberries is $15 per pound. On the following graph, use the blue points (circle symbol) to plot Blewitt's labor demand curve when the output price is $15 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1 , the value of the marginal product of for the first worker should be plotted with a horizontal coordinate of 0.5 , the value halfway between 0 and 1 . Line segments will automatically connect the points. At the given wage and price level, Blewitt's should hire At the given wage and price level, Blewitt's should hire Suppose that the price of blueberries increases to $18 per pound, but the wage rate remains at $80. On the previous graph, use the purple points (diamond symbol) to plot Blewitt's labor demand curve when the output price is $18 per pound. Now Blewitt's…

Consider a perfectly competitive firm that uses labor as an input. The firm faces a market price of $10 for each unit of its output. The total product, and the marginal product of labor that the firm receives from hiring 1 to 5 workers are reported in the table below. What is the value of the marginal product of labor (VMP) for the first worker? Value of the Marginal Product of Labor Labor input (# workers) Total product (# goods) Marginal Product of Labor (MPL) 1 17 18 13 |22 4 25 3 26 Provide your answer below:

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