Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year. Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost?

If the marginal revenue earned by a firm due to an additional unit of worker is less than the marginal cost of hiring him, _____. a.the firm should not hire the worker b.the firm should hire the worker c.the firm should not operate in the long run d.the firm should not differentiate its products

If the marginal product of labor increases because of a technological advancement, it will likely cause a fall in the number of workers employed. an increase in the price of output produced by labor. a fall in the wage paid to labor. an increase in demand for labor. an increase in the supply of labor.

Ford Motors 2010-2019 Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of both, but most companies will rely more heavily on one or the other.

A firm in a competitive market should hire workers up to the point where the value of the marginal product of labor = a. the wage b. total revenue c. total cost d. total profit

Noel's sandwich shop incurs these costs while in business: $6,000 in wages, $2000 on leasing equipment; $3,000 on leasing the building; $2,000 on food, and $1,000 on utilities. All of these costs, with the exception of leasing costs on equipment and the building, can vary, depending on how many sandwiches Noel sells. What is the sunk cost for this sandwich shop?

Solve the following Workers Output Marginal product Total costs ATC MC 0 0         1 20         2 50         3 90         4 120         5 140         6 150         7 155         Fill in the column of marginal products. What pattern do you see? How might you explain it? A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What pattern do you see? Now fill in the column for marginal cost. (Recall that MC = ∆TC/∆Q.) What pattern do you see? Compare the column for marginal product and the column for marginal cost. Explain the relationship. Compare the column for average total cost and the column for marginal cost. Explain the relationship.

How will automation affect the unskilled labor,

*Average Variable Cost The table shows the cost structure of a firm producing computer mainframes. Calculate the missing values A through H and enter these into the boxes provided. A: 20000 B: 20000 C: 277.78 D: E: F: G: Н:

If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?