The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels:output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the samerate of $6,000 to all workers.Total ProductNumber of light-saber(Number of light-sabers permakers01day)Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit.Marginal RevenueProduct(Thousands of Dollars)Marginal Product(Number of light-sabers)014232636444550654756AAAAAAAMarginal Profit(Thousands ofDollars)

Step 1: Find the marginal product.The marginal product is the quantity of ADDITIONAL product…

Answered: The following table shows different…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In the Cost Minimization Problem, the isoquant curve for an output level equal to the output quota? Illustrates the cost of labor and capital a firm pays to produce a level of output in excess of an output quota. Illustrates all combinations of labor and capital that a firm cannot afford. Illustrates all combinations of labor and capital that a firm can afford. O Illustrates all combinations of labor and capital that a firm can use to produce a level of output equal to the output quota.
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
Please don't switch the subject to Advanced Math. For some reason whenever the subject is switched to those two. I don't receive any help it is a bug. please help me thank you.
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…
Question 1: Consider the following production function that depends only on labor:Q = 81¹/2 1. Write a combination of input and output that are technically efficient. In other words, for what level of L and Q, is the technology efficient? 2. Write a combination of input and output that are technically inefficient. In other words, for what level of L and Q, is the technology inefficient? 3. Write a combination of input and output that are technically unattainable. In other words, for what level of I and Q, is the technology unattainable?
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Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations? 2 hours 3 hours 4 hours 5 hours
You own a coffee shop and use both labor and capital to make lattes. Currently, the marginal product of labor is 50 lattes a day while the marginal product of capital is 20 lattes a day. You pay your labor $100/day, and you rent your Nuova Simonelli Appia Life Black 2 espresso machine for $25 a day. The price of a latte is $5. Are you employing your inputs effectively? If not, what would you do to increase efficiency?
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:
WickCo makes decorative candles, and its production function is given as Q = K+ L, where K is the units of capital, and L is the units of labor used in the production process. a. In the diagram below, draw the isoquant for WickCo. for output level Q = 10. The diagram below is a 10x10 grid b. Suppose the wage rate is $50 per unit of labor and the rental rate of capital is $55 per unit. In the diagram given in part (a), show the cost minimizing input combination for Q = 10 and draw the associated isocost line. What is the total cost of production at the cost minimizing input combination?

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