Your enterprising uncle opens a sandwich shop that employs 6 people. The employees are paid $12 per hour, and a sandwich sells for $4. If your unde is maximizing his profit, the value of the marginal product of the last worker he hired is 5 sandwiches per hour. and that worker's marginal product is

define commodity fetishism and its relation to labor. Then, pick a popular commodity and describe how it is fetishized today. If possible include a web link to an advertisement for this product.

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

Michael Scott owns a bakery and is considering hiring two more workers, Pam and Jim. Suppose that the market wage for another worker is $90 per day. Pam would generate a daily marginal product of 5 cakes, while Jim would generate a marginal product of 4 cakes. If cakes sell for $40 each and the ingredients for each cake cost $20, what should Michael Scott do? Group of answer choices Not hire either worker Only hire Jim Hire both Pam and Jim Only hire Pam

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

Taco King produces tacos. The market for tacos is perfectly competitive, and the price is $2.00 a taco. The labor market is competitive, and the wage rate is $16.00 a day. The table shows part of the workers' total product schedule. If the price rises to $4.00 a taco, how many workers will Taco King hire? de in 5 % Taco King will hire 6 9 workers. M & 7 ||| 8 O Workers 2 3 4 5 6 # Tacos per day 20 32 42 50 54 Next mpt tact Us M

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.

Lorna’s Lumberyard is a monopsony. Lorna estimates that at a wage of $10, 100 workers would be willing to work for her. Similarly, at a wage of $12, 200 workers would be willing to work. Her marginal factor cost is: a. $10. b. $14. c. $120. d. $140. e. $240.

Taco King produces tacos The market for tacos is perfectly competitive, and the price is $3.50 a taco. The labor market is competitive, and the wage rate is $105.00 a day The table shows part of the workers total product schedule Calculate the marginal product of hiring the third worker and the value of the marginal product of the third worker The marginal product of hiring the third worker is tacos a day The value of the marginal product of the third worker is Saday 1 C Workers 2 3 4 5 6 Tacos per day 44 80 110 134 146