Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Question
Chapter 11, Problem 1SQ
To determine
The marginal revenue product of the 11th worker.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Labor(workers per day)
Total product (units per day)
Marginal product
Average product
0
0
0
0
1
2
2
2
2
8
3
12
4
15
5
16
1
In the above table, the marginal product is greatest when the
fourth worker is hired.
first worker is hired.
third worker is hired.
second worker is hired.
please don't copy from chegg otherwise I will give
you downvote I want you answer in detail.
I'm not satisfied with other answer.
if you are not sure do not answer.
Suppose there is a town with 800,000 people. 200,000 of these people work full-time while
240,000 work part-time. 180,000 of these part-time workers want to work more hours, but
are not permitted to do so by their respective employers. Another 85,000 individuals in this
town are under the age of 16. 275,000 other individuals are currently not working. 215,000
of these individuals are actively seeking work, while 60,000 individuals have given up
looking for a job. Of the 215,000 who are actively seeking work, 150,000 lost their jobs due
to the effects on business losing demand due to COVID-19. 30,000 of the 215,000 lost their
jobs due to technological advancements, and the remaining 35,000 are not working due to
normal turnover in the labor force.
Solve for the labor force in this community.
Solve for the number of people…
A company has the following production relationships:
Number of Workers
Output
11
18
26
33
4
The marginal product of the fourth worker is
units.
If the marginal product of the third worker were 7 units, and the price of the output is $10, the third
worker's marginal revenue product is $
If the marginal product of the third worker were 7 units, and the price of the output is $10, then the
maximum amount the company would be willing to pay the third worker if he or she were hired is $
Suppose initially the marginal product of the third worker were 7 units and the price of the output is
$10. Then the output market improves dramatically and the output price doubles to $20. The new
maximum amount the company would be willing to pay the third worker is $
Suppose initially the marginal product of the third worker were 7 units and the price of the output is
$10. Then a new technology makes each worker more productive and marginal product doubles. The
new maximum amount the company would be…
Chapter 11 Solutions
Micro Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
Knowledge Booster
Similar questions
- A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $2 and the value of marginal product of workers in the coffee shop is $8 an hour. If the price of a cup of coffee rises from $2 to $3, the value of marginal product of the last worker hired before the price change and the number of workers hired de in % 5 A. increases; decreases B. decreases; increases C. decreases; decreases D. does not change; does not change E. increases; increases C 6 M & 7 8 O 1 9 0 Next TIP tact U =arrow_forwardUnits of Labor 0 1 2 3 4 5 Quantity of Output 0 10 25 32 38 43 Product Price $17 $16 $15 $14 $13 $12 Marginal Revenue Product (A) (B) (C) (D) (E) 2 Use the table above. Assume all figures in the table pertaining to labor productivity are per-hour. 1. If the wage is $25 per hour, this firm should hire [Select] 2. If the wage is $50 per hour, this firm should hire [Select]arrow_forwardTrue or False 22. The incidence of a payroll tax is borne by both employers and employees. 23. MRP represents what the marginal physical product is worth. 29. If the MRP of labor is below the wage rate, the firm should lay off workers. 33. In comparison to the U.S., Germany has a relatively low percentage of union membership. ----arrow_forward
- Question 11 Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total Labor Units Total Product Marginal Product of Price per (employees) (T-shirts per day) Labor (per day) T-shirt 20 20 55 50 30 3 75 25 95 20 110 15 5n Refer to Table 10.1. The marginal revenue product of the fourth worker is $5. $20. O $100. $475.arrow_forward#ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.arrow_forwardYour enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?arrow_forward
- Answer the next question based on the information given in the following table. Total Workers Revenue $900 1,600 2,100 2,400 2,500 4. What is the marginal revenue product of the third worker? Multiple Choice $500 $700 $300 $2100arrow_forwardLabor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired ? 4. What is the total fixed cost per day if 12 workers are hired?arrow_forwardQuestion 11 Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total Product Marginal Prođuct of Price per Labor (per day) Total Labor Units (employees) (T-shirts per day) T-shirt 20 20 55 50 30 75 25 5. 95 20 110 15 Refer to Table 10.1. The marginal revenue product of the fourth worker is $5. $20. $100. $475.arrow_forward
- labor Q per day MPP MRP 0 0 ---- ---- 1 40 2 68 3 89 4 108 5 123 A) calculate table. The price of the product price is $6. B) Refer to table above. If the wage is $120 per day, this firm should hire __ and produce ____ per day.arrow_forwardQ51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice 3 2 4 1 7.arrow_forward1. Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00. Number of workers Coffee (cups/hour) 0 0 1 25 2 45 3 60 4 70 5 75 The marginal product of the third worker is ________ than the marginal product of the second worker, implying that ________. greater; diminishing returns are absent less; diminishing returns are present neither greater nor less; the third worker will be hired less; the third worker will never be hired Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
