EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Question
Chapter 14, Problem 4SP
(a)
To determine
Identify Person J’s
(b)
To determine
Identify the changes in Person J’s labor demand when the market price of the guitar lessons increased to $35 per hour.
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Students have asked these similar questions
Tim works 51 hours per week, and his wage is $20 per hour. If his wage increases to $40 per hour, and his labor supply curve is downward-sloping, this means:
Suppose that Tim runs his own lawn care service and that his firm is competitive in the lawn care
industry. He has a fixed number of tools that can be used to maintain a yard, but he needs to
determine the productivity gained from hiring various numbers of workers per week.
Which of the following statements best represents the idea behind the marginal product of labor (
MPL )?
When Tim hires more workers, he can mow more lawns per week, but at a decreasing
rate.
If Tim hires twice as many workers per week, he can mow twice as many lawns per
week.
If Tim buys one more lawn mower, he can mow 13 more lawns per week.
If Tim hires an additional worker per week, he can mow 11 more lawns per week.
The following graph portrays the weekly total product curve for lawn mowing given a fixed amount
of capital and varying labor inputs. (Note: Each black point (plus symbol) represents a point on
the total product curve.)
100
90
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70
60
50
40
30
20
10
xxxx_
Total Product
°
0
1
2
4
5
7
8
10
LABOR…
1. Suppose a short-run production function is described as Q40L 0.04L2 where L is the number of
labors used each hour.
Chapter 14 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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