Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 17.3, Problem 3QQ
To determine
The demand for labor in a profit maximizing firm.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
a. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.
The marginal product of labor is
A) output that does not meet quality specifications.
B) total product divided by labor.
C) the change in total product divided by the increase in labor.
D)
a measure of labor.
What is a production function?
Response option group
It is the production technology
It is the relationship between inputs and the level of production
It is the average product
It is the marginal product
Chapter 17 Solutions
Microeconomics
Ch. 17.3 - Prob. 1QQCh. 17.3 - Prob. 2QQCh. 17.3 - Prob. 3QQCh. 17.3 - Prob. 4QQCh. 17.A - Prob. 1ADQCh. 17.A - Prob. 2ADQCh. 17.A - Prob. 3ADQCh. 17.A - Prob. 4ADQCh. 17.A - Prob. 1ARQCh. 17.A - Prob. 2ARQ
Ch. 17.A - Prob. 3ARQCh. 17.A - Prob. 4ARQCh. 17.A - Prob. 1APCh. 17.A - Prob. 2APCh. 17 - Prob. 1DQCh. 17 - Prob. 2DQCh. 17 - Prob. 3DQCh. 17 - Prob. 4DQCh. 17 - Prob. 5DQCh. 17 - Prob. 6DQCh. 17 - Prob. 7DQCh. 17 - Prob. 8DQCh. 17 - Prob. 9DQCh. 17 - Prob. 10DQCh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - Prob. 4PCh. 17 - Prob. 5P
Knowledge Booster
Similar questions
- Nimbus,Inc.,makes brooms and then sells door to door.Here is the relationship between the number of workers and Nimbus's output during a given day:a.Fill in the column of marginal products.What patterns do you see?How might you explain it?b.A workers costs $100 a day, and the firm has fixed cost of $200.Use this information to fill in the column for total cost.c.Fill in the column for average total cost.What pattern do you see?d.Now fill in the column for marginal cost.What pattern do you see?e.Compare the column for marginal product with the column for marginal cost.Explain the relationship.f.Compare the column foraverage total cost with the column for marginal cost.Explain the relationship.arrow_forwardIf the marginal product of labor is 40 units and the marginal product of capital is 200 units, while the price of labor is $50 per worker and the price of capital is $300 per unit of capital, what would the producer do? Group of answer choices The producer would use more labor and less capital. The producer would use the same amount of both capital and labor as before. The producer would use more capital and less labor. The producer would use less of both capital and labor. The producer would use more of both capital and labor.arrow_forwardIn the long run, a profit maximising firm produces any given level of output by choosing the production method that A Shows a flat total cost curve.B Produces that output at the lowest possible cost.C Maximises the marginal product of all factors.D Maximises the marginal product of labour.E Minimizes labour input.arrow_forward
- An isocost line identifies The least costly combination of inputs needed to produce a given level of output. The relative prices of inputs. E. The technological relationships among inputs. d. The rate at which one input can be substituted for another in the production processarrow_forwardPart c) and d) show full workarrow_forwardIf a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as wellarrow_forward
- Labor 12345678 2 3 8 Total Product 13 31 51 67 79 86 86 74 Average Product 13 15.5 17 16.75 15.8 14.33 12.29 9.25arrow_forwardIf we have information about workers’ marginal products, then total and average product can be found by dividing marginal costs by the number of workers. multiplying the average marginal product times the number of workers. summing the marginal values to find the total, and multiplying it times the number of workers to get the average. summing the marginal values to find the total, and dividing it by the number of workers to get the average.arrow_forwardWhat does diminishing marginal product imply? The marginal cost of an extra worker is unchanged. The marginal cost of an extra worker is less than the previous worker's marginal cost. The marginal product of an extra worker is less than the previous worker's marginal product. The marginal product of an extra worker is greater than the previous worker's marginal product.arrow_forward
- You own a small sandwich shop with two employees. They've asked you to consider hiring additional workers for the lunch shift, but you are concerned that doing so may cut into you're profits. Using the table below, calculate the marginal product, value of marginal product, and marginal profit of hiring additional workers. What action should you take (choose one) A. Hire two more employees B. Hit one more employee C. Fire one employee D. Do not hire anyonearrow_forwardRefer to the provided graph showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is total product maximized? Multiple Choice A B C Darrow_forwardAn isocost line is defined by a. Combinations of inputs required to earn a constant level of profit b. Combinations of inputs required to produce the same quantity of output c. Combinations of inputs required to incur constant cost d. Combinations of labour required to maintain a constant quantity of capitalarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education