160 210 240 4 6 Average product is at a maximum when Multiple Choice four worker(s) is/are hired. three worker(s) is/are hired. five worker(s) is/are hired. six worker(s) is/are hired.
Q: According to the earning equation developed by Mincer, which of the following items must have…
A: Years of schooling add skills and experience and provides knowledge for an individual which he/she…
Q: The backward bending individual labour supply curve indicates that: 1. the income effect dominates…
A: Definition: In economics, a decline in the labour supply curve, or a decline in the labour supply…
Q: If total product is maximum, hiring and additional worker will
A: Marginal productivity = change in total productivity/change in input
Q: What is meant by returns to factor? State 3 phrases of the law of variable proportion.
A: Factor: These are the resources used for producing goods and services.
Q: Consider the following model of labour supply. There is a representative worker with the following…
A:
Q: Q51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total…
A: Total product (TP): - total product is the total units of output produced using a certain level of…
Q: At a university faculty meeting, a proposal was made to increațe health care benefits for new…
A: The principle of indifference is a principle which states that if assets are mobile they will be…
Q: A worker is said to be unemployed if he/she Select an answer and submit. For keyboard navigation,…
A: Unemployment occurs when someone of working age is not able to get a job but would like to be in…
Q: one worker in southern Ontario worker can pick $30 worth of tomatoes two workers together can pick…
A: Detail solution given below,
Q: Discuss how workers who differ in their innate abilities sort themselves across piecerate and…
A: Under the time rate pay system, workers are given compensation according to the number of hours…
Q: Suppose that a sales force has found 20 qualified buyers and has begun the sales process. The sales…
A: Given information, Number of qualified buyers = 20 Sales manager estimate = 10% prospective buyers…
Q: If MPL = 4, the wage rate is 20 and the price at which the product is sold is 4 Group of answer…
A: Marginal product of labour is the change in output resulting from adding one unit of labour to the…
Q: A hair salon with one, two, three, or four employees can serve 20, 35, 47, or 56 customers,…
A: Marginal Product: In economics and in particular neoclassical economics the marginal product or…
Q: Clancy is a 46-year-old autoworker who was laid off from his job 6 months ago. He is frustrated with…
A: Unemployment is when a person who is able to work could not find a suitable job. According to the…
Q: If a society has 250 million people over the age of 16, 145 million who are working, and 5 million…
A: labor force is the summation of employed person and unemployed person. Unemployed person are those…
Q: Labor productivity In the U.S. In the periods 1973–1995 and 1995–2010 grew at average rates of…
A: The measure for the performance of the economy which compares the amount of goods and services being…
Q: "Schumacher agrees with Adam Smith's claim that a division of labor is beneficial to workers." True…
A: Division of labor is defined as the separation of a production process into a number of different…
Q: A jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the…
A: Labor refers to the amount of work exerted by the people to produce the final goods and services.…
Q: Discuss Factor Intensity In detail.
A: The Heckscher Ohlin theory of production and trade can be used to describe factor intensity, which…
Q: Suppose that a sales force has found 20 qualified buyers and has begun the sales process. The sales…
A: Given information, Number of qualified buyers = 20 Sales manager estimate = 10% prospective buyers…
Q: Esmeralda is content in her current job. She doesn’t look for a better job even though she could…
A: Psychological inertia, which refers to a lack of intervention in the current course of events,…
Q: Productivity refers to the quantity of goods and services that a worker can produce for each hour of…
A: Productivity is the ratio between the volume of output and the volume of inputs.It measures how…
Q: If the MFC L > MRP L, the firm should hire more labor. True False
A: The production of an extra unit of output by an extra unit of labor is called the marginal product…
Q: O Both types would be made worse off O Both types would be made better off O Qualified would be…
A: Here in an economy with competitive markets has 2 kinds of jobs, Routine & Skilled. There are 2…
Q: 4. Partnership S has the accompanying compensation scale for a worker. Base compensation rate…
A: Compensation refers to the monetary reward given to an employee in exchange for their services or…
Q: In a factory employing 3,000 persons, in a day 5 per cent work less than 3 hours, 580 work from 3:01…
A:
Q: What is the difference between a wage and a salary? A. A wage is generally a specific amount of…
A: Wage - a wage in general terms means the payment or reimbursement to a person in exchange of his…
Q: How can stages of production be used to determine the most profitable number of workers to hire
A: The firms, and businesses tend to work with the motive of earning higher amount of profits. The…
Q: Explain what you take to be the strongest argument in defense of an employee’s right to participate…
A:
Q: which of the following job characteristics could the hedonic wage function be applied? a. the…
A: *ANSWER :- * The OPTION E is the correct answer. * All of the above characteristics can be…
Q: What is the value of a worker's life if her compensating differential is $20,000 for a job that has…
A: In the mention question, we have been asked value of a worker's life.
Q: ings rate is equal to [ Select ] re: er worker = [ Select ] [ Select er worker = [ Select ]
A: The production function is, Y = K^(1/2)*L^(1/2) y = k^(1/2) y = f(k) where, y = Y/L = output per…
Q: The graph below depicts the major employer in a small town. At what quantity of workers does the…
A: Marginal benefit of each labor is represented by the MRP curve and marginal cost of labor is…
Q: The Great Recession of 2007-2009 hit young people particularly hard, with long-lasting effects. The…
A: Nash Equilibrium the equilibrium strategy which the best action given the other players action. So…
Q: What have the effects on employment been for men and women during the pandemic in Canada? What are…
A: The COVID-19 epidemic has wreaked havoc on society and workplaces all across the world. The labor…
Q: Labor Output 1 10 18 25 4 30 33 6. 34 7 35 If the workers are paid $18 per hour, the price of the…
A: Labour Output Labor Cost Fixed cost total cost Total Revenue Profit 1 10 18 100 118 200 82 2 18…
Q: A restaurant with one, two, three, or four employees can serve 35, 50, 64, or 75 customers,…
A: The extra output, return, or profit yielded per unit by benefits from production inputs is known as…
Q: You have two choices in jobs. Job A means you earn $70,000 a year, in an area where the average…
A: Income refers to the payment that workers receive for the work that he or she performs during a…
Q: The principle of negligent hiring states a. potential employees must exercise due care when…
A: When insufficient research by an employer leads to the hiring of an employee who can create damage…
Q: 1.Education is commonly regarded as increasing one’s human capital. The term, human capital, is best…
A: Human capital: Human capital is the intangible asset that is possessed by human beings it include…
Q: What is the output of the 8th worker? Group of answer choices: 0 -10 10 5
A: The marginal product(MP) for the nth unit of labor is the increase in the total output(TP) for an…
Q: High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides…
A: A profit maximizing firm will employ an input only as long as the input adds more to it's total…
Q: Consider an individual who lives for three periods. In the first period, the individual may either…
A: a) If individual decides to figure in playing period then his present value would be…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?You have been doing research for a firm andhave discovered that the firm’s averageproduct of capital is decreasing. If capital is the onlyvariable input, what does this imply about the firmsmarginal product of capital?If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?
- Consider a firm that produces car repairs. All inputs are fixed except the number of workers hired to make repairs. The schedule of output as the number of workers changes is : Number of Workers Repairs Completed(per day) Marginal Product ( per day) of that worker 1 3 3 2 9 ? 3 18 9 4 30 12 5 ? 15 6 52 7 7 58 6 8…For the following output data, assume that the amounts of all nonlabour resources are fixed. Number of Workers Output 0 1 40 2 75 3 105 4 130 5 150 6 160 Diminishing marginal returns is first evident when the Sth 4th 3rd 2nd 6th worker is hired.Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…
- OFair,%20Sharon%20E.%200ster%20-%20Principles%20of%20Econo.. Page view AN Read aloud I Draw E Highlight Erase 2.6 The following table represents data for Sally's Salon. Draw a graph showing the total product, marginal prod- uct of labor, and average product of labor. Identify where increasing returns, diminishing returns, and negative returns set in on the total product curve. Labor Units Total Product (Haircuts Per Day) Marginal Product of Labor Average Product (Employees) of Labor 7. 7.00 17 10 8.50 3 31 14 10.33 4 44 13 11.00 55 11 11.00 64 9. 10.67 69 9.86 69 8.63 9. 65 -D4 7.22 10 59 5.90 2.7 Assume that we have a production process that exhibits increasing and then decreasing marginal productivity. That is, as we increase output, the marginal product of labor starts at some level above zero, rises to a maximum, and then eventually falls to zero. Which of the following statements is truc? Briefly explain 6:07 PM Desktop d) ENG 4/23/2021QUESTION 2 K 6 isocost 3 L Based on the information in the graph aboive, what is the slope of the isocost line? # If the price of capital remains the same and the price of labor decreases, the isocost line will With the current mix of labor and capital, the marginal technical rate of subsitution is MRTS-3. If the prices of labor and capital remain as shown in the graph, then the firm will minimize the cost of production by +Explain Law of Diminishing Marginal Returns using the following example. The weekly number of repairs produced by a computer repair shop depends upon numberof workers.No of Workers No of Repairs1 02 83 204 355 456 527 578 60