Automated Labs uses 5 workers and 200 machines to produce its product. The marginal product of the last workers is 200 units of output per day; the marginal product of the last machine is 400 units of output per day. Workers are each paid $100 per day, and the rental price of each machine is $300 per day. a. What is the marginal product per dollar spent on a worker? b. What is the marginal product per dollar spent on a machine? Is Automated Labs utilizing workers and machines in the cost-minimizing manner? What should it to minimize its costs? Explain. C.
Q: Labor Output TFC TVC TC MC AFC AVC АТС 25 ---- - 4 25 25 10 25 50 3 13 25 75 15 25 100 F 16 25 125…
A:
Q: 3. Describe any five important differences between the labour market and the goods market.
A: Answer: Labour Market: A labour market is a place where labour and organization meet for achieving…
Q: compute the marginal product of capital (MPK) and the marginal product of capital (MPL) of a. Q=3…
A: Labor and capital are widely recognized as the two most significant factors employed jointly in the…
Q: Taco King produces tacos. The market for tacos is perfectly competitive, and the price is $2.00 a…
A: In competitive market there are many sellers and many buyers, each with no market power.
Q: 2006 2007 2008 Quantity in Basket Price Cost of Basket Price Cost of Basket Price Cost of Basket…
A: Consumer price index (CPI) refers to the measurement of weighted average price of the consumption of…
Q: 230 -Budget Line --0-11 12 210 200 190 180 170 160 150 140 130 ho 100 90 60 50 40 30 10 10 15 20…
A: Maximum Units of consumption = Income/Price = wage*Hours worked/Price= 14*H/1 = 14H 225 = 14 H […
Q: 21) A farmer who has fixed amounts of land and capital finds that total product is 24 for the first…
A: As per the guidelines answer is given to the first question i.e. 21. 21. "A profit maximizing firm…
Q: (a). The consumer price index over a certain period increased from 120 to 215 and the ages of a…
A: The answer is given in the attached picture:
Q: Table 1. Chocolate chip cookie output and number of workers. Cookies sell for $2.50 each.…
A: Marginal product (MP) is the additional output gained when 1 more unit of worker is hired. MP=…
Q: The following table shows the relationship between the number of workers employed and outputs at…
A: Since you have asked multiple questions we will solve the first question for you. If you want any…
Q: Calculate the Marginal Product of Labor Y=ALαK1-α A= 1.5 α= 0.5 L=Labor K= Capital Factor…
A: Answer to the question is as follows :
Q: cupied by the residents. Ten out of 40 homes are rented, and the remaining vner-occupied. The annual…
A: The gross domestic product (GDP) is a sum total of all services and goods produced/made in a…
Q: Rehana owns a famous chitoi pitha stall in Dhaka University campus. She pays an hourly wage of 40…
A: Disclaimer :- as you posted multiple questions we are supposed to solve only the first one. Profit…
Q: Product Market Households Businesses Factor Market The flow of goods and services to consumers is…
A: The circular flow of income refers to the model in which the economic agents exchange money and…
Q: Number of Number of Workers Surfboards Produced 1 12 21 3 29 36 42 a. If surfboard sold for $30 and…
A: Answer to the question is as follows:
Q: The manager of a pizza shop must decide how much pizza he will produce at a given price. Which of…
A: Consumer income refers to money earned by a consumer through employment or investment, such as…
Q: Suppose you have the following information on the marginal physical product of labor in rice…
A: Marginal physical product of labor measures the change in output production due to a change in labor…
Q: 000 worth of apples, of which $700 are sold to a bakery and $300 are sold to ers. A water supplier…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subparts for you.…
Q: The following diagram shows the market for medical checkup. Pe Se 30+ 26 20 PVe 400 500e i. What are…
A: The benefit or cost that affects the third party who did not choose to incur the benefit or cost is…
Q: At the Punjab Bakery, two workers can decorate 14 cakes in an hour and three workers can decorate 18…
A: According to the law of diminishing returns, the marginal product initially increases as more units…
Q: A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing…
A: Specialization in doing some work: In economics labor will grow commodities in which they have…
Q: Scenario: Victoria Corp. makes running shoes by employing a robotics technology that requires at…
A: One worker Two worker Robots MPK VMPK MPK VMPK First 2,000 2,000 2,100 2,100…
Q: (Table) Based on the table, what is the average product of the sixth worker? a. 7 b. 8 c. 7.75 d.…
A: The total amount of output that is being produced with a given input amount during a given time…
Q: The information below for a company selling notebooks for BD3 each. No of workers No. of…
A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…
Q: a. The payment she makes on her fire insurance policy b. The payment she makes to buy pizza dough c.…
A: DISCLAIMER, “Since you have asked multiple question, we will solve the first three subparts for you,…
Q: Table 13-2 Number of Workers Total Output Marginal Product 0 0 -- 1 200 2 450 3 600 4 650…
A: Production is an economic activity that helps in transforming the inputs into a final output. The…
Q: If MPL=.5 and the wage rate is 20 when 5 units of output re being produced, what is the marginal…
A: Marginal Product of Labor (MPL) refers to the additional output produced by an additional unit of…
Q: 2. Mary's Little Lamb Ranch raises sheep. Currently Mary has 6 ranch hands, 500 acres of land and…
A: Given information Mary has 6 ranch hands,500 acres of land,3000 sheep Bob has 8 ranch hands,1000…
Q: The following table shows the DVDS production. Study the table and answer the questions? Labor (L)…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: 4. At Tuxi's, tacos cost $2.50 (p=2.5) and the market wage for labor is $12.50. a. Calculate the…
A: Profit is maximized when firm hires workers at a level where marginal revenue product of labor is…
Q: 1. The farmer produces 115 pounds of oranges at a total cost of $1.38 per pound. He sells all of…
A: (1)It is given that firm F produces 60 gallons of orange juice at $3.81 per gallon which includes…
Q: Cost of a dozen oranges wasRs80 in January 1980 and Rs.170 in January 2018. The average hourly wage…
A: Answer: Given: January 1980 January 2018 Price of oranges Rs. 80 Rs. 170 Average hourly…
Q: The work force of a certain factory is growing at rate of 2 per month while the average productivity…
A: The productivity formula is used to calculate the productivity of complete production process or of…
Q: 1. The marginal product (MPL) of the 3rd worker equals: a. 4.33 b. 13 C. 4 O d. 9
A: Marginal product is given by the formula MPL= Change in output/ Change in labor input At third…
Q: uppose that in 2020, a typical U.S. student attending a state-supported college bought 10 textbooks…
A: Student bought 10 textbooks and enrolled in 25 credit hours of coursework. In 2020, the price of…
Q: d. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor…
A: Y = 100 K1/3 L2/3 Differentiating the above production function with respect to capital, we get…
Q: Complete the table: Number of Workers per Day Movie Tickets Produced per Day Average Product…
A:
Q: 2. Mary's Little Lamb Ranch raises sheep. Currently Mary has 6 ranch hands, 500 acres of land and…
A: Given information Mary has 6 ranch hands,500 acres of land,3000 sheep Bob has 8 ranch hands,1000…
Q: The following diagram shows the market for medical checkup. What are the equilibrium price and…
A: The equilibrium price and quantity are obtained where market demand equals market supply. An…
Q: slerim > 2U20-2021 Guz Donemi > SIYASAL BILGILER FAKULTESI > IKTISAT> 2021G-ECON211-1228167 > Genel>…
A: THE MARGINAL PRODUCT OF LABOUR = 25 units per hour. MRTS of hours of labor(L) for hour of machine…
Q: 2. Given the following labor data of Meow Company. (2) (1) Number of workers, (3) Marginal product…
A: No. of workers(N) No. of cakes baked (Y) 0 0 1 33 2 55 3 60 4 77 5 85 6 89 7 110
Q: QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal…
A: For a given level of output, the cost minimizing condition is given as: MPLMPK=wr ...(1) Here,…
Q: Earl owns and operates a food trailer at the State Fair. After being featured on a national…
A: Marginal cost is the additional cost incurred for producing an additional unit of output.
Q: Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod's shop charges…
A: Accounting costs, also referred to as explicit costs are the costs that a firm pays out of its…
Q: VMPL 7ihworker
A: Marginal productivity of labor (MPL) is the additional amount of output gained by hiring one extra…
Please type answer not by pen paper
Step by step
Solved in 2 steps
- What are the factor payments for land, labor, and capital?How do we calculate marginal product?Output (units per day) 19 17 15 54 14 7 2 1 1 1 I 1 F 1 I 1 1 I I 1 I 1 1 1 1 1 T II II LI I 1 1 1 1 1 F 2 1 1 I T 1 3 4 Labor Input (workers per day) 5 Total output The marginal product of the sixth unit of labor in the figure above is: A. 4.0 B. -4.0 C. 15.0 D. 2.5 E. NONE OF THE ABOVE
- What is the marginal product of the fourth worker? The Production Function and Marginal Product Total Output 70 Total output Number (number of meals of workers served per hour) Marginal product of labor 50 30 10 10 15 15 45678 9 10 Number of workers 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 5 67 -5 63 -10 9 10 Number of workers 3 4 10 55 (b) 12 а. b. 13 с. 14 d. 1015. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsProduction costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, find out the marginal cost of the 46th book produced, in dollars.
- Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >The table below lists the marginal product per hour of workers in a light bulb factory. Light bulbs sell for $2 each, and there are no costs to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers Marginal Product (Light bulbs per hour) Value of marginal product 1 24 $ 2 22 3 20 4 18 5 16 6 14 7 12 8 10 9 8 10 6 a. If the going hourly wage for factory workers is $24 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $36 per hour, then the factory manager should hire workers. b. Graph the factory's demand for labor. Instructions: Only the two end points need to be plotted to graph the curve. c. Assume that light bulbs instead sell for $3 each. Graph the factory's new demand for labor and in indicate the number of workers the factory manager should…4. A bottling company uses two inputs to produce bottles soft drink sludge: bottling machines (K) and workers(L). The machine costs $1000 per day (r) to run and the workers are paid $200 per day (w). At the current level of production, the marginal product of the machine is an additional 200 bottles per day (MPK), and the marginal product of labor is 50 bottles per day (MPL). a. State the rule for determining the cos- efficient combinations of inputs (K & L) for the production of soft drinks. b. Given r=$1000 per day, w=$200 per day, (MPK)= 200 bottles, and (MPL)= 50 bottles, is the company operating cost-efficiently? c. What must the company do to move toward cost-efficient operation? Hint: use more labor or more machines and why?
- 15. PLEASE ONLY C. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units8. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for each of which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the table below. Quantity of workers 0 1 2 3 4 5 Quantity of foot massages per day 0 10 25 45 60 70 Fixed Variable cost cost vituo loota a pian Total cost 998791 012 0E2 Average total cost AUL COE Average Average Fixed Variable Cost Cost ovode lovsi tugtuo as te sieu to asi ban 180 Marginal cost5. What is the average product of labor, given that the level of labor equals 10, total outout equals 1200 and the marginal product of labor equals 200?