If q=2 (square root of L); the wage rate is 4 and the price at which the good sells is 8 to maximize profits the firm should use more labor if the current L is less than.......
Q: A nursing home is deciding whether to add an additional employee to its staff. The marginal cost of…
A: Marginal cost refers to an additional cost which is incurred by producing one more unit of good.
Q: A firm in a competitive marketplace employs 10 workers at a wage rate of $20 per hour, and 10 units…
A: Cost Minimization Producers utilize cost minimization as a fundamental guideline to identify what…
Q: A firm uses capital and labour to produce widgets . In the short run capital is fixed ,while labour…
A:
Q: Assume a firm incurs overall labor costs of $22 per hour- which includes wages and training costs.…
A: Labor Cost = $22/hr Training cost = $160/hr Wage = $20/hr G = 1/Workers
Q: Please explain whether the following statements are true or false. Question (a) if the owner of a…
A: The potential benefits that a person, investor, or company loses out on by choosing one option over…
Q: A firm produces its product using only labor Its production function is Q= 20L -², where Q is the…
A: The production function is given as Q = 20L - L2 Wage rate = $13 /hour Market Price = $5/hour
Q: If the short run production function is given by q=(1/10)lnL and the price at which the good is…
A: The production function is given as q=(1/10)lnL
Q: Consider a firm that manufactures surfboards. Presently the firm is hiring 5 workers at a wage rate…
A: The marginal cost is the additional cost incurred by the firm when one more worker is hired.…
Q: Suppose a price-taking profit-maximising firm produces output in the short run using only labour as…
A: First order condition says that differentiation of profit with respect to L is zero.Second order…
Q: Consider a firm for which production depends on two normal inputs, labor and capital, with prices w…
A: (a) The change effect reflects the company's change in the input combinatioñ due to the change in…
Q: When a firm is a perfect competitor in the product market, its demand curve for labor will _____…
A: The demand and provide of labor are determined within the marketplace. The participants within the…
Q: Assume in a given company the marginal productivity can be characterized by the following function…
A: At the marketplace, a firm tries to maximize its profit, due to which it makes constraints for…
Q: Suppose the marginal product of labor equals 1/L. If the wage is $15 per unit of labor, what is the…
A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…
Q: WeRSmart is a research support organization that provides data and accuracy services to a variety of…
A: The structure of a market where there exist a large number of sellers selling products that are…
Q: A company has the following production relationships: Number of Workers Output 11 18 26 33 The…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Why does a profit-maximizing firm hire workers up to the point where the wage equals the value of…
A: A profit-maximizing, competitive firm will always hire an additional worker when the additional…
Q: the marginal product per dollar spent on capital
A:
Q: Suppose the firm is hiring labor and capital and that the ratio of marginal products of the two…
A: Marginal product: It refers to the input, i.e. labor which is defined as an extra output that…
Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…
A: Quantity of Labor (L) Quantity of Output Wage Rate (WR) Total Cost (L*WR) Marginal Cost (TCn -TCn-1)…
Q: The robot bar below leads to: A. Increases in total output, but with temporary job losses for…
A: The quantity of output produced by a firm depends on the factors of production used, availability of…
Q: Suppose a firm is employing labour (L) and capital (K) such that MPK/MPL = PK/PL. If the price of…
A: Here Answer is “Employ more capital and less labour because MPK/MPL > PK/PL.”
Q: marginal revenue product of the last worker
A: Correct option is (D).
Q: A meeting of representatives for labor and management to negotiate contracts is called
A: Answer: Collective Bargaining.
Q: A housecleaning company receives $25 for each house cleaned. The table below gives the relation…
A: A firm will hire labor as long as wage rate is equal to value of marginal product of labor.
Q: Assume a firm incurs overall labor costs of $22 per hour - which includes wages and training costs.…
A: Labor market equilibrium is getting where the labor demand and labor supply intersect with each…
Q: One of these four answers could cause the demand curve for labor to shift to the right. Which one?…
A: In the labor market, labor is demanded by firms to get their contribution in production process and…
Q: As a part of their benefits program, Lonny's Grocery Store offers its employees a PTO package that…
A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the…
Q: f q = 4 lnL and the good is sold for $10 then if the wage rate is $5 the number of units of labor…
A:
Q: Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted M and…
A: Please find the answer below. PRODUCTION FUNCTION: Production function, in economics, expresses…
Q: Workers Total Product Product price 0 0 4 1 16 4 2 26 4 3 34 4 4 40 4 5 44 4 At…
A: The factors of production are the resources which are used in the process of production. The factors…
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: If q=2(square root of L) and the price at which the good sells is 10 the demand curve for labor as a…
A: Answer Explained:
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: 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: What is an example of a fixed cost? Group of answer choices Expenditures for raw materials. Wages…
A: A business generally incurs two types of costs:1-Fixed costThis type of cost does not depend on the…
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: Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit.…
A: Labor demand refers to the amount of labor-hour that a employer is willing to hire. Worker demand is…
Q: The production function of a competitive firm is described by the equation y = 2x11/2 6x21/2. The…
A: We are going to find cost structure in terms of Q and then find Marginal Cost.
Q: If the wage rate in a purely competitive labor market decreases, it will cause the: Multiple Choice…
A: The marginal resource cost is the added cost of using one more unit of input. The change in total…
Q: If there are diminishing returns to labor, then as more workers are hired the total amount produced…
A: The law of diminishing return to scale implies that as the number of a variable input is raised…
Q: Microeconomics II is the most fun course you ever took. Explain? A profit-maximizing competitive…
A: Given: Output price = $28 Factor price = $7 The production function is q= 4(x)1/2
Q: Female workers tend to earn a lower wage compared to their male counterparts when performing the…
A: Female workers tend to earn a lower wage compared to their male counterparts when performing the…
Q: Which of the following is required for all workers to earn identical wages in the long run? Check…
A: Long-run equilibrium refers to the time period where all factors of production are variable.
Q: If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal…
A: Given Marginal Product of labor(MPL) = 1 ton of output. Marginal Product of capital l(MPK) = 7…
Q: The following question asks about what happens to employment (Q), wages (W), and total compensation…
A:
Q: Orientation is the human resources function that: pick one Question 2 options: Occurs after…
A: Orientation is an introduction that is planned by a firm for its employees that are new. It…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- When Average vaiable cost (AVC) = 600 and Average product (AP)= 0.14. Then find the wage rate W.The cost that a firm pays in money to hire a resource is referred to as cost. A) a minimized B) an explicit C) an implicit D) a maximizedA competitive, profit-maximizing firm uses two inputs labor (L) and capital (K). Its production function is given by f (L, K) = 3L2 + 7K 2. Its output sells for $4 per unit. The price of labor is $6 per hour. The price of output rises to $8 per unit but factor prices do not change. (a) It will increase its hiring of labor by 4 hours. (b) It will increase its hiring of labor by 2 hours. (c) We need to know the price of capital to be able to determine the change in demand for labor. (d) It will increase its hiring of labor by 3 hours. (e) None of the above.
- A manager hires a labor and rents capital equipment in a very competitive market. Currently the wage rate is Gh₵ 2 per hour and capital is rented at Gh₵ 5per hour, the unit price of the product is Gh₵ 0.25 and total cost is1000. Suppose the firm’s production is as follows: Q =14K⁰L⁰+10 Required What is the amount of labor and capital the firm should employ in order to maximize profit. What is the maximum profit.How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8?Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384A firm uses labor (L) and capital (K) to produce rocking chairs (Q) with the following production function Q=LK. The wage (w) is $10 and the rate of capital (r) is $20. The target number of rocking chairs to produce is 800. It is the short run and the amount of K is fixed at 5. What the optimal values for L* and K* in the short run? Enter the number for the the optimal amount of L in the short run? Enter the number for the the "optimal" amount of K in the short run?
- As a firm hires more workers, holding capital and other factors constant, the marginal physical product of labor(MPPL) declines because a) the amount of other inputs each worker has to work with declines as the number of workers increases. b) less efficient workers are hired as the number of workers increase. c) there are diseconomies of scale. d) workers don't perform well in teams.A firm uses labor (L) and capital (K) to produce rocking chairs (Q) with the following production function Q=LK. The wage (w) is $10 and the rate of capital (r) is $20. The target number of rocking chairs to produce is 800. It is the short run and the amount of K is fixed at 5. What the optimal values for L* and K* in the short run?Suppose a firm hires from the competitive labor and capital market to make strawberries. The per unit price of labor is $w and the per unit price of capital is $r. The firm has raised TC amount of seed money and is deciding to allocate it on hiring labor and capital in the least cost way. The production function of strawberries is written as Q = 25LKb which acts as the production target [0Assume a firm incurs overall labor costs of $22 per hour- which includes wages and training costs. Unit training costs equals $160/h and the wage equals $20/h. How many firms are there?A widget manufacturer has a production function of the form q = 6L + 10K . If the wage rate (w) is $4 and the rental rate on capital (r) is $5. Are the returns to scale increasing, constant, or decreasing for this production function? What cost minimization combination of K and L will the manufacturer employs to produce 300 units of output? Suppose that the price of capital increases to $7 per unit. If manufacturer continues to produce 300 units,what cost minimization choice of inputs capital and labor should the firm used. Suppose that the capital input is fixed at K = 3 units in the short run, what is the short run total cost function with qCalculate the Marginal Product (MP) at each input level. If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL). If the wage rate (per week) is $1800 , how many workers will be employed? If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?SEE MORE QUESTIONS