The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a large company. 12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.45 7.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50 (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.
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The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a large
company.
12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.45
7.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50
(vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.
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- A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:Sorry, that is incorrect. The correct Production Data answer is: Workers Cars Washed Economics 11 = (96 - 85)/ (6- 5) Mentor 1. 10 24 Correct Answer: 11 3 45 4 68 5. 85 Okay, so at which worker is the marginal product of labor maximized? 96 7. 91 8. 80 Randall At the 6th worker At the 5th worker At both the 4th and 5th workers At the 4th worker Submit MacBook Air 寸Jenni owns a cooking school that specializes in seafood. Jenni has a limited supply of kitchen space for her instructors to use for lessons. As a result, each successive instructor adds less to Jenni's output of lessons. Cooking lessons cost $35 per hour. The table below shows, for each successive instructor, Jenni's output quantity, marginal product of labor, and value of marginal product. The VMP was found by multiplying the additional number of cooking lessons each additional worker provided (MPL) by $35, which was the price per lesson. Marginal Value of Quantity of Quantity product marginal product (VMP) lessons of labor of labor (hours) (MPL) 1. 10 10 $350 2 17 $245 3. 23 9. $210 4. 28 5. $175 32 4 %24140 35 3. $105 37 $70 38 $35
- 6. A company uses two inputs, unskilled labour (L) and capital (K), to produce itsproduct. The wage rate for a unit of labour is €5, while a unit of capital cost €20.a) Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquantfor an output level Q0 and indicate the optimal input levels of L and K. (Do not forget tolabel the axes).b) Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run,with capital input fixed at K, to keep its output constant at Q0.c) Show graphically and comment shortly on the optimal factor mix that the firm would useto produce Q0 in the long run at the specified minimum wage of €6 per unitTass ass Activity Number of Workers 1 2 3 4 5 6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2 Last summer Daniel started the Custom Made Pot Company, which specializes in earthenware pots. The number of pots produced daily varies with the number of workers he employs as shown in Table A given below: 110 100 TP Table A 10 80 180 240 280 294 MP AP Saved 52Fnewconnect.mhe a) Fill in the marginal and the average product of labour columns in Table A given above. b) On Graph A given below, plot the average and the marginal product curves. Plot all the points of MP and AP using the tool MP and AP. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. E Graph A ToolsThe amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?
- The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. Estimate the opportunity cost of hiring the workers. Draw a diagram to illustrate. Explain, and defend any assumptions you make.a) SUPPOSE A FRIM PRODUCE OUTPUT USING THE PRODUCTION FUNCTION Q= 5KL .WAGE RATE FOR HIRING LABOR IS 200 AN HOUR AND COST OF USING CAPITAL IS 100 PER HOUR. FIND OUT THE OPTIMAL QUANTITIES OF LABOR(L*) AND CAPITAL(K*) TO PRODUCE 1000 UNITS OF OUTPUT? ALSO SHOW THE RESULT GRAPHICALLY AND INTERPRET .
- A car wash firm calculates that its daily production (in numbers of cars washed) depends on the number of n workers it employs according to the formula P=30n-0.05n^2 cars. (a) Calculate the marginal product of labor at employment level of 50 workers. ___ cars/workers. Interpret the results. This means that, at an employment level of 50 workers, the firm’s daily production will increase at a rate of ____ cars per additional worker it hires.Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 80 2 150 3 210 4 250 5 270 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 300 270 240 Production Function 210 180 150 120 90 60 30 LABOR (Number of workers) OUTPUT (Shovels)An electronics company makes communications devices for military contracts. The company just completed a large contract. The Army contract was for 6808 devices that were produced by 43 workers in three weeks. Each worker worked 40 hours per week. What was the prductivity for the ARMY contact in devices per labour hour? (State your answer rounded to two decimal places)