The following table shows output per hour produced by the different units of labor. Table 14.1 Number of Workers 10 1 S Output per Hour b 12 15 oligopolistic. perfectly competitive. 17 18 Price of the Product $3 monopsonistic monopolistic. monopolistically competitive $3 $3 $3 $3 The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue $3 The structure of the product market as described by Table 14.1 is
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- Che Farty Decent Industries has the following production schedule. The price of the product being produced is $5 in a purely competitive market On the following table, compute the Marginal Revenue Product for every "jump" between one level of workers and the next. Instructions: Enter your answers as whole numbers. Marginal Product Marginal Revenue Product Workers Output/Hour 0. 5. 20 4 20 Eces 10 35 15 45 The hourly wage for workers is $16. Assuming workers must be hired in increments as shown on the table, Fairly Decent Industries will keep hiring workers until it has workers, but no more. Prev 2 3 4 of 4 Next > e here to search %24A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9. a- . If the superior plant manager also owned the textile firm, she would earn$___________ of economic profit. Explain your answerConsider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…
- A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9. D-If the superior plant manager also owned the textile firm, she would earn$___________ of economic profit. Explain your answer.10 20 30 40 50 More than 50Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage rate required at each level of employment. What is the monopsonists marginal cost of labor at each level of employment? If each unit of labors marginal revenue product is 13, what is the firms profit maximizing level of employment and wage?
- A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9 A- typical textile firm in this competitive industry has a minimum long-runaverage cost of $______. The typical textile firm earns economic profit of$______ B-The textile firm with the superior plant manager could earn economic profitof $___________ per month, if no rent is paid to the superior manager C-The superior plant manager is likely to earn a salary of $______ per month,$____________ of which is economic rentThe table below shows data for the production of Avocados for an individual firm operating in an imperfectly competitive market. Number of workers Number of Avocados Marginal Revenue 0 0 22 10 150 21 20 270 20 30 360 19 40 420 18 50 450 17 Given this data, complete the table: Quantity of Avocados Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 - - 10 20 30 40 50Refer to the following table. Labor O 1 2 3 4 5 6 Output 0 16 31 45 58 69 78 Price (D1) $10.00 10.00 10.00 10.00 10.00 10.00 10.00 Price (D2) $10.00 9.50 9.00 8.50 7.50 6.50 5.50 Assume that the labor market is perfectly competitive. Suppose the firm's product demand is given by the column labeled D2. If the wage rate rises from $100 to $130, the firm will reduce the quantity of labor employed by unit(s).
- Table 18-8 The following table shows the production function for a particular business. The numbers represent the various labor and output combinations the firm may choose for its output on a daily basis. Labor Output 0 0 70 130 180 220 250 123 4 5 Refer to Table 18-8. Suppose this firm charges a price of $5 per unit of output and pays workers a wage equal to $160 per day. How many workers should this firm hire to maximize its profit? 2 workers 3 workers 4 workers 5 workersGiven the information in the table below, graph the marginal cost of labor for a monopsony firm. Plot only the points that can be gathered from the table. The Marginal Cost of Labor Supply of 1 2 3 4 Labor $2 per $4 per $6 per $8 per $10 per Wage Rate |hour |hour |hour |hour |hour Total Cost of |$2 $8 $18 $32 $50 Labor Marginal Cost $2 of Labor $6 $10 $14 $18 Provide your answer below: 25 15 10 (4,5, 7) -5- (1.5, 3) (4.5, 5) (0.5, 2) (3. 4) Supply of Labor MC of Labor ($)Billy is renting trucks that will be used to install solar panels. The table below presents the marginal product (in terms of solar panels installed per week) of various trucks. Assume this is a perfectly competitive market. a. What is the marginal revenue product of each truck if the current market price to install one solar panel is $50? What if the current market price is $100? $150? Using the table below, fill in the “Marginal Revenue Product” columns for each price. Labor Productivity and Marginal Revenue Product for Solar Panel Installers Capital (trucks) Marginal Product (solar panels) Marginal Revenue Product for P = $50 (dollars) Marginal Revenue Product for P = $100 (dollars) Marginal Revenue Product for P = $150 (dollars) 1 24 2 21 3 18 4 15 5 12 6 9 b. Suppose the cost to rent a truck is $900. How many trucks will be rented in the price of a solar panel is $50? trucks How many trucks will be…