Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product 0 0 0 1...

Number of Employees	Total Production	Marginal Product of Labor	Marginal Revenue Product
0	0	0
1	18	18
2	30	12
3	41	11
4	46	5

If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit?

Two employees
Three employees
Four employees
One employee

Expert Solution

Rahul Sunny answered 3 years ago

1.Table 27 Labor Output Marginal Product of Labor Marginal Revenue Product of Labor Wage 0 0...

1.Table 27 Labor Output Marginal Product of Labor Marginal Revenue Product of Labor Wage 0 0 --- --- --- 1 400 400 $800 $450 2 700 300 $600 $450 3 950 250 $500 $450 4 1050 100 $200 $450 Refer to Table 27. How many workers should the firm hire? A.1 B. 2 C. 3 D. 4 2. If education produces positive externalities and the government does not intervene in the market, we would expect Group of answer choices A....

Labor (L) Total Product (Q) Marginal Product MPL Average Product APL 0 0 1 5 2...

Labor (L) Total Product (Q) Marginal Product MPL Average Product APL 0 0 1 5 2 11 3 18 4 23 5 26 3. According to the above table, at what usage of labor does diminishing marginal product begin? A) 1 worker B) 2 workers C) 4 workers D) 5 workers Need to calculate the MPL for all labor in a third column. Show your work. 4. According to the above table, what is the marginal product of the 4th...

1: Marginal revenue product equals a. marginal revenue multiplied by marginal product b. marginal product multiplied...

1: Marginal revenue product equals a. marginal revenue multiplied by marginal product b. marginal product multiplied by total revenue c. total revenue multiplied by total product d. marginal revenue multiplied by total product 2: The long-run is a period of time a. during which at least one input is variable b. during which at least one input is fixed c. sufficient to vary all inputs in the production process d. greater than one year 3: Marginal cost equals a. average...

If the marginal product of labor is fallingfalling, is the marginal cost of production rising or...

If the marginal product of labor is fallingfalling, is the marginal cost of production rising or falling? Briefly explain. If the additional output from each new worker is fallingfalling,

Complete the following table calculating marginal product and average product. Labor Inputs Total Product Marginal Product...

Complete the following table calculating marginal product and average product. Labor Inputs Total Product Marginal Product Average Product 0 0 0 0 1 60 2 136 3 204 4 256 5 300 6 336

marginal revenue equals marginal cost to maximize total revenue

Please answer the below questions 1. Explain how the Marginal Revenue Product of Labor is derived...

Please answer the below questions 1. Explain how the Marginal Revenue Product of Labor is derived mathematically and explain what it means. 2. Explain the concept of Economic Rent and how it works with regard to wages. 3. Briefly explain how two interdependent markets move to general equilibrium. 4.. What does it mean when goods are allocated inefficiently and when they are allocated efficiently. 5. Briefly explain how to internalize positive and negative externalities.

Question 1) In table 1, Calculate the marginal product of labor and average product of labor....

Question 1) In table 1, Calculate the marginal product of labor and average product of labor. Table 1: Surfboard Production Labor (workers per week) Total Product (surfboards per week) Marginal Product Average product 0 0 - - 1 30 2 70 3 120 4 160 5 190 6 210 7 220 Question 2) Surfboard Production Costs Labor (workers per week) Total Product (surfboards per week) TFC (SAR per surfboard) TVC TOTAL COST AFC AVC ATC MC 0 0 3000...

ACTIVITY 3 Fill in the table below. Capital Total Product Marginal Product Average Product 0 0...

ACTIVITY 3 Fill in the table below. Capital Total Product Marginal Product Average Product 0 0 ------------------ ----------------- 1 20 2 50 3 90 4 136 5 170 6 198 At what amount of capital do we see diminishing marginal returns? Fill in the table below. Capital Total Product Marginal Product Average Product 0 0 -------------------- ------------------ 1 45 2 65 3 58 4 224 5 36 6 48 At what amount of capital do we see diminishing marginal returns?...

The marginal revenue product of labor in firm X is MRPL = 35 - .23L, where...

The marginal revenue product of labor in firm X is MRPL = 35 - .23L, where L is the number of workers. If the current wage for workers in firm X's industry is $7.25 per hour, how many workers will be employed by the firm? (round to the nearest worker.)

Question