4. Complete the missing entries in the following table. Labor 1 2 3 4 5 Total Product 15 40 55 70 TVC 200 800 1000 TC 1000 1400 1600 AFC 53.3 12.3 AVC 13.3 10.0 10.9 12.3 14.3 ATC MC
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- > Figure 1 $ of consumption per year 30000 28000 26000 24000 22000 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 Warren 333 0 0 200 400 600 sample indifference curves Refer to Figure 1 What is Warren's wage per hour? 1166 800 1000 1200 1400 1600 1800 2000 2200 Hours of leisure per year Suppose all workers have 2000 hours to spend in work or leisure. Figure 1 displays sample indifference curves and a budget constraint corresponding to no income redistribution program for Warren.Explain three basic sources of deviationsfrom PPP.Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .
- A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?Q50 Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named Sophie, at $11 per hour, the shop can provide 22 haircuts per eight-hour day. By hiring a second barber, Gregoire, at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MRP of the second barber, Gregoire, is Multiple Choice 20 haircuts. negative. $160. $220. 42 haircuts.Ann owns a lawn-mowing company. She has 400 lawns she needs to cut each week. Her weekly revenue from these 400 lawns is $20,000. Given an 18-inch-deck push mower, a laborer can cut each lawn in two hours. Given a 60-inch-deck riding mower, a laborer can cut each lawn in 30 minutes. Labor is supplied inelastically at $5.00 per hour. Each laborer works eight hours a day and five days each week.a. If Ann decides to have her workers use push mowers, how many push mowers will Ann rent and how many workers will she hire?b. If she decides to have her workers use riding mowers, how many riding mowers will Ann rent and how many workers will she hire?c. Suppose the weekly rental cost (including gas and maintenance) for each push mower is $250 and for each riding mower is $1,800. What equipment will Ann rent? How many workers will she employ? How much profit will she earn?d. Suppose the government imposes a 20 percent payroll tax (paid by employers) on all labor and offers a 20 percent subsidy…
- rdcdn.com/blackboard.learn.xythos.prod/5a25b62cdb9cf/5497575?X-Blackboard-Expiration=1631804400000&X-Bla 2/ 4 100% Directions: Write below whether each factor will increase or decrease demand for the market listed, what determinant of demand caused the increase and decrease and show the demand curve shift on the graph. Determinant and Change Increase or Decrease: Graph Scenario 9. Market: Paper towels this month Scenario: Prices of paper towels are expected to rise in the future. TRIBE: 10. Market: Cheese this month Increase or Decrease: P. Scenario: Prices are expected to fall next TRIBE: month. 11. Market: Pancake market Increase or Decrease: Scenario: Prices of syrup increase. D Q TRIBE: 12. Market: Ketchup market Increase or Decrease: Scenario: Prices of hot dogs decrease TRIBE: D 13. Market: Almond milk Increase or Decrease: P Scenario: Price of dairy milk inereases TRIBE: 14. Market: Almond butter Increase or Decrease: Scenario: Price of peanut butter decreases TRIBE: 15. Market:…ЕOC 19.07 (and 19.08) A hair salon is considering hiring more workers. The market wage for a hair stylist is $160 per day, and this hair salon charges $30 per haircut. The salon currently employs 4 stylists and know that a fifth stylist would allow them to sell 7 more haircuts per day, a sixth stylist would allow them to sell 6 more haircuts per day, and seventh stylist would allow them to sell 5 more haircuts per day. How many stylists should this salon hire? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 4 b 5 d 7 6.Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
- Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.If MRP of labor < wage rate, a firm should hire more workers. TRUE OR FLASE.1.4 10c44 is the utility function of Fredvick 9 Sales executive at Barclays who maximizes uti lity by combining Leisure (L) with a maket basket of consumptive goods (c) 9 If tredrick does not earn any non -labair income(v estimate his labour supply function in temo of I,P and w. Where P= price, T = Total time wage rate. b) Calculate his reservation wage if T= 24 and P= I Calculate his oLon wage elasticity of labour supply equilibrium- in