Examine the table below. What is the value of the marginal product of the second unit of labor? Value of Units of Quantity Product Factor Xof Output Price Marginal Product 0 100 $10 1 190 $10 2 270 $10 340 $10 400 $10 3 4
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- Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(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$ .The following graph represents the Marginal Revenue Product for workers at Ollie's O-Rings: S/worker/hour $40 $36 $32 $28 $24 $20 $16 $12 $8 $4 0. 40 60 80 100 20(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another industry-/situation with a compensating wage differential.
- John has gross biweekly earnings of $743.61. By claiming 1 more withholding allowance, John would have $19 more in his take home pay. How many withholding allowances does John currently claim?10:43 A docs.google.com Your answer Syukri, Iqmal and Amir run the only shop in Wang Ulu. They sell electrical goods such as televisions, washing machines, etc. However, their objectives are different from each other. Syukri wants to make as much profit as he can, Iqmal wants to sell as many goods as he can without losing money, and Amir wants to earn as much revenue as he can. The graph below illustrates their respective profits. (Note: The length of each square on the Y-axis represents RM100, and the length of each square on the X-axis represents 100 units.) What is the quantity for Syukri? Revenue, Cost MC AC Quantity 100 200 300Quantity of Labor # of Keyboards per month 60 2 160 3. 240 4 280 300 If the price oft keyboards is $20 and the wage rate is $1.000, how many workers should be hired? 04
- microeconomics question what would the equity and efficiency effects of raising the minumum wage to $20/hr be?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?Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04
- Say that the marginal revenue brought by hiring a worker is at P600/day, and the minimum wage is P537/day, what should the firm do? (A Stay at the current level (B Cut back on hours of work (C) Fire workers (D) Hire more workersWhat steps are taken when the supply of employees is predicted to be greater than demand?X4.6.27-BE EQuestion Help A car rental agency rents 210 cars per day at a rate of $20 per day. For each $1 increase in rate, 5 fewer cars are rented. At what rate should the cars be rented to produce the maximum income? What is the maximum income? The rental agency will eam a maximum income of Swhen it charges $ per day. sper,