Ask questions and get helpful responses.

We assume that when a firm hires additional workers, the marginal physical product of labor will: 1. decrease because each worker now has less capital and other resources to work with. 2. decrease because the new workers are likely to

32,822 results
  1. micro

    We assume that when a firm hires additional workers, the marginal physical product of labor will: 1. decrease because each worker now has less capital and other resources to work with. 2. decrease because the new workers are likely to be less able than the
  2. Math/Economics

    Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal
  3. Math/Economics

    Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal
  4. College microeconomics

    Need some help with these questions....Thanks in advanced. All profit-maximizing firms hire inputs up to the point where: A) MRP = W B) MR = MC C) MP = W D) MFC = MRP E) MFR = MRC 4) A firm’s marginal revenue product of labor curve A) is steeper than its
  5. Microeconomics

    I am on the chapter for the factors of production: Question: A firm that hires two types of workers—some with computer skills and some without. If technology advances so that computers become more useful to the firm, what happens to the marginal product
  6. Economics

    Suppose the total output curve increases at an increasing rate for workers 1 to 50, increases at a decreasing rate from workers 51 to 101, and decreases beyond 101 workers. You would know that Choose one answer. a. marginal product is increasing from
  7. economics question!!

    Suppose a firm is both a monopoly and a monopsony. How would this firm choose the quantity of labour of labour to employ? what wage would this firm pay? can someone explain this question to me!! im stuck! I gave this question a brief answer earlier. Let me
  8. economics (micro)

    2. In the table below, assume a monopsonist has the marginal-revenue-product schedule for a particular type of labor given in columns 1 and 2 and that the supply schedule for labor is that given in columns 1 and 3. (1) (2) (3) (4) (5) Number of MRP Wage
  9. ECONOMICS

    Imagine a firm that hires two types of workers: some with computer skills and some without. If technology advances so that computers become more useful to the firm, what happens to the marginal product of the two types of workers? What happens to
  10. statistics

    2. Suppose that the average product of labor increases as more workers are hired. Which of the following must be true? a. Marginal product is greater than average product. b. Marginal product is increasing. c. Marginal product is decreasing. d. Marginal
  11. economics

    Complete the following table for the firm below which is selling its product in a perfectly competitive market and hiring labor in a perfectly competitive labor market. MARGINAL WORKERS TOTAL MARGINAL PRODUCT REVENUE HIRED PRODUCT PRODUCT PRICE PRODUCT 1
  12. lavin

    A firm has the following short-run production function: Q = 100L + 10L2 - 0.7L3 Where Q = quantity of output per week; L = Labor (number of workers) a. When does the law of diminishing returns take effect? b. Calculate the value for Stage I in the
  13. Business Econ

    I need my answers checked for this question, thanks. A firm's production function: Q = 100 K^0.5 L^0.5 During the last production period, the firm operated efficiently and used input rates of 100 and 25 for labor and capital respectively. (a) What is the
  14. Economics

    explain how a firm's production function is related to its marginal product of labor,how a firm's marginal product of labor is related to the value of its marginal product, and how a firm's value of marginal product is related to its demand for labor?
  15. Economics

    Please help me on this one! You are planning to estimate a short-run production function for your firm, and you have the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 A- Does a cubic
  16. Economics

    Please Help You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a.Does a cubic equation
  17. economics

    hi new to economics, and struggling with some of its concepts. got this posed as a homework question, and i have to admit stumped as how to begin. Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If
  18. Economics

    Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the
  19. economics

    You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 Does a cubic equation appear to be
  20. economics

    You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 Does a cubic equation appear to be
  21. Managerial ECON

    You are planning to estimate a short- run production function for your firm, and you have collected the following data on labor usage (L) and output (Q): Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a. Does a cubic equation
  22. Economics

    6. Show the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs. a. Congress buys personal computers for all American college students. Wouldn't the demand curve shift to the right while the
  23. Macroeconomics help!

    Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the
  24. economics

    6) If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about: A. 0.0 B. 0.4 C. 0.6 D. 2.5 7) When labor is the variable input, the average
  25. economics

    An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a four-year college degree. The employer decides to offer employment to the college graduate. What does
  26. economics

    An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a four-year college degree. The employer decides to offer employment to the college graduate. What does
  27. college, Microeconomics

    (Daddy Warbucks employs workers in his perfectly competitive factory. Mr. Smith employs workers in his monopolistic factory as the only producer of the thing you really want. Given the following information, determine how many workers each firm will
  28. Microeconomics

    If the wage exceeds the value of the marginal product of labor, then hiring another worker: A. Decreases the firm’s total revenue B. Increases the firm’s profit C. Increases the firms total cost D. All of the above are correct I picked A? As a result
  29. economics

    You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor Usage: 3 7 9 11 17 17 20 24 26 28 30 Output: 1 2 3 5 8 10 15 18 22 21 23 1) does a cubic equation appear
  30. Economics

    Consider the production function Q= 20K^(1/2)L^(1/2). The firm operates in the short run with 16 units of capital. a. The firm's short-run production function is Q=? b. The average product of labor function is AP=? c. The marginal product of labor function
  31. Economics

    Consider the production function Q = 20K 1/2 L 1/2. The firm operates in the short run with 100 units of capital. a. The firm’s short-run production function is Q = __________. c. The average product of labor function is AP = __________. d. The marginal
  32. Economics

    Help me on this one please? labor usage -3,7,9,11,17,17,20,24,26,28,30 output-1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question.
  33. Managerial Economics

    Help me on this one please? labor usage 3,7,9,11,17,17,20,24,26,28,30 output 1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question.
  34. managerial economics

    labor usage -3,7,9,11,17,17,20,24,26,28,30 output-1,2,3,5,8,10,15,18,22,21,23 a. does a cubic equation appear to be a suitable specification, given these data? You may construct a scatter diagram to help with this question. b. using the computer software
  35. eco

    if the marginal product of capital of a firm is 120unit of output, rental price of machine is $30. and marginal product of labor is 40units of output, daily wages is $20. 1)why is this firm not maximizing output or minimizing cost in long run?? 2)how can
  36. economics

    Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire, and what wage
  37. Economics

    You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output. Labor usage output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 (a) Does a cubic equation appear
  38. Need help Reviewing Managerial Economics

    just need help in reviewing my answers...they are all true/false questions..THANKS!!! 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal
  39. PLEASE HELP- managerial economics

    I just need an answer check on these true/ false questions, PLEASE: 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal profit would have
  40. Managerial Economics--Help!

    I just need help in reviewing my answers...they are all true/false questions..THANKS!!! 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal
  41. Economics

    Economics Production Schedule The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function: Q = 6L - 0.5L2, with the corresponding marginal product of labor equation, MPL = 6 - L. a.
  42. Managerial Economics

    I'm not sure I have the formulas correct for this problem and I do not know what the labor hours are.... Dimex Company, a sheet-metal mfg., estimates its long run production function is: 3 3 2 2 Q = -0.015625K L + 10K L where Q is the number of body panels
  43. Math

    a business firm has made an analysis of its production facilities and its production facilities and its personnel. with the present equipment and number of workers, the firm can produce 3, 000 units per day. it was estimated that without any change in
  44. Finance

    The current market wage rate is $10, the rental rate of land is $1,000 per unit, and the rental rate of capital is $500. Production managers at a firm find that under their current allocation of factors of production, the marginal revenue product of labor
  45. microeconomics

    Explain how the following events would affect the demand for labor. A new education program administered by the company increases labor’s marginal product. The firm completes a new plant with a larger workspace and new machinery.
  46. Managerial Economics

    Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000. a. What is marginal cost?
  47. Managerial ECON

    Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000 a. What is marginal cost? b.
  48. economics

    Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is
  49. Microeconomics

    The labor demand curve of a purely competitive seller: What exactly is your question? Is it something like: what is the slope (elasticity) of the demand for labor labor faced by a producer who sells in a perfectly competitive market? I would argue that
  50. Economyst re-post

    Looks like the formual dropped the exponents when I posted it, I've fixed that below....does this make any more sense? I'm not sure I have the formulas correct for this problem and I do not know what the labor hours are.... Dimex Company, a sheet-metal
  51. Math

    A manufacturing firm is thinking of launching a new product. The firm expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and materials will be 45% of sales. Indirect incremental
  52. Managerial Economics

    1. A principal-agent problems occur when managerial decisions are not consistent with the firm's shareholders' interests. T 2. A firm making more than a normal profit may still be experiencing an economic loss. T 3. An inferior good is a good whose demand
  53. Microeconomics

    Cant find equations for solving for MP and AP. Suppose firms A and B each make T-shirts. Firm A's production function is q = L0.5 K0.5. Firm B's production function is q = 1.2 L0.5 K0.5. a.If the two firms each hire the same amounts of capital and labor,
  54. Managerial finance

    Superior Manufacturing is lauching a new product, that is expected to sell $950,000 of its new product the first year alone, and $1,500,000 each year thereafter. Direct cost labor and materials will be 55% in sales.indirect cost is $80,000 a year, the
  55. managerial economics

    The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day (i.e./ marginal product
  56. managerial economics

    The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal product
  57. econmics

    The MorTex Company assembles garments entirely by hand even though a textile ma-chine exists that can assemble garments faster than a human can. Workers cost $ 50 per day, and each additional laborer can produce 200 more units per day ( i. e., marginal
  58. econmics

    The MorTex Company assembles garments entirely by hand even though a textile ma-chine exists that can assemble garments faster than a human can. Workers cost $ 50 per day, and each additional laborer can produce 200 more units per day ( i. e., marginal
  59. Microeconomics

    Use the following chart to answer question 2 Number of Workers Total Product Marginal Product 0 0 -- 1 10 10 2 10 3 28 4 34 5 5 6 42 2. Refer to the above data. The marginal product of the third worker: A) is 6. B) is 7. C) is 8. D) is 9.
  60. Economics

    Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at $20 Marginal cost = average total cost at $30 Marginal cost = average revenue
  61. Microeconomics: Cost of Production

    Please help me with this question! QUESTION: Heaven Sub, a subway shop, has the following marginal product curve points for its hourly product: (0.5, 13) (1.5, 17) (2.5, 15) (3.5, 11) (4.5, 9) i) When labour increases from 2 to 3 workers, total product
  62. Economic

    Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for $50 per day. The firm’s production function is as follows: Days of Labor/Units of Output: 0/0, 1/7, 2/13, 3/19, 4/25, 5/28, 6/29, 7/29 c. Compute the
  63. Check over Economics HW

    I just need help reviewing my HW answers...they are all true/false questions..THANKS!!! 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal
  64. Math

    A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and materials will be 45% of sales. Indirect
  65. microeconomics

    A monopsonistic firm, as compares to a perfectly competitive firm, pays _____ wage and hires _____ labor.
  66. economics - monopoly/monopsony

    just a quick qusetion....if a firm is both a monopoly and a monopsony. How would the profit maximizing wage and lvl of labour in the short run be determined for this firm Use the profit maximizing principals. Regardless of the existing market, a firm will
  67. Microeconomics

    Suppose that the market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 - 5W. The government has passed a law that subsidizes wages by $1 per hour. The equilibrium wage and quantity of labor with the subsidy is? $4 and 15 workers
  68. Economics

    How can competition in a scarce labor market affect wages? Wages will go down because productivity is lower. Wages will remain level because firms want to keep existing workers. Wages will go up to attract workers to a firm and to keep existing workers.
  69. ECONOMICS

    1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product? A) the demand for labor and the number of workers hired both increase B) the
  70. ECONOMICS

    PLEASE HELP ME WITH THESE!!!!!!!! 1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product? A) the demand for labor and the number of
  71. math

    The human resources department of a consulting firm gives a standard creativity test to a randomly selected group of new hires every year. This year, 50 new hires took the test and scored a mean of 111.6 points with a standard deviation of 14.3. Last year,
  72. Econ.

    In recent years, some policymakers have proposed requiring firms to give workers certain fringe benefits. For example, in 1993, President Clinton proposed requiring firms to provide health insurance to their workers. Let’s consider the effects of such a
  73. Economics - Cournot Model

    There is one firm with a marginal cost of 0. It's monopoly price is 10. Another firm enters, also with zero marginal cost. Using the Cournot model, would would the new oligopoly price be? Can this question be answered without more information about the
  74. advanced math

    The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase productionn from 49 to 50 units of output. Suppose
  75. maths

    at present, a firm is manufacturing2000 items.it is estimated that the rate of change of productionp w.r.t. additional number of workers x is given by dp/dx =100-12x.if the firm employs 25 more workers ,then the new level of production of items is
  76. economics

    Can someone assist me with these two questions. Thanks A perfectly competitive firm's demand is ____________ elastic and equal to ____________ which is equal to ____________. A firm is allocating 16 hours a day on its assembly line to producing goods A and
  77. econ

    P=15-Q/1000. Suppose there are two firms in this market. Compute equilibrium quantities and profits for each firm, and the equilibrium market price. Hint: Start with thinking about the number of loaves a firm will sell in a month — this quantity must be
  78. Algebra

    83. Minimizing Marginal Cost The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase production from 49 to
  79. economics

    The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that this perfectly competitive
  80. eco

    suppose that the marginal product of the last worker employed by a firm is 40 units of output per day and the daily wage that the firm must pay is $20 while the marginal product of the last machine rented by the firm is 120 units of out put per day and the
  81. Math

    A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including labor and materials will be 45% of sales. Indirect
  82. Management & Economics

    a producer of light bulbs claims to have the folllowing production function: Q=10L*G. a) what is the marginal product of labor? or glass? b)Draw the relavant isoquant map and isocost line if the cost of labor is $4 per work-hour and the cost of glass is $4
  83. economics

    suppose a firm's constant-returns to scale production function requires it to use capital and labor in a fixed ratio of two workers per machine to produce 10 units and that the rental rates for capital and labor are given by v=1, w=3. a. calculate the
  84. Managerial Economics

    Supposed that a firm's daily output is Q = 1.5L^0.76 K^0.24 Q = Daily output L = number of workers K = number of machines used per day Price per output = $10 If wages of a worker is $30 a day, how many workers(L) per unit of output should the firm hire?
  85. managerial economics

    The MorTex Company assembles garments entirely by hand even though a textile ma- chine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal
  86. Finance

    Unit 4 Individual Project Deliverable Length: 2-3 pages Details: A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs
  87. microeconomics

    Under the condition the two cournot’s duopolistic firms have identical costs, assume that the market demand and cost functions are given as follows; P=60-Q where Q=Q1+Q2 MC1=MC2=0 Where Q1 is the output of firm 1 Q2 is the output of firm 2 P is the price
  88. World Business Economics

    13. Dell’s marginal cost curve and average total cost curve of producing a computer would shift upward if: A.) The firm realizes technological improvements B.) Workers become less productive C.) Materials prices decline for the firm D.) Business taxes
  89. Economics

    Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of $60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: $3,600. a. What is marginal cost? b. What is
  90. Economics

    Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of $60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: $3,600. a. What is marginal cost? b. What is
  91. Economics

    explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor
  92. economics

    explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor
  93. Satistics

    The human resources department of a consulting firm gives a standard creativity test to a randomly selected group of new hires every year. This year, 80 new hires took the test and scored a mean of 112.5 points with a standard deviation of 17.3. Last year,
  94. economics

    6)Assume the graph below represents the market demand for a patented prescription drug together with the firm-level marginal cost and average cost functions for producing the drug. Assume these cost curves do not reflect R&D costs of developing this drug,
  95. economics

    Assume that average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen, what is the average product of the seventh worker?
  96. microeconomics

    Assume that average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen, what is the average product of the seventh worker?
  97. economics

    Assume that average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen, what is the average product of the seventh worker?
  98. Maths

    An electronics firm manufactures printed circuit boards and specialized electronics devices. Final assembly operations are completed by a small group of trained workers who labor simultaneously on the products. Because of limited space available in the
  99. Economic

    Suppose a firm has a constant marginal cost of$10 the current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0. Is the firm charging the optimal price for the product? Demonstrate how you know.
  100. Economics

    The chapter is on Production and costs in thelong run, we are given a long run expansion path graph, all through out the book we are given labor cost and capital cost, ie. price of labor $5 dollars per unit(w), price of capital $10 per unit (r). Then I get

Pages

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20