Question
. Sam’s Chocolate Bras Production is shown in the following table. It costs Sam’s Chocolate Bras...
. Sam’s Chocolate Bras Production is shown in the following table. It costs Sam’s Chocolate Bras $80 per day per worker. Each chocolate bar sells $3.
|
Quantity of Labor |
Quantity of Chocolate Bars |
|
0 1 2 3 4 5 6 7 8 |
0 100 180 240 280 310 330 340 320 |
- Compute the Marginal Product and the value of the Marginal Product that each worker creates.
How many workers should Sam’s Chocolate hire? You need to create a new table here
Homework Answers
Answer #1
b)
Sam would hire workers as long as value of marginal product exceeds the wage rate that needs to be paid to workers.Here, wage rate is $80 per day. So, Sam will hire only 5 workers. ( value of marginal product for 6th worker is less than the wage rate so he won't hire 6th worker).
Not the answer you're looking for?
Similar Questions
Sam’s Chocolate Bras Production is shown in the following table. It costs Sam’s Chocolate Bras $80...
Sam’s Chocolate Bras Production is shown in the
following table. It costs Sam’s Chocolate Bras $80 per day per
worker. Each chocolate bar sells $3.
Quantity of Labor
Quantity of Chocolate Bars
0
1
2
3
4
5
6
7
8
0
100
180
240
280
310
330
340
320
Compute the Marginal Product and the value of the
Marginal Product that each worker creates.
How many workers should Sam’s Chocolate hire? You need
to create a new table here.
1. Below is a table showing the production numbers for a chair factory (where the production...
1. Below is a table showing the production numbers for a chair
factory (where the production numbers are based on chairs being
produced per day).
Workers
Total Product
(TP)
Average Product
(AP)
Marginal Product (MP)
Value Marginal Product
(VMP)
0
0
-
-
-
1
10
2
15
3
70
4
30
5
50
6
40
7
240
8
260
9
30
a) Fill in the missing numbers for the TP, AP and MP columns
(round to the nearest chair)...
2.3 Consider the data in the following two sequences AB Sequence Patient Period 1 Period 2...
2.3 Consider the data in the following two sequences
AB Sequence
Patient
Period 1
Period 2
1
310
270
2
310
260
3
370
300
4
410
390
5
250
210
6
380
350
7
330
365
8
310
320
9
340
275
10
365
285
11
280
330
12
345
240
13
320
310
14
330
300
BA Sequence
Patient
Period 1
Period 2
1
370
385
2
310
400
3
380
410
4
290
320
5
260
340...
1a. Joy, who has an income of $40, can spend her income on 2 different goods,...
1a. Joy, who has an income of $40, can spend her income on 2
different goods, smoothies and energy bars. Energy bars cost $2
each, and smoothies cost $4 each. Draw her budget line.
1b. Can she buy 10 energy bars and 5 smoothies? Why or why
not?
1c. The following table shows her
utilities from smoothies and energy bars. 2
Quantity of
smoothies
Utility from
smoothies
Marginal
utility
MU / Price of
smoothies
Quantity of energy bars
Utility from...
Below is a table showing the production numbers for a chair factory (where the production numbers...
Below is a table showing the production numbers for a chair
factory (where the production numbers are based on chairs being
produced per day).
Workers
Total Product
(TP)
Average Product
(AP)
Marginal Product (MP)
Value of the Marginal Product
(VMP)
0
0
-
-
-
1
10
2
15
3
40
4
35
5
190
6
30
7
240
8
250
9
5
a) Fill in the missing numbers for the TP, AP and MP columns
(round to the nearest...
The table below shows the quantity of workers and total output for a local pizza parlor....
The table below shows the quantity of workers and total output
for a local pizza parlor. Answer the following questions based on
this table:
Quantity of workers
Total Out put
0
0
1
3
2
3
17
4
22
5
26
6
24
a. When the owner hires 4 workers, the average product of labor
is nothing pizzas. (Enter your response rounded to
two decimal places
b the marginal product of the fifth worker is nothing
pizzas. (Enter...
Research has shown that dark chocolate, in moderation, is good for your health. Because of this...
Research has shown that dark chocolate, in moderation, is good
for your health. Because of this nutritionists try to include this
as part of a healthy diet. A client of one of these nutritionists
was interested in establishing the average number of calories of a
particular dark chocolate bar which was part of his diet.The label
on the wrapper indicated that the number of calories in each bar
was 280. He took a sample of 19 of these chocolate bars...
Kaiser’s Ice Cream Parlor hires workers to produce smoothies. The market for smoothies is perfectly competitive,...
Kaiser’s Ice Cream Parlor hires workers to produce smoothies.
The market for smoothies is
perfectly competitive, and the price of a smoothie is RM4. The
labor market is competitive,
and the wage rate is RM40 a day. The table shows the workers total
product schedule.
Number of
workers
Quantity produced
(smoothies per day)
1 7
2 21
3 33
4 43
5 51
6 55
a. Calculate the marginal product and marginal revenue product for
each worker from the
table...
Use the table showing output and costs for Betty Lou's Burritos to answer the questions. Round...
Use the table showing output and costs for Betty Lou's Burritos
to answer the questions. Round your answers to two decimal
places.
Labor (workers per day)
Output (units per day)
Total fixed cost ($ per day)
Total variable cost ($ per day)
Total cost ($ per day)
0
0
50
0
50
1
8
50
25
75
2
12
50
50
100
3
20
50
75
125
4
25
50
100
150
5
32
50
125
175
What is the...
1. The table below shows the quantity demanded and supplied on barley for each price per...
1. The table below shows the quantity demanded and supplied on
barley for each price per bushel. Price per Bushel Quantity
Demanded per Month (million bushels) Quantity Supplied per Month
(million bushels) Sate of the Market (shortage or surplus) $2.30
400 300 $2.40 370 320 $2.50 340 340 $2.60 310 360 $2.70 280 380 a.
Based on the information above, plot a chart with supply and demand
curves. b. What are the equilibrium price and quantity of barley?
c. If...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 17 minutes ago
asked 21 minutes ago
asked 38 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago