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Help with drawing graph is need too Thank you and Please don't Block it when you are not able to solve it 1. Computing labor

Help with drawing graph is need too Thank you and Please don't Block it when you are not able to solve it

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed 1. Computing labor productivity and its relationship to the demandfor labor Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function: Labor Output ( Number of workers) (Grills) 0 0 1 90 2 1 7 5 3 245 4 300 5 325 Use the blue points (circle symbol) to plot the production function for Sizzler's on the foilowing graph. Note: For the graphing tool to grade correctly, you must plot the points in order from left to right, starting with the point closest to the origin. 400 O 360 320 __ Production Function 280 240 - 200 -- 160 -- OUTPUT (Grills) 120 O 1 2 3 4 5 LABOR (Number of workers) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. For the graphing tool to grade correctly, you must plot the points in order from left to right, starting with the point closest to the origin. 100 90 80 MPL 70 60 50 40 MPL (Grills per worker) 30 20 10 LABOR (Number of workers) The following graph shows the demand for labor for three different prices per grill: 200 180 D M El 160 e 140 |:| g 0 o O f 120 N '\" El 0. 2 100 0 g D 9 80 o O LIJ 2 E 60 D 40 O 20 o o 1 2 3 4 5 LABOR (Number of workers) Given the company's marginal product of labor curve shown on the second graph, line V on this graph shows Sizzler's demand for labor when the price of a grill is $1.50, and line Y shows Sizzler's demand for labor when the price of a grill is $2.00. 2. Graphing demand for labor and computing the optimal quantity Consider a company operating in a competitive market. The company sells units of output and receives a price of $30 per unit, and pays a daily market wage of $375 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 16 1 16 15 2 31 14 3 45 1 1 4 56 8 5 64 On the following graph, use the blue points (circle symbol) to plot the rm '3 labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. 500 O 450 Demand 400 350 300 Market Wage Rate WAGE (Dollars per worker) 250 200 150 100 50 0 0 2 5 LABOR (Number of workers) The profit-maximizing quantity of labor at the market wage is5. Labor market definitions Complete the following table by selecting the term that matches each denition on the left. Market Labor Market Labor Definition Supply Curve Demand Curve The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to O 0 provide in a market The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire O O in a market The additional revenue the rm receives from selling the output produced from an additional unit of labor The increase in the amount of output from an additional unit of labor Which of the following events may decrease the marginal product of labor? Check all that apply. C] A technological improvement that is substitutable for the labor in this market Marginal Product of Labor O [3 Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good D A flood that damages most of the machinery used to make the good, decreasing the capital stock [3 An increase in the wage rate Value of the Marginal Product of Labor 0

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