Question
Need help with the first question and double-checking my answers for the second. Calculate the following parts: # of outputs Average Product # of workers
Need help with the first question and double-checking my answers for the second.
Calculate the following parts: # of outputs Average Product # of workers A # of outputs Marginal Product A # of workers VMP = MP Price per unit To find the number of workers that the employer should hire, compare the relationship between the v1P and the wage. 1. Suppose the table below represents increases in total output as additional individuals are assigned to work with a piece of machinery _ Compute the average and the marginal products of labor for each additional worker _ Ifthe wage rate is $20 and the price of output is how many workers will the employer wish to hire? What if the wage falls to S7? What if the wage falls to To fill the blanks: use the following equations Total Labor Cost = Wage * # of Workers Total Revenue = # of Output Price of Output Profit = Total Revenue Total Labor Cost A Total Revenue Marginal Revenue A Output A Total Cost Marginal Cost A Output After filling the table, identi' the largest profits or NIR=MC_ 2. Given the following information: complete the tables as shown and determine the approximate number of workers to be hired by the firm in equilibrium Number of Workers Total Output Output Workers Wage Price of Output 4 8 9 10 $10.00 $11.00 $12.10 $13.31 $14.64 $16.11 $17.72 $19.49 $21.44 $23.58 Total Labor $10.00 $22.00 $36.30 $53.24 $73.20 $96.65 $124.04 $155.92 $192.96 $235.80 Total Revenue $24. oo $48.00 $72.00 $96.00 S120_oo S144_oo S168_oo S192_oo S216_oo S240_oo Profit $14.00 $26.00 $35.70 $42.76 $46.80 $47.34 $43.96 $36.08 $23.04 $4.20 Marginal Revenue S6_oo S6_oo S6_oo S6_oo S6_oo S6_oo S6_oo S6_oo S6_oo S6_oo Marginal $2.75 $3.02 $3.32 $3.66 $4.02 $4.43 $4.87 5.36
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