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mullxmnnmmu @ Assignment 13h: x ll llllll l lei Question 10 of 10 Stan's Studio hires workers to take photo portraits. The market for photo portraits is perfectly competitive, and the price ofa portrait is $10, The labour market is competitive, and the wage rate is $60 a day The table shows part of the workers' total product schedule lithe price at a portrait remains at $10 but the wage rate rises to $80 a day, what happens to the value of marginal product of labour? Does Stan's Studio hire more workers or fewer workers? The value of marginal product of labour . Stan's Studio hires O A. increases; more 0 B. decreases;fewer Cl C. does not change; tewer C; D. does not change; does not change seline andrade 12/03/22 This quiz: 10 point(s) possible This question: 1 minus) possible 5:03 in! Submit quiz mylab.pea O croeconomics - On Campus F22 (1) seline andrade 12/03/22 3:20 PM signment 13 (Chapter 17) Question 9 of 10 This quiz: 10 point(s) possible This question: 1 point(s) possible Submit quiz New Refinery's Oil Terminal Cleared Rental rate (thousands of dollars per day) ist K 60- Newfoundland and Labrador Refining Corp., in the race to build North America's first new refinery in a generation, has received federal environmental approvals for its marine terminal. The facility 35 proposed will cost $4.6 billion and will process 300,000 barrels of oil per day. A second facility with So the same capacity is planned for Saint John, New Brunswick. 50- Source: Reuters, April 30, 2008 45 Explain how a high price of gasoline influences the markets for oil refineries and draw a graph to 40-4. illustrate the effect. 35 35 30- A rise in gasoline prices of refineries. 25 O A. decreases the marginal product 20- O B. increases the marginal product 40 150 Do 154 O C. decreases the supply 20 30 40 50 60 70 80 Refineries (quantity) O D. increases the value of marginal product Draw only the objects specified in the question. The graph shows the market for oil refineries. Draw a point to show the equilibrium rental rate and the equilibrium quantity of refineries. Label it 1. Draw a curve that shows the effect of high gasoline prices in the market for refineries. Label it. Draw a point to show the new equilibrium rental rate and equilibrium quantity of refineries. Label it 2. 10 Next MacBook Airalculator x 5 Pearson MyLab a x 1 Homepage - ECO X Course Home X Assignment 13 (C x C | Chegg.com x Australia vs. / 41 x G Plan & Schedule ( x + mylab.pearson.com/Student/PlayerTest.aspx?testid=245677560¢erwin=yes O O Microeconomics - On Campus F22 (1) seline andrade 12/03/22 3:20 PM Assignment 13 (Chapter 17) Question 6 of 10 This quiz: 10 point(s) possible This question: 1 point(s) possible Submit qu Stan's Studio hires workers to take photo portraits. n list K Portraits The market for photo portraits is perfectly competitive, and the price of a portrait is $15.00. The Workers per day labour market is competitive, and the wage rate is $60 a day. 3 19 24 on 1 The table shows part of the workers' total product schedule. 28 NOUA Explain how Stan's maximizes profit. 31 33 on 2 Stan's maximizes profit by hiring the quantity of labour on 3 A. at which the value of marginal product of labour equals the market wage rate B. that maximizes the quantity of photo portraits O C. that maximizes the marginal product of labour on 4 D. that maximizes the value of marginal product of labour on 5 on 6 7 ion 7 ion 8 Nextmylab.pearson.com/Student/PlayerTest.aspx O Microeconomics - On Campus F22 (1) seline andrade 12/03/22 3:20 PM Question 8 of 10 This quiz: 10 point(s) possible Assignment 13 (Chapter 17) This question: 1 point(s) possible Submit quiz Canadian Housing Starts Rise in July Wage rate (dollars per hour) on list K 20 Housing starts rose in July due to an increase in multiple starts in all regions except Quebec. Quebec was also the only region to have July starts fall behind the 12-month average. The largest So gains have been in Ontario and British Columbia, with starts up 42 percent and 34 percent 19- ion 2 year-over-year respectively. Source: Canadian Real Estate Magazine, Aug 10, 2011 18- tion 3 Explain how an increase in housing starts (building new homes) influences the market for construction labour. tion 4 An increase in housing starts Do stion 5 O A. increases the supply of labour O B. decreases the marginal product of labour 100 200 300 400 500 600 700 O C. increases the value of marginal product of labour Quantity of labour (thousands of workers) stion 6 O D. increases the marginal product of labour 2>> Draw only the objects specified in the question. The graph shows the market for construction workers in Canada. estion 7 Draw a point to show the equilibrium wage rate and the equilibrium quantity of labour. Label it 1. Draw a curve to show the effect of an increase in housing starts (building new homes) in the market for construction labour. Label the curve. lestion 8 Caty Draw a point at the new equilibrium wage rate and equilibrium quantity of labour. Label it 2. uestion 9 uestion 10 Nexto Assigmnennalc u Stan's Studio hires workers to take photo portraits. The market for photo portraits is perfectly competitive, and the price is $15 a portrail. The labour market is compelitive, and the wage rate is $135 a day The table shows part of the workers' total product schedule. i Calculate the marginal product of hiring the fourth worker and the value of marginal product of the fourth worker. I The marginal product of hiring the fourth worker is portraits a day. The value of marginal product of the fourth worker is $