i wil 5 upvotes. do fast no use chagpt answer. The following schedule shows howmany jars of Jaynie's Jam can beproduced daily withvarious amounts of labor (assume thatthe jam is sold in a competitive price-taker market).Workers per Day 1 2 3 4 5 6 7 8Total Output per Day 11 23 36 47 56 6369 74If Jaynie must pay each worker $65 perday and she can sell her jam for $10per jar, howmany workers should she hire if shewants to maximize profits?

A competitive price taker bases their hiring decision according to the optimality condition: W =…

Answered: The following schedule shows how many…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Similar questions

Other than the demand for labor, what would be another example of a 'derived demand?
What is die price commonly called in the labor market?
Name some factors that can cause a shift in the demand curve in labor markets.
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
Give the three reasons that explain why the division of labor increases an economys level of production.
Table 18-1 Days of Labor Units of Output Marginal Product VMPL 10 10 200 18 160 25 140 30 100 33 60 34 20 Refer to Table 18-1, Soppose that the firm pays its workem S00 per day. Each unit of output sells for $20 How many days of labor shouald the firm hire 04
11:16 Fri 10O Dec * 9 80% ... managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A 22 of 46 AP Microeconomics Page 21 of 46 AP CollegeBoard Test Booklet Unit 5 Problem Set - FRQ's Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. The table below shows the short-run production function for Josh's Consulting Firm. Number of Consultants Total Product per Hour 1 21 2 43 3 66 4 88 108 6. 126 7 141 8. 151 (a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers. (b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2. Calculate the marginal revenue product of the fifth consultant. Show your work. (c) Josh's Consulting Firm hires…
XYZ restaurant sells donuts at $2 per unit. It uses capital (which it rents at $5 perhour under a contract for 5 and labor (which is paid a wage of $150 per hour oflabor services) K L Q MPL APL VML FC VC TC 5 0 0 0 5 1 50 50 50 50 25 150 175 5 2 125 75 5 3 225 100 5 4 375 150 5 5 450 75 5 6 450 0 5 7 400 -50 5 8 425 -75 5 9 450 -25 5 10 500 -50 5 11 525 25 Complete the Table above Define firm’s fixed costs. Next, what is Firm’s FC in the Table above. Why? Define the Firm’s Variable Costs. Next, what is the VC in the Table above? Determine the Firm’s Total Cost of producing 50 units of output What is the variable cost of producing 375 units of output? How many units of the variable input should be used to maximize profits? Define profit? What are the maximum profits this firm can earn?
2 of 2 Book Print erences ic raw ill 430s workers S 10 20 30 40 5:07 / 5:07 The following table gives output for different numbers of workers for Shiny Sleeves, a producer of shirt varnish. Shiny Sleeve's wages are $10 per hour. For each level of workers, calculate Shiny Sleeve's total hourly wage cost. Instructions: Enter Marginal Product and Wage Cost in whole numbers and Marginal Cost rounded to two decimal places. For each jump between levels of workers and output, calculate Shiny Sleeve's Marginal Product and Marginal Cost. output/hour 50 100 140 170 Marginal Product LO 5 4 3 1x
Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…
Carolyn owns a soda factory and hires workers in a competitive labor market to bottle soda. Her company's weekly output a bottle soda varies with the number of workers hired, as shown in the following table. Complete the following table before answering: Number Of Workers Cases Per Week Total Revenue $ per week VMP $ per worker 0 0 1 200 2 360 3 480 4 560 5 600 A. If each case sells for $10 more than the cost of the materials used in producing it in the competitive market wage is $1000 per week how many workers should Carolyn hire? How many cases will be produced per week?…

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