Compute the marginal revenue product at each level of labor

Assignment Help Mathematics
Reference no: EM13472116

Use the following data to answer the questions below. Assume a perfectly competitive product market.

Units of Labor       Units of Output

                0                                 0

                1                                 8

                2                                12

                3                                17

                4                                21

                5                                23

a. Calculate the marginal revenue product at each level of labor input if output sells for $4 per unit.

b. If the wage rate is $15 per hour, how much labor will be hired?

c. What is the firm's total revenue and total amount paid for labor at the level of labor input you determined in (b)?

Reference no: EM13472116

Questions Cloud

Given the following probability distribution compute the : given the following probability distributiondistribution adistribution
Complete the following placing it in a single word : complete the following placing it in a single word documentcontinuing with the contractual theme this week you will
Identify the various cyber crimes that would apply in a : the last primer you will prepare for your departments training series will give your colleagues a background on the
Describe what you have learned regarding the principles : explain what you have learned about the principles guiding general education from this course and the courses you have
Compute the marginal revenue product at each level of labor : use the following data to answer the questions below. assume a perfectly competitive product market.units of
Be sure to review the guidelines section for specifics : the purpose of the laws420 course project is to provide you with a practical view of the ethical dilemmas that you are
The planning that takes place in advance of action is used : planningthe planning that takes place in advance of action is used as a tool for predicting the future and at the
Evaluate the challenges and benefits of a technical and : examine the relationship between advances in technology and the responsibilities of global citizenship. describe how
Describe the rule of thumb standard that originated in the : describe the rule of thumb standard that originated in the case of state v. rhodes 1868 concerning domestic

Reviews

Write a Review

Mathematics Questions & Answers

  Use the slopes to interpret any change in daily revenues

the following are the slopes of lines representing daily revenues y in term of time x in days. Use the slopes to interpret any change in daily revenues for a one-day increase in time.

  If interest is compounded annually

If interest is compounded annually, it grows as follows. Suppose P0 is the initial amount and INT is the interest rate per year. If P1 and P2 represent the balance at the end of the first and second year

  What integer would represent your total budget

You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budget consists of an $80,000 loan from your family and a $38,250 small business loan. These loans must be repaid in full w..

  Use a binomial distribution for the random variable x

In each situation below, is it reasonable to use a binomial distribution for the random variable X? Give reasons for your answer in each case.

  Compute the centripetal force acting on the body

Compute the centripetal force acting on the body.

  Find the number of hits for each player

Two minor league baseball players got a total of 300 hits. Washington got 12 more hits then Sanchez. Find the number of hits for each player.

  The probability of event b given event a

The probability of event B given event A is P(B|A)=P(AandB)/P(A) The probability of event A given event B is P(A|B)=P(Aand B)/P(B)

  Find important information about probability and statistics

Important information about Probability and Statistics Find the probability distribution of the value x. mean , variance and standard derivation

  Find the position function describing the motion of object

An object has a constant acceleration of 42 ft per second squared, an initial velocity of 18 ft per second, v(0)= 18, and an initial position of 3 ft, s(0)=3. Find the position function describing the motion of the objec

  How large a radio telescope would we need to detect signal

Suppose instead that the signal is being broadcast from the other side of the Milky Way Galaxy, about 70000 light-years away. How large a radio telescope would we need to detect this signal?

  Find the volume of the solid obtained by rotating

Use the Theorem of Pappus to find the volume of the solid obtained by rotating the triangle with vertices (5, 4), (5, 8), and (11, 6) about the x-axis.

  What are the dimensions of the corral of maximum area

a rancher wishes to enclose a rectangular corral with 320 feet of fencing. the fencing only required 3 sides because of an existing wall. what are the dimensions of the corral of maximum area?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd