What is the marginal product of the sixth farm worker

Assignment Help Econometrics
Reference no: EM131297755

A California asparagus farmer is maximizing profit. The price of asparagus is $2 a bunch, a farm worker's wage rate is $12 an hour, and the asparagus farm employs six workers. What is the marginal product of the sixth farm worker? If, when the price of asparagus rises to $3 a bunch, the farm hires eight workers, what is the marginal product of the eighth worker?

Reference no: EM131297755

Questions Cloud

Describe the strategic plan of business : Describe the strategic plan of your business. In this plan, state the business opportunities that exist and the general direction your business will take to capitalize on those opportunities.
Disadvantaged groups of health care as the uninsured : Your book described the disadvantaged groups of health care as the uninsured, underinsured, low-income groups, minorities, and women. Focusing on women as a disadvantaged group in health care, the book indicates that they receive less preventativ..
Most prevalent reason why employees organize : What do you think is the most prevalent reason why employees organize? Defend your reasoning and discuss.
Describe the production process of business : Describe the production process of your business. That is, describe the tasks that are required to produce your product or service.
What is the marginal product of the sixth farm worker : What is the marginal product of the sixth farm worker? If, when the price of asparagus rises to $3 a bunch, the farm hires eight workers, what is the marginal product of the eighth worker?
Monthly-payment-required mortgage loan for house : You are applying for a 30-year, fixed-rate (APR 6.50%), monthly-payment-required mortgage loan for a house that sells for $80,000 today. The mortgage bank will ask you for 20% initial down payment (in cash, paid immediately) of the house value, and c..
Describe the facilities needed for production : Describe the facilities needed for production. Will your business require that you rent space in a shopping mall? Describe in general terms the design and layout of the facilities?
Describe and discuss technological barriers : Describe and discuss technological barriers to, as well as circumstances which may foster, continued IT success and organizational contribution.
Explain how your business could use the internet : Explain how your business could use the Internet to give customers an opportunity to provide feedback to management.

Reviews

Write a Review

Econometrics Questions & Answers

  Design a simple econometric research project

Design a simple econometric research project

  Multiplicative decomposition method

Multiplicative decomposition method

  Market for cigarettes

The Australian government administers two programs that affect the market for cigarettes.

  Solve the forecast model

Solve the forecast model

  What are the marginal abatement cost functions

What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).

  Write the t statistic for testing the null hypothesis

Explain why this model violates the assumption of no perfect collinearity.  Write the t statistic for testing the null hypothesis

  What is economics system

What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type

  Multiple choice questions related to market concentration

Determine when a competitively produced product generates negative externalities in production, the industry will,

  Calculating number of units produced by firm

Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.

  Question about mobile commerce

M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.

  Calculating the average days past due and average flow time

Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:

  Mechanism of an english auction and second price auction

Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.

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