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Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references. Minimum word count of 175 words per question. 1) What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace. 2) At a restaurant such as McDonald's the marginal productivity of an additional worker can be zero. A person that just comes in and punches the clock and adds nothing to output, since he or she stands around waiting for customers to come in.
What about when the restaurant is busy? Is the marginal product of labor still zero? 3) Why is the demand of labor a derived demand? What is the relationship between productivity and the wages earned by employees where you work or at an organization with which you are familiar? What are some factors that determine the level of your income? Explain your answer. 4) what would be another recommendation you could give a small business owner that makes sense at the micro level but would harm the broader economy if it is applied by a large number of businesses?
Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases How much sugar will government purchase. Suppose the government gives a guaranteed minimum price for sugar o..
Assume you tested several automobile tires and recorded a Chi-sq. test, you decide that miles until failure are normally distributed, with mean failure of 50,000 miles and the standard deviation of failures was 10,000 miles.
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $120 billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent ..
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year if $1.4 million. The cost-capcaity factor for this particular plant technology is 0.59 for capacities ranging from 200,000 gallons per y..
Wishwell Tile Corporation uses the number of construction permits issued to help estimate demand. The company collected the following information on yearly sales and number of construction permits issued in its market area:
estimated that an increase by 1 in the number of games won raises team revenues by $250,000. You have determined that each rebound per game increases games won by 0.4 and each point per game raises games won by 0.1. A basketball player.
Suppose that investment demand increases by $100. Assume that households have a marginal propensity to consume of 80 percent. Compute the first three rounds of multiplier effects as follows: a) What are the first cycle changes in spending? Total cu..
A California asparagus farmer is maximizing profit. The price of asparagus is $2 a box, a farm worker's wage rate is $12 an hour, and the asparagus farm employs six workers. If, when the price of asparagus increases to $3 a box,the farm hires eigh..
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $37,000 per year. The store is located on prime real estate in a college town. World of V..
A senator gives a speech where he attacks payments to seniorcitizens. He claims that payments increased by 50% per person from1980 to 1990. Another senator gives a speech about health-carespending.
A 12-year-old boy, while crossing a bridge over the defendant's trolley tracks, swung an 8-foot-long wire over the bridge. The wire touched the defendant's uninsulated trolley wire, which ran over the tracks of his trolley and beneath the bridge
As manager of Citywide Racquet Club, you must determine the best price to charge for locker rentals. Assume that the (marginal) cost of providing lockers is 0. The monthly demand for lockers is estimated to be Q = 100 - 2P
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