Econ resource

If the wage rate is $20, how much labor does Stephanie demand?

5 workers

Henry can purchase mixers (capital) for his bakery, where he makes loaves of bread. The productivity and revenue generated by additional mixers is presented in the table below. Assume this is a perfectly competitive market. How much capital does Henry demand given the current price of mixers?

4 mixers

What is the equilibrium wage and the equilibrium quantity of solar panel installers for this small town?

800 , 4

A solar panel company shuts down in another town and solar panel installers try to find jobs in Billy's town.

A solar panel company shuts down in another town and solar panel installers try to find jobs in Billy's town.

Which of the following scenarios would lead to an increase in the demand for labor at Ronnie's cookie shop?

Labor productivity increases.

Alfonso wants to know what the cost of living would be in four different cities. He looks at circular ads from each of the cities and finds the prices of goods that he would normally buy during a typical trip to the grocery store each week. He adds up what he would pay for each grocery trip in the different cities and calls the sum "Price of Grocery Basket." He compares these costs to what he would earn in each city.

RW = 299,286,324,290

Henry is shopping for mixers (capital) for his bakery. Each mixer costs $40. Assume this is a perfectly competitive market. Fill in the "Total Capital Cost" and "Marginal Resource Cost" columns in the table below.

TC= 40,80,120,160,200,240,280 MRC40

Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Assume this is a perfectly competitive market. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below.

TLC= 10, 20, 30, 40, 50, 60,70 MRC = 10

Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie's earring shop?

The cost of capital (a substitute for labor) decreases.

Which of the following scenarios would lead to an increase in the demand for mixers at Henry's bread bakery?

The market price of bread increases.

Which of the following events would shift the marginal revenue product of Hannah's root beer factory workers to the left?

The price of root beer falls from $1.00 per bottle to $0.75 per bottle.

Which of the following scenarios would result in an increase in the wage rate of solar panel installers and a decrease in the quantity of solar panel installers employed in Billy's town?

Wages of solar panel installers increase in another town and attract workers away from Billy's town.

b. In which city is the nominal wage highest?

b= new york

c. In which city is the real wage highest?

c= lincoln

If the wage is $40 per day, how many workers will Ronnie want to hire?

2 workers

If the local solar panel installers form a union and negotiate a weekly wage of $1,200, how many workers will be supplied and demanded?

2, 6

Which of the following scenarios would result in a decrease in the wage rate of solar panel installers and a decrease in the quantity of solar panel installers employed in Billy's town?

A decrease in people's income decreases the demand for solar panels.

Which of the following scenarios would result in a decrease in the wage rate of solar panel installers and an increase in the quantity of solar panel installers employed in Billy's town?

A solar panel company shuts down in another town and solar panel installers try to find jobs in Billy's town.

Which of the following scenarios would result in an increase in the wage rate of solar panel installers and an increase in the quantity of solar panel installers employed in Billy's town?

An increase in the demand for solar panels raises the price of each installation.

Calculate Daphne's real wage in terms of how many months of rent her wage could purchase in each city and complete the "Real Wage" column in the table below.

RW = 42,37,34,54,41,30

Pierre produces wedges of aged cheddar cheese and sells them for $10 each. The table below shows the labor productivity for Pierre's cheese-making business. Fill in the missing values. Assume this is a perfectly competitive market.

TP = 20, 92, 102 MP = 12, 8 TR = 440, 920, 1100 MRP = 100, 80, 50

Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market.

TR = 40, 100, 140, 170, 190, 200, 205 MRP = 40,60,40,30,20,10,5

Using the tables listed below, the data table that would indicate an increase in Ronnie's demand for labor due to an increase in labor productivity is:

Table B.

Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns.

MP = 11,9,8,6,4,2,1 TR = 55,100,140,170,190,200,205 MRP = 55,45,40,30,20,10,5

Ronnie owns a cookie store. He has carefully recorded the number of cookies that his shop can produce with different numbers of workers. The table below shows the different number of workers and the "Total Product" column shows their output. The current market price for Ronnie's cookies is $0.50 per cookie. Assume this is a perfectly competitive market. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns.

MP= 100,80,60,40,20 TR= 50,90,120,140,150 MRP = 50,40,30,20,10

Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery. Each additional mixer has the productivity described below. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns. Assume this is a perfectly competitive market.

MP= 8, 12, 8, 6, 4, 2, 1 TR= 32, 80, 112, 136, 152, 160, 164 MRP= 32, 48, 32, 24, 16, 8, 4

The following graph represents Ronnie's demand for labor to help him make cookies in his cookie shop. Assume this is a perfectly competitive market. Using the graph, draw Ronnie's marginal resource cost (MRC) curve for the first 5 workers.

MRC = 40 straight from 0 to 5

What is the marginal revenue product of each worker if the current market price to install one solar panel is $50? What if the current market price is $100? $150? Using the table below, fill in the "Marginal Revenue Product" columns for each price.

MRP 50= 700,600,500,400,300,200,100 MRP 100= 1400,1200,1000,800,600,400,200 MRP 150 = 2100,1800,1500,1200,900,600,300