This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The above table shows the total product schedule for Hair Today, a hair styling salon. a) What is ... (Read 104 times)

kodithompson

  • Hero Member
  • *****
  • Posts: 566
on: Jun 29, 2018
The above table shows the total product schedule for Hair Today, a hair styling salon.
 
  a) What is the first worker's marginal product? The second worker? The third worker? The fourth worker? The fifth worker? b) Over what range of workers is there increasing marginal returns? Over what range is there decreasing marginal returns?

Question 2

Explain why a monopsony's marginal cost of labor is greater than the wage rate.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

flannelavenger

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jun 29, 2018
Answer to Question 1

a) The first worker's marginal product is 10 hair stylings. The second worker's marginal product is 15 hair stylings. The third worker's marginal product is 20 hair stylings. The fourth worker's marginal product is 15 hair stylings. The fifth worker's marginal product is 10 hair stylings.
b) There are increasing marginal returns for the first 3 workers. After the third worker, there are decreasing marginal returns.

Answer to Question 2

If the monopsony wants to hire more labor, it must offer a higher wage to the additional worker PLUS it must offer that same higher wage to all workers that were previously hired at a lower wage.


kodithompson

  • Member
  • Posts: 566
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

rleezy04

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

The familiar sounds of your heart are made by the heart's valves as they open and close.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Mammalian hair. Mammalian hair.
The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the
At breakfast, a middle-class husband sits absorbed in the newspaper and the public affairs of the da At breakfast, a middle-class husband sits absorbed in the newspaper and the public affairs of the da
According to Table 17.1, which will reduce water but not Mg2+? According to Table 17.1, which will reduce water but not Mg2+?
8.The following table contains DNA-sequence information compiled by Marilyn Kozak (1987). The ... 8.The following table contains DNA-sequence information compiled by Marilyn Kozak (1987). The ...
Short Table of Laplace Tranforms Short Table of Laplace Tranforms
Video: Virtual Tour of the Heart

For a complete list of videos, visit our video library