Author Question: A firm's total product of labor curve is represented by the following data: 1 worker can produce 4 ... (Read 46 times)

nmorano1

  • Hero Member
  • *****
  • Posts: 598
A firm's total product of labor curve is represented by the following data: 1 worker can produce 4 units of output; 2 workers, 10 units; 3 workers, 17 units; 4 workers, 25 units; 5 workers, 30 units; 6 workers, 35 units; 7 workers, 38 units; 8 workers, 39 units; and 9 workers, 38 units. What is the marginal product of the seventh worker? When does the law of diminishing marginal product set in? Under these circumstances would you ever choose to employ nine workers?

Question 2

The earnings of which of the following resources comprises entirely of economic rent?
 a. Unskilled labor
  b. Coal
  c. Timber
  d. Water
  e. Biomass



BUTTHOL369

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

The marginal product of the seventh worker equals three units of output. The marginal product begins to diminish when the fifth worker is hired. One would never choose to employ nine workers since the marginal product of the ninth worker is negative.

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

It is believed that humans initially contracted crabs from gorillas about 3 million years ago from either sleeping in gorilla nests or eating the apes.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

For a complete list of videos, visit our video library