refer to table 18-1. what is the marginal product of the fourth worker?
Refer to Table 1. What is the third worker's marginal product of labor
MICRO Economic science 202 Autumn 2014 — FINAL EXAM
100 POINTS
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Refer to Tabular array one. What is the third worker's marginal product of labor
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I
MULTIPLE Choice — Ii POINTS EACH
Table 1
Consider the following daily production information for
MadeFromScratch, Inc. MadeFromScratch sells cupcakes for $two each and pays the
workers a wage of $325 per 24-hour interval.
| Labor (number of workers) | Quantity (cupcakes per day) | Marginal Production of Labor (cupcakes per day) | Value of the Marginal Product of Labor | Wage (per day) | Marginal Profit |
| 0 | 0 | $325 | |||
| 1 | 200 | $325 | |||
| ii | 380 | $325 | |||
| 3 | 540 | $325 | |||
| 4 | 680 | $325 | |||
| five | 800 | $325 | |||
| six | 900 | $325 |
one. Refer to Tabular array 1. What is the third
worker's marginal product of labor?
a. 120
cupcakes
b. 140
cupcakes
c. 160
cupcakes
d. 180
cupcakes
2. Refer to Table i. What is the quaternary
worker's marginal product of labor?
a. 120
cupcakes
b. 140
cupcakes
c. 160
cupcakes
d. 180
cupcakes
3. Refer to Table 1. What is the fifth
worker's marginal production of labor?
a. 120 cupcakes
b. 140 cupcakes
c. 160 cupcakes
d. 180 cupcakes
four. Refer to Tabular array 1. What is the sixth
worker'due south marginal product of labor?
a. 100 cupcakes
b. 120 cupcakes
c. 140 cupcakes
d. 160 cupcakes
v. Refer to Table i What is the value of
the marginal product of the outset worker?
a. $200
b. $400
c. $500
d. $700
6. Refer to Tabular array 1. What is the value of
the marginal production of the second worker? .
a. $180
b. $360
c. $450
d. $720
7. Refer to Table 1. What is the value of
the marginal product of the fifth worker?
a. $120
b. $240
c. $300
d. $one,600
8. Refer to Table 1. The marginal product
of labor begins to diminish with the addition
of which worker?
a. the 1st worker
b. the 2d worker
c. the 3rd worker
d. the 4th worker
ix. Refer to Table one. What is the marginal
turn a profit of the fourth worker?
a. $280
b. $25
c. –$v
d. –$45
10. Refer to Table 1. What is the marginal
profit of the sixth worker?
a. $100
b. −$l
c. −$75
d. −$125
12. Refer to Table 1. Bold
MadeFromScratch is a competitive, profit-maximizing business firm, how many workers will
the business firm hire?
a. 2 workers
b. 3 workers
c. 4 workers
d. five workers
13. Refer to Table ane. Presume that
MadeFromScratch is a competitive, profit-maximizing business firm. If the marketplace price
of cupcakes increases from $2.00 to $2.50, how many workers would the firm then
hire?
a. 2 workers
b. 3 workers
c. 4 workers
d. 5 workers
14. Refer to Table 1. Suppose that in that location
is a technological advance that allows MadeFromScratch employees to
produce more than cupcakes than they could before. Because of
this change, the firm'southward
a. demand for labor shifts right.
b. demand for labor shifts left.
c. supply of labor shifts right.
d. supply of labor shifts left.
15. Refer to Tabular array i. Suppose that the
house suffers a loss of some of their engineering such as the theft of their
industrial mixers. Later the theft, MadeFromScratch employees produce fewer
cupcakes than they could before because they must mix the cupcake concoction past
mitt rather than using the high-speed mixers. Considering of this change, the
firm'due south
a. need for labor shifts right.
b. demand for labor shifts left.
c. supply of labor shifts right.
d. supply of labor shifts left.
16. Which of the post-obit is nigh likely an inferior expert?
a. an
antique car
b. gasoline
c. a
jitney ticket
d. an
airline ticket
17. A expert is an junior good if the consumer buys more of
it when
a. his
income rises.
b. the
price of the good falls.
c. the
price of a substitute proficient rises.
d. his
income falls.
xviii. Pepsi and pizza are normal goods. When the price of
pizza rises, the exchange event causes Pepsi to be relatively
a.more
expensive, so the consumer buys more than Pepsi.
b.more
expensive, so the consumer buys less Pepsi.
c.less
expensive, and then the consumer buys more than Pepsi.
d.less
expensive, so the consumer buys less Pepsi.
19. Y'all can think of
an indifference curve equally an
a.equal-cost
curve.
b.equal-marginal-toll
curve.
c.equal-utility
curve.
d.equal-marginal-utility
bend.
twenty. A Giffen expert is
one for which the quantity demanded rises equally the price rises considering the income
effect
a. reinforces
the exchange upshot.
b. reinforces
and is greater than the commutation result.
c. counteracts
merely is smaller than the substitution effect.
d. counteracts
and is greater than the substitution upshot.
21. How are the
following 3 questions related: 1) Do all demand curves slope downwardly? 2)
How do wages affect labor supply? 3) How do interest rates affect household
saving?
a. They
all relate to macroeconomics.
b. They
all relate to monetary economic science.
c. They
all chronicle to the theory of consumer choice.
d. They
are not related to each other in any way.
22. Just equally the theory of the competitive firm provides a
more complete understanding of supply, the theory of consumer choice provides a
more complete understanding of
a.demand.
b.profits.
c.product
possibility frontiers.
d.wages.
23. The theory of consumer choice most closely examines
which of the post-obit 10 Principles of
Economics?
a.People
confront trade-offs.
b.Governments
can sometimes improve market place outcomes.
c.Merchandise can
make everyone better off.
d.Markets
are commonly a skillful style to organize economic activeness.
24. The theory of
consumer choice provides the foundation for understanding the
a.structure
of a firm.
b.profitability
of a firm.
c.demand
for a firm'southward product.
d.supply of
a firm'southward production.
25. The theory of
consumer choice
a.underlies
the concept of the demand for a particular good.
b.underlies
the concept of the supply of a item good.
c.ignores,
for the sake of simplicity, the trade-offs that consumers face.
d.can be
applied to many questions near household decisions, but information technology cannot be applied to questions concerning wages and labor supply.
Two
FIFTY POINTS
BOBBY'South BOTTLE SHOP,
LLC
Bbs makes and sells bottles in a perfectly competitive
market at a toll of $.50 for each bottle.
Bbs hires its labor in a perfectly competitive market at an hourly wage of $20. The relationship betwixt the quantity of
labor hired and the amount of output produced each 60 minutes is presented below:
LABOR Q
MPL VMPL
WAGE MARGINAL
(=
P 10 MPL) Turn a profit
0
0 —– ——- ——–
1
90 90 $45 $xx $25
ii
___ ___ ____ 20 ____
iii
___ ___ ____ 20 ____
4
___ ___ ____ twenty ____
5
___ ___ ____ 20 ____
six
___ ___ ____ 20 ____
7
___ ____ ____ 20 ____
eight.
___ ____ ___ xx ____
1. Enter the
missing information in the proper place on the above grid.
two. What is the
efficient labor quantity? Why?
3. Graph the
equilibrium supply and demand for labor; label all curves and the axes.
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