Exam 19: Markets for Factors of Production

-The table above shows the total product schedule of Piece a' Pi,a producer of pizza in a nearby college town.Suppose workers are paid $10 per hour and the price per pizza is $10.The marginal product of the third worker is

"As the quantity of labor hired increases,the value of marginal product stays constant as long as the wage rate is constant for all workers." Is the previous statement correct or incorrect? Explain your answer.

Suppose Mongo runs a glue factory in Knuckle,North Dakota.Mongo wants to fire his cousin Beevo for not working very hard at making glue.If firing Beevo would save Mongo $6.11 per hour in wages and the value of Beevo's marginal product equals $7.29 per hour,to maximize his profit,Mongo should

The Small Bookshop hires teenagers who love books.How does each of the following changes affect the supply and demand for workers for the Small Bookshop? a.The Big Bookshop,a chain bookstore down the street,offers a higher wage rate. b.More people buy books from Amazon.com. c.People watch more television and read fewer books. d.More older people who love to read move into the area where the Small Bookshop is located.

The table has the marginal products for workers at Bart's Bats, a baseball bat factory. -Using the above table,if the wage rate for a worker in a baseball bat manufacturing plant is $12 an hour,and the price of a bat is $3,then the firm will hire ________ workers.

A technological change that raises the value of marginal product of capital ________ the rental rate for capital because the ________.

The more people who remain in school for full-time education and training,the ________ is the ________ low-skilled labor.

Suppose in Chicago,at the going wage rate of $16.00 an hour,the quantity of lifeguards demanded exceeds the quantity supplied by 13,000 lifeguards.As a result,

The figure above shows a labor market in which a union has formed. -Labor unions' support for programs that increase their members' marginal products represents an attempt to shift the

If the wage rate exceeds the value of marginal product,a firm

The demand for labor curve of nurses shifts rightward if the A) value of marginal product of nurses increases. B) wage rate paid to nurses rises. C) supply of labor curve for nurses shifts leftward. D) wage rate paid to nurses falls. E) supply of labor curve for nurses shifts rightward.

Which of the following decreases the supply of labor that competes with union labor?

Which of the following statements about the supply of labor is correct?

If UPS hires another worker,UPS will be able to deliver an additional 20 packages an hour.The price of each package is $5.The value of this worker's marginal product is equal to

-Kevin owns a personal training gym in Laredo,Texas.He charges $41 per session.The above table shows the marginal product of trainers in Kevin's gym.If Kevin hires one trainer,the value of marginal product of this trainer equals

The supply of each particular block of land is

Robotic technology is a substitute for labor in many manufacturing processes.If the price of robotic technology decreases and the scale of the firm's production does not change,there is

The table below has the marginal product schedule for a firm.If the price of the product is $2 a unit,complete the table.If the wage rate is $8 an hour,how many workers does the firm hire?

The supply of land is perfectly ________ because no matter the amount of rent offered for land,the quantity of land is ________.

As the wage rate rises,the quantity of labor an individual supplies