Principles of Macroeconomics

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 101: Principles of Microeconomics NAME: Korinna K. Hansen Disc. Section: Practice Quiz 8 The market demand for gardeners in the Madison area is given by P L = 100 – 2Q L , and the market supply by P L = 10 + Q L , where Q L is the quantity of labor in thousands and P L is a gardener’s hourly wage. Bill’s planting firm is looking into hiring some guys to plant bushes this spring. The Bill’s planting firm will receive $10 per bush planted from all their customers. Assume that both the labor market for gardeners and the bush planting market are perfectly
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: competitive. The table below gives you information about the productivity in Bill’s planting firm. Gardeners Total Output per hour (# of Bushes planted) 1 8 2 14 3 18 4 20 (5 points) Given the information in the table above, what are the marginal revenue product values for gardeners in this firm? Fill in the table above. (5 points) Should Bill’s planting firm hire any gardeners? How many? Why?...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern