View the step-by-step solution to:

James Schneider BUSC 1B Professor Dua 20 July 2016 Assignment #5 Marginal Revenue Product (MRP), also known as the Marginal Value Product, is the...

Hello I am looking for help with this microeconomics homework problem. Can you please check what I have done. and if not correct what is the correct answers. Thanks  

James Schneider BUSC 1B Professor Dua 20 July 2016 Assignment #5 Marginal Revenue Product (MRP), also known as the Marginal Value Product, is the market value of one additional unit of output. The Marginal Revenue Product is calculated by multiplying together the Marginal Physical Product (MPP) by the Marginal Revenue. The MRP assumes that the expenditures on other factors remain unchanged. MRP = MP P MP = ¿ the difference form, employee 1 boxes of Paper Per Day from Employee 2 Number of Employees Boxes of Paper Per Day MP Price of Paper Sells MRP 0 0 - $5 - 1 40 40 $5 200 2 75 35 $5 175 3 105 30 $5 150 4 130 25 $5 125 5 150 20 $5 100 6 160 10 $5 50 A. The Marginal Revenue Product (MRP) of the 4 Th worker is 125 B. The amount of employees that will be hired if the wage is $ 125 a day is 4 employees because Marginal Revenue Product (MRP)=Wages C. The amount of employees that will be hired if the wage is $ 175 a day is 2 employees because Marginal Revenue Product (MRP)=Wages
Background image of page 1
Number of Employees Boxes of Paper Per Day MP Price of Paper Sells MRP 0 0 - $8 - 1 40 40 $8 320 2 75 35 $8 280 3 105 30 $8 240 4 130 25 $8 200 5 150 20 $8 160 6 160 10 $8 80 1 2 3 4 5 6 0 50 100 150 200 250 300 350 50 100 125 150 175 200 80 160 200 240 280 320 Labor Demand Curve $5 $8 Employees MRP D. 1. The demand curve will shift to the left because of a higher price of Labor. Less employees will be working. 2. A. Facing a wage of $175 a day the Bond Paper Company should employ 5 works at $5 an hour. B. Facing a wage of $175 a day the Bond paper Company should employ 2 works $8 and hour.
Background image of page 2
Background image of page 1

Top Answer

Hello, please download the document... View the full answer

Assignment.docx

Assignment #5 ANSWERS 1. A. The Marginal Revenue Product (MRP) of the 4Th worker is 125. (CORRECT)
B. The amount of employees that will be hired if the wage is $ 125 a day is 4 employees
because...

Sign up to view the full answer

Other Answers

Please see the... View the full answer

Question_answer.docx

2 comments
  • Why did you do so? I told you to simply ignore. I was going to help you better than anyone at coursehero.
    • nick.nickkyag
    • Jul 19, 2016 at 10:45pm
  • Hello santiagoeloso, Please be aware that tutors and students are not allowed to communicate off of Course Hero's platform, and both parties are not allowed to share or solicit each other's email address and/or personal information. We have this policy in place to maintain the security of our website. We strongly advise users to refrain from sharing or soliciting personal information. Note that we will be unable to provide assistance should you be abused by a tutor outside of the platform. Moreover, we urge our users to contact us via moderator flag should a tutor share or solicit his/her personal info. Doing so allows us to address the issue and keep the platform safe. We thank you for your cooperation.
    • ka_moderator
    • Jul 20, 2016 at 1:36pm

Hello student, I can handle your question though it requires a lot of work for you to get the... View the full answer

PLEASE FIND THE... View the full answer

Assignment.docx

Assignment #5 ANSWERS 1. A. The Marginal Revenue Product (MRP) of the 4Th worker is 125. (CORRECT)
B. The amount of employees that will be hired if the wage is $ 125 a day is 4 employees
because...

2 comments
  • Thank you for your patient , wishing you all the best in your course dear student , regards .
    • johnkanene3
    • Jul 20, 2016 at 7:57pm
  • Feel free to ask any question please dear student .
    • johnkanene3
    • Jul 20, 2016 at 7:59pm

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online