ECO 365T Wk 3 - Apply: Elasticity and Consumer Choice Homework

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ECO 365T Wk 3 - Apply: Elasticity and Consumer Choice Homework

Review the Week 3 Elasticity and Consumer Choice Quiz in preparation for this assignment. 

Complete the Week 3 Elasticity and Consumer Choice Homework in McGraw-Hill Connect®. These are randomized questions. 

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop?

Labor productivity increases.

The cost of capital (a substitute for labor) decreases.

The price of earrings increases.

The wage rate increases.

Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery?

The market price of mixers decreases.

The productivity of mixers decreases.

The wage rate of labor (a substitute for capital) decreases.

The market price of bread increases.

Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery. Each additional mixer has the productivity described below. Fill in the “Marginal Product,” “Total Revenue,” and “Marginal Revenue Product” columns. Assume this is a perfectly competitive market.

Instructions: Enter your answers as a whole number.

Henry's Bakery and Revenues

Capital (mixers)     Total Product (loaves of bread)     Marginal Product (loaves of bread)      Price (dollars)Total Revenue (dollars)       Marginal Revenue Product (dollars)

0     0     —    $4    $0    —

1     8     8     4     32    $ 32

2     20    12    4     80    48

3     28    8     4     112  32

4     34    6     4     136  24

5     38    4     4     152  16

6     40    2     4     160  8

7     41    1     4     164  4

The marginal revenue product schedule is

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Multiple Choice

the same whether the firm is selling in a purely competitive or imperfectly competitive market.

the firm's resource demand schedule.

the firm's resource supply schedule.

Marginal product is

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Multiple Choice

the output of the least skilled worker.

the amount an additional worker adds to the firm's total output.

the amount any given worker contributes to the firm's total revenue.

a worker's output multiplied by the price at which each unit can be sold.

The change in a firm's total revenue that results from hiring an additional worker is measured by the

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Multiple Choice

marginal product.

average revenue product.

marginal revenue.

marginal revenue product.

Marginal revenue product measures the

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Multiple Choice

increase in total revenue resulting from the production of one more unit of a product.

increase in total resource cost resulting from the hire of one extra unit of a resource.

amount by which the extra production of one more worker increases a firm's total revenue.

decline in product price that a firm must accept to sell the extra output of one more worker.