Math Problem Statement
Complete the following table by calculating the marginal physical product of labor (MPPL ) of each worker. Labor Output Marginal Physical (Number of workers) (Shovels) Product of Labor (Shovels) 0 0 1 95 2 185 3 260 4 320 5 355
Plot the MPPL curve on the following graph using the blue points (circle symbol). MPP L 0 1 2 3 4 5 100 90 80 70 60 50 40 30 20 10 0 MPPL (Shovels per worker) LABOR (Number of workers) Step 2: Demand for Labor Consider again Gopher Excavators's total physical product and its marginal physical product of labor. Labor Output Marginal Physical (Number of workers) (Shovels) Product of Labor (Shovels) 0 0 95 1 95 90 2 185 75 3 260 60 4 320 35 5 355
The following graph shows the demand for labor for three different prices per shovel: 0 1 2 3 4 5 300 270 240 210 180 150 120 90 60 30 0 WAGE (Dollars per worker) LABOR (Number of workers) O N M Given the company’s marginal physical product of labor, line on the previous graph shows Gopher's demand for labor when the price of a shovel is $1.00, and line shows Gopher's demand for labor when the price of a shovel is $2.00.
Solution
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Math Problem Analysis
Mathematical Concepts
Economics
Labor Economics
Marginal Analysis
Formulas
MPPL = Output_n - Output_(n-1)
Theorems
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Suitable Grade Level
Grades 10-12
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