Question

A dog grooming business charges $35 per grooming. The table below shows how many dogs can be groomed per day based on the number of workers hired. Fill in the missing values. | Number of workers | Number of dogs groomed per day | Marginal product of labor | Value marginal product of labor | | :--- | :--- | :--- | :--- | | 0 | 0 | --- | --- | | 1 | 4 | 4 | (a) $ | | 2 | 9 | (b) | (c) $ | | 3 | 15 | (d) | (e) $ | | 4 | (f) | 5 | $175 | | 5 | 24 | (g) | (h) $ | | 6 | 27 | (i) | (j) $ | | 7 | 29 | (k) | (l) $ | | 8 | (m) | 1 | (n) $ | Part 2 (1 point) If groomers are paid $105 per day, the business should hire groomers.

          A dog grooming business charges $35 per grooming. The table below shows how many dogs can be groomed per day based on the number of workers hired. Fill in the missing values.

| Number of workers | Number of dogs groomed per day | Marginal product of labor | Value marginal product of labor |
| :--- | :--- | :--- | :--- |
| 0 | 0 | --- | --- |
| 1 | 4 | 4 | (a) $ |
| 2 | 9 | (b) | (c) $ |
| 3 | 15 | (d) | (e) $ |
| 4 | (f) | 5 | $175 |
| 5 | 24 | (g) | (h) $ |
| 6 | 27 | (i) | (j) $ |
| 7 | 29 | (k) | (l) $ |
| 8 | (m) | 1 | (n) $ |

Part 2 (1 point)
If groomers are paid $105 per day, the business should hire groomers.

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A dog grooming business charges 35 per grooming. The table below shows how many dogs can be groomed per day based on the number of workers hired. Fill in the missing values.

| Number of workers | Number of dogs groomed per day | Marginal product of labor | Value marginal product of labor |
| :— | :— | :— | :— |
| 0 | 0 | — | — |
| 1 | 4 | 4 | (a) |
| 2 | 9 | (b) | (c) |
| 3 | 15 | (d) | (e) |
| 4 | (f) | 5 | 175 |
| 5 | 24 | (g) | (h) |
| 6 | 27 | (i) | (j) |
| 7 | 29 | (k) | (l) |
| 8 | (m) | 1 | (n) |

Part 2 (1 point)
If groomers are paid105 per day, the business should hire groomers.

Added by Rachel J.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Andrew Davis

11/22/2023

Step 1

This is the additional number of dogs that can be groomed with each additional worker. For 1 worker, the marginal product of labor is 4 (since 0 workers can groom 0 dogs, and 1 worker can groom 4 dogs). For 2 workers, the marginal product of labor is 5 (since Show more…

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A dog grooming business charges $35 per grooming. The table below shows how many dogs can be groomed per day based on the number of workers hired. Fill in the missing values. Part 2 (1 point) If groomers are paid $105 per day, the business should hire groomers.

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Transcript

00:01 So here we're talking production and the first thing is we have the number of workers which goes zero, one, two, three, four, five, six, seven, eight, and nine.

00:11 I didn't give myself the best space in here.

00:14 We'll see if we can do that, fix that just a little bit.

00:17 We are thinking about then the quantity of dogs groomed and we are given zero, four, nine, 15, blank, 24, 27, 29, oh it just goes to eight not nine.

00:35 I'm just an idiot.

00:37 We are also given the marginal product of labor which is the change in quantity over the change in the amount of labor which doesn't exist is four and you can see it's four because we're increasing by four.

00:53 We are then blank, blank, blank, five, blank, blank, blank, and three.

01:00 And so you can see if this is five this has got to be 20 and if this is three this has got to be 32.

01:08 Similarly this has got to be five, this has got to be six, this has got to be four, this has got to be three, and this has got to be two.

01:19 One, two, three, four, five, six.

01:22 Now the last thing is just the value of the marginal product.

01:26 Is this the marginal product converted into dollars? it is equal to the price times the marginal product.

01:32 So all we're doing is converting into dollars.

01:34 We are given for example that this is 175.

01:38 So this implies that the price is equal to 175 divided by five which is equal to 35...

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