Answer the next question(s) on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labo
r, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. Refer to the above data. What is the marginal product of the sixth worker
1 answer:
Answer:
3 units
Explanation:
Each unit sells at $3. We can calculate this by dividing $90 by 30 units = $3 per unit.
Since the total revenue with the sixth worker is $126, the total output = $126 / $3 = 42 units
Marginal product of the sixth worker = total output with six workers - total output with five workers = 42 - 39 = 3
Marginal product refers to the change in total output resulting from an increase in the number of inputs (workers in this case).
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The <u>aggregate demand</u> curve shifts <u>right</u>, output <u>increases</u>, and prices <u>increase</u> when the U.S. government doubles its spending on health care.
Aggregate demand or AD refers to the total demand for all individual goods and services.
The aggregate demand and supply for an economy can be depicted by a schedule, a curve, or even an algebraic equation. Just like the demand and supply for individual goods and services.
The total quantity of all goods and services that the economy demands at various price levels is illustrated by the aggregate demand curve.
Therefore, if the U.S. government doubles its health care spending, the aggregate demand curve shifts right, output rises, and prices rise.
Know what happens when there's equilibrium or when supply and demand meet: brainly.com/question/1342403
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