Labor, L (workers) Output, Q (units per day) 0 0 1 4 2 9 3 18 4 28 5 35 6 40 7 42 8 43 9 40 10 35 Refer to the table above. When the ________ worker is hired, the firm experiences decreasing marginal returns of labor.

High transaction costs:

Big Truck Hauling Company uses 5 units of capital at $1,000 per unit and employs 10 employees at a cost of $400 each. What is the company’s fixed cost?

The table shows the weekly relationship between output and number of workers for a factory with a fixed size of plant. What is the marginal product of labor between 2 and 3 workers? Number of Workers Output 0    0 1   50 2 110 3 300 4 450 5 590 6 665 7 700 8 725 9 710 10  705

Managers can increase the effective demand for their products by

Based on the table, if the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Number of Workers Output 0    0 1   50 2 110 3 300 4 450 5 590 6 665 7 700 8 725 9 710 10  705

What do we need to do to the reorder point if demand becomes more volatile?

At its current output level, Pretty Flowers Florist has average fixed costs equal to $5.40 and average variable costs equal to $3.20. What is Pretty Flowers Florist’s average total cost at their current output level?

Which of the following institutions may result in hold-up?

All answers must come from information learned from class materials.