Consider Urban Artisans, LLC. It has a workshop with 2 machineries that operate 8 hours per...

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Consider Urban Artisans, LLC. It has a workshop with 2 machineries that operate 8 hours per day (K-2). Also, it currently employs 5 artisans that also work for 8 hours per day (L-5) and get paid $30 per hour (W-30). The workshop manager is considering an increase in the number of artisans. In fact, she is thinking of increasing the number of employees that work in the workshop to, perhaps, 9 artisans. To help her make a decision, we are going to rely on a recent estimate of their production function: Q=4.5*K0.8*10.2. We also use the vectors below, describing the short-run variations in labor input: KL 26 27 2 8 29 Compute the total product (Q) when K-2 while L varies between 6, 7, 8, and 9. What is the total output when K=2 and L=9? (Round your answer to two decimal points). Reminder: You may simply use the estimated production function to compute the total product (Q) at varying levels of K and L. Compute the marginal product of labor (MPL) when K-2 while L varies between 6, 7, 8, and 9. What is the marginal product of labor when K-2 and L=9? (Round your answer to two decimal points). Reminder: The marginal product of labor (MPL) is defined as the changes in total product (Q) divided by the changes in the number of employees (L): MPL-AQ/AL. Urban Artisans' products sell for $100 per unit (P=100). Considering this price, compute the value of marginal product of labor (VMPL) when K-2 and L varies between 6, 7, 8, and 9. What is the value of marginal product of labor when K-2 and L=9? (Round your answer to two decimal points). Reminder: The value of marginal product of labor (VMPL) is defined as the product of price and marginal product of labor: VMPL=P*MPL. For this last question, I need to remind you that artisans in this LLC are paid $30 per hour. Also, we assume that a similar wage is offered to the new employees. Based on what you found in the above question and considering the above wage, what is your recommendation to the workshop manager? O It is optimal for her to hire the 6th artisan, the 7th artisan, and even the 8th artisan. O It is optimal for her to hire the 6th artisan, the 7th artisan, the 8th artisan, and even the 9th artisan. O It is optimal for her to only hire the 6th artisan. O It is not optimal for her to hire any additional artisans. O It is optimal for her to hire the 6th artisan as well as the 7th artisan. Consider Urban Artisans, LLC. It has a workshop with 2 machineries that operate 8 hours per day (K-2). Also, it currently employs 5 artisans that also work for 8 hours per day (L-5) and get paid $30 per hour (W-30). The workshop manager is considering an increase in the number of artisans. In fact, she is thinking of increasing the number of employees that work in the workshop to, perhaps, 9 artisans. To help her make a decision, we are going to rely on a recent estimate of their production function: Q=4.5*K0.8*10.2. We also use the vectors below, describing the short-run variations in labor input: KL 26 27 2 8 29 Compute the total product (Q) when K-2 while L varies between 6, 7, 8, and 9. What is the total output when K=2 and L=9? (Round your answer to two decimal points). Reminder: You may simply use the estimated production function to compute the total product (Q) at varying levels of K and L. Compute the marginal product of labor (MPL) when K-2 while L varies between 6, 7, 8, and 9. What is the marginal product of labor when K-2 and L=9? (Round your answer to two decimal points). Reminder: The marginal product of labor (MPL) is defined as the changes in total product (Q) divided by the changes in the number of employees (L): MPL-AQ/AL. Urban Artisans' products sell for $100 per unit (P=100). Considering this price, compute the value of marginal product of labor (VMPL) when K-2 and L varies between 6, 7, 8, and 9. What is the value of marginal product of labor when K-2 and L=9? (Round your answer to two decimal points). Reminder: The value of marginal product of labor (VMPL) is defined as the product of price and marginal product of labor: VMPL=P*MPL. For this last question, I need to remind you that artisans in this LLC are paid $30 per hour. Also, we assume that a similar wage is offered to the new employees. Based on what you found in the above question and considering the above wage, what is your recommendation to the workshop manager? O It is optimal for her to hire the 6th artisan, the 7th artisan, and even the 8th artisan. O It is optimal for her to hire the 6th artisan, the 7th artisan, the 8th artisan, and even the 9th artisan. O It is optimal for her to only hire the 6th artisan. O It is not optimal for her to hire any additional artisans. O It is optimal for her to hire the 6th artisan as well as the 7th artisan.

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Ans It is optimal for her to hire the 6th artisan the 7th artisan the 8th artisan and even the 9th a... View the full answer