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Suppose a competitive firm can sell its output for $9 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 8 2 20 3 35 4 44 5 51 6 54 In the table below, you will determine several points on the firm's demand curve for labor. To do this, you must determine how many workers the firm should hire for different values of the wage rate in order to maximize profit. Complete the table below: Wage Rate Per Worker Quantity Demanded of Workers $30 $60 $75 $100
Suppose you own a restaurant that serves only dinners. You are trying to decide whether or not or rent out your dinning room and kitchen during mornings to another firm, the Breakfast Club Inc., that will serve only breakfast.
You are the manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months. Following are the average negotiated prices for each month and quantities sold ..
Complete the following table for a single firm operating in labor market, A and product market, B a) What, if anything, can one conclude about the degree of competition in labor market A and product market B b) What is the profit maximizing level of ..
A former employee decides to sue QopyQat, alleging employment discrimination. Although management claims innocence, they agree to settle out of court. The settlement requires QopyQat to pay the employee $10,000 per month for the next year.
Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the w..
the worker doing the mathematical operation by hand in 32 seconds, and with the computer application, the operation is doing in 16 seconds with a 50 % of improvement. (theoretic - experimental)/theoretical *100% is the used formula for the 50%
A petroleum geologist estimates that the present annual production of 300000 barrels of oil from a group of 10 wells will decrease as follows over a 19 year life: Years 1 - 4, 300000 barrels/year,, Years 5-10, 215000 barrels/year, 11-15, 125000 and..
Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be?
You have just received a proposal from the marketing department that your firm's advertising budget should be increased by 20% from its current level of $250,000. The marketing department feels the proposed increase will stimulate sales and enhanc..
The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each.
Recently, a university surveyed recent graduates of the English Department for their starting salaries. Four hundred graduates returned the survey. The average salary was $25,000 with a standard deviation of $2,500. What is the best point estimate..
New actuator element technology enables engineers to simulate complex computer-controlled movements in any direction. If the technology results in cost savings in the design of amusement park rides, what is the future worth in year 5 of savings.
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