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You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of material. At the current level of output (20 workers and 70 shirts per hour), the firm is losing money: Its total cost exceeds it total revenue. The firm has experimented with fifferent numbers of workers and discovered that 21 workers would produce 72 shirts; 15 workers would produce 60 shirts; and 16 workers would produce 63 shirts. You job as a consultant is to tell the firm which of these four options to take; and explain and show your calculations as to why you selected an option. 1. Option 1: Shut down the unprofitable operation. Explain why giving numerical calculations? 2. Option 2: Continue to produce 70 shirts per hour. Explain why giving numerical calculations? 3. Option 3: Produce more shirts. Explain why giving numerical calculations? 4. Option 4: Produce fewer shirts. Explain why giving numerical calculations?
Explain why capital flows cause imbalances in the current account. Post to the discussion board your 200 word answer focusing on selecting and organizing your most relevant comments in a coherent fashion.
Males under the age of 25 must pay far higher auto insurance premiums than females in this age group. How does this fact relate to statistical discrimination? Statistical discrimination implies that discrimination can persist indefinitely, while the ..
A manufacturer of aerospace products acquired a new multispindle, multi-turret turning center for $250,000. The machine will generate new revenue of $80,000 per year. Operating costs for the machine will average $10,000 per year. The company uses an ..
Consider a new per-worker employment tax on workers (where previously there was no tax). Outline the consequences of this tax on the local labor market. Use appropriate, clear, and well-labeled diagrams. In your answer show (1) the burden of the tax ..
q1. assume the government decides to fight obesity in america by imposing an excise tax on the saturated fat content of
Explain how each of the following actions will affect the level of planned investment spending and unplanned inventory investment. Assume the economy is initially in income–expenditure equilibrium. There is a reduce in the expected growth rate of rea..
Twenty farmers, in a society with 100 people, would collectively gain $100,000 from a farm subsidy. All 100 people would pay the $300,000 cost of the subsidy program. Are the farmers willing to lobby the government in support of the subsidy? Why or w..
Martha has the utility function U(x, y) = min {4x,2y}. Write down her demand for x and y as functions of the variables m, px, and py, where m is income, px is the price of x, and py is the price of y.
Jane lives in a dormitory that offers soft drinks and chips for sale in vending machines. Her marginal utility for soft drinks (Good X) is equal to 3Yand her marginal utility of chips (Good Y) is equal to 3X. MUx = 3Y MUY = 3X Soft drinks are priced ..
Where Q is the total quantity of all firms in the market and q is the quantity of a single firm. Suppose there are n firms in the economy. Solve for the total quantity of all the firms and the price in equilibrium as a function of n under Cournot.
If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax. For example, if the price of a chocolate bar is $5 and the government imposes a tax of 20 c..
Illustrate what can we conclude about the income elasticity of demand?is it positive or negative. what class of goods candy bar belongs to.
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