How much does a coffee shop worker earn

Assignment Help Econometrics
Reference no: EM131300822

A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $4 and the value of marginal product of workers in the coffee shop is $12 an hour.
What is the marginal product of the coffee shop workers? How much does a coffee shop worker earn?

Reference no: EM131300822

Questions Cloud

Influence of these events on bananaland''s labor market : Bananaland encourages anyone with $1 million to immigrate. Explain the influence of these events on Bananaland's labor market and land market.
Explain the main purpose of a quality management plan : Explain the main purpose of a quality management plan? What are two metrics - besides those provided in this chapter - that Kristin and her team could use on the Just-In-Time training project? Besides ensuring that classrooms are ready for trainin..
Manage mutual fund with an expected rate of return : Assume that you manage a mutual fund with an expected rate of return of 18% and a standard deviation of 34%. The T-bill rate is 5.5%. An investor wants to invest in your fund and T-bills such that the standard deviation of the investor’s total portfo..
What happens to isotherm spacing for different intensities : What happens to the isotherm spacing for the three different intensities? Which cyclone has the strongest temperature gradient? When and where does the minimum pressure occur along the cyclone's track?
How much does a coffee shop worker earn : A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $4 and the value of marginal product of workers in the coffee shop is $12 an hour.
Is the market for college football coaches competitive : Is the market for college football coaches competitive? If it is, why don't they all earn the same wage rate? Is the market for Nick Saban competitive? How is his compensation determined?
Discuss about the process and knowledge map : Discuss about the Process and Knowledge Map . identify key documents that you feel would be important to managing stakeholder expectations and requirements. Briefly explain why you would use these stakeholder documents in support of the project.
Analyze the agency compensation for employees : Analyze the agency's compensation for employees. Provide a rationale on what the costs and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014
Difference in equilibrium wage rates and quantities employed : Read Eye on the Coach on p. 493 and then draw demand-supply graphs to illustrate the markets for football coaches and economics professors. Explain the differences in the equilibrium wage rates and the quantities employed.

Reviews

Write a Review

Econometrics Questions & Answers

  Design a simple econometric research project

Design a simple econometric research project

  Multiplicative decomposition method

Multiplicative decomposition method

  Market for cigarettes

The Australian government administers two programs that affect the market for cigarettes.

  Solve the forecast model

Solve the forecast model

  What are the marginal abatement cost functions

What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).

  Write the t statistic for testing the null hypothesis

Explain why this model violates the assumption of no perfect collinearity.  Write the t statistic for testing the null hypothesis

  What is economics system

What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type

  Multiple choice questions related to market concentration

Determine when a competitively produced product generates negative externalities in production, the industry will,

  Calculating number of units produced by firm

Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.

  Question about mobile commerce

M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.

  Calculating the average days past due and average flow time

Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:

  Mechanism of an english auction and second price auction

Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd