Question on labor economics

Reference no: EM1370384

Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50. The total product (or short-run production function) is given by Q=100*L-2.5*Lsquared, and the marginal product of labor curve is MPL=100-5*L. Using this information, determine the optimal number of workers the firm will hire, the quantity of output it will produce, and the profit it will make in the short run. Assume that there are no costs to capital.

Reference no: EM1370384

Questions Cloud

Discussion on currency issues : Determine what effect on a country's current account balance is an increase in use of quotas expected to have? Would your answer change if other governments retaliate? If so, how?

Null and alternate hypothesis - research and evaluation : What is your decision regarding the HO. In other words, do you Accept or Reject the Principal's Null Hypothesis? Be specific as to why you decided to accept or to reject the Null Hypothesis.

Find a short list of potential target companies coca-cola : Find a short list of potential target companies Coca-Cola in China country Tingyi and Wahaha provide a rationale for considering each one.

Staffing factors : What are some of the "staffing factors" that could be contributing to this problem and how would you determine if it is in fact a training problem.

Question on labor economics : Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.

Determine effective rate on installment loans : The Dade Corporation is borrowing $300,000 for one year and paying $27,000 in interest to Miami National Bank. The Bank Requires a 20% compensating balance.

Explain about expert systems : find how an expert system can help improve our current maintenance issues being faced in our facility today.

Write program to test class-compute next month-s interest : Write the program to test class SavingsAccount. Instantiate two savingsAccount objects, saver1 and saver2, with balances of $2000.00 and $3000.00, respectively. Compute next month's interest and print new balances for both savers.

Explain the actual wages and salaries for the month : Explain The actual wages and salaries for the month was $19,980 and The activity variance for wages and salaries in May would be closest to-

User Account

All Pages