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Higher Wages for Landscaping Workers. Suppose that half of landscaping workers have a marginalrevenue product of $40 and an opportunity cost of $30 and the other half have a marginal-revenue product of $60 and an opportunity cost of $45. A landscaping firm cannot distinguish between the two types of workers. (Related to Application 4 on page 717.)
a. Suppose a landscaping firm offers a wage equal to $41. What is the average productivity of its workforce? On average, what is the firms profit per worker?
b. Suppose the firm increases its wage to $47. What is the average productivity of its workforce? On average, what is the firm s profit per worker?
c. What are the equilibrium wages?
Consider the regression model Y = B0 + b1xi + ui, Suppose you know that B0=0. Derive a formula for the least-squares estimator of B1
There are currently 10 identical firms in the perfectly competitve gadget manufacturing industry. Each firm operates in the short run with a total fixed cost of F and total variable cost of 2Q^2, where Q is the number of of gadgets produced by eac..
Here once again is the basic data on revenue and costs for each firm when Acme U.S. makes and sells a car. The table shows the initial price that Acme U.S. pays Acme Mexico, $3,000 per engine. In some problems, you will be asked to consider how thi..
Newton exports all their products outside the city and Garfield only sells their products within the city. Newton experiences growth, so it hires 100 more workers, all of whom come to reside in city A.
Why are the marginal revenue numbers less than the price in the table on page 22-5? You can use either the original or the new MR numbers to answer this question. Note that this is different from pure competition, where P = MR. In other words
Population variances of the test scores for the two sections are the same? Be specific about the null and alternative hypotheses and show the steps of your test and indicate your conclusion.
Suppose that the supply curve for the labor to a firm is given by: L=100w And the marginal expense of labor curve is given by: MEL= L / 50 Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is gi..
jack has a utility function ux1 x2 x1 x2 power of 2the price of x1 is 3 and the price of x2 is 1 and jack has an
Suppose that a state provides subsidies for a company to build plants that contribute to air pollution. Cleaning up this pollution causes the marginal cost of air cleanliness to rise by $210,000 at each degree of air cleanliness. What is the optim..
a factory benefits from discharging effluent q into a lake. the marginal benefit function is given by 60-2q. the
Use excel to graph the NPW as a function of interest rate for all alternatives. Also a choice table for interest rates from 0% to 100%. Finally, which alternative should be chosen if MARR=15% QZY, Inc. is evaluating new widget machinesoffered by th..
Given a two period model and an inverse demand curve for a depletable resource is P= 10 - 0.2q and the Marginal Cost is constant and equal to 3. a)What is the static efficient level of consumption for the resource b)If the discount rate is zero
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