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You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. No. of workers Total Labor Cost Output Total Revenue 1 $550 100 $170 2 1100 108 350 3 1650 114 800 4 2200 119 1270 5 2750 123 1600 6 3300 125 1700 7 3850 126 1750
What is the marginal product of the third worker?
What is the marginal revenue product of the second worker?
What is the marginal cost of the fourth worker?
Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net welfare loss from an import quota exceed the net welfare loss from an equivalent tariff
What is the long-term equilibrium enrollment in the tuition reimbursement sub-program and which sub-program's long-term equilibrium would be more greatly affected?
With regards to the changes within the economic structure, how do politics and government regulation factor into the changes we see to economic activity on both a domestic and global scale What actions have either helped or hindered our progress
Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.
what level of output are your average variable costs minimized and at what level of output are your average total costs minimized?
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
Due to the lack of profits, many growers have stopped production and the output of coffee beans has fallen from 400 tons per year to 250 tons per year.
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
Estimate the number of cups served per week and determine outlet demand curve. What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve
Explain how the unemployment rate could cause us to arrive at misleading conclusions about the condition of the job market. Do you feel that changes in the unemployment rate overstate or understate our level of economic activit
Proposals to raise the minimum wage rate are often opposed with the argument that such a move would not only cause an increase in the unemployment rate but would also hurt the very people it is intended to help. Is there any validity to that argum..
If Advanta believes raising fees is a profitable move, then why would it delay implementing the higher fees, which could reduce the amount of profit generated by higher fees?
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