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Suppose a firm in a competitive industry faces an equilibrium product price of $2 per unit of output. Table A provides information on the output produced by various amounts of labor. Use this information to complete the remaining columns of Table A, and to fill in the labor demand schedule in Table B. Table A: Production Schedule Units of Labor Total Product AP MP MRP 0 0 1 13 2 25 3 34 4 42 5 46 6 48 Table B: Labor Demand Schedule Wage Rate Quantity Demanded 24 16 8 (a) Complete Table A, where AP is the average product of labor, MP is the marginal product of labor, MRP is marginal revenue produce of labor. (b) Briefly explain why the marginal revenue produce of labor (MRP) will be equal to the value of the marginal product of labor (V MP) in this market. (c) Complete Table B, with the labor demand schedule for this firm at different wage rates. (d) If the equilibrium market wage rate is $8, what is the equilibrium quantity of labor hired by this firm?
q. the zinger company fabricates as well as sells a line of sewing machines. demand per period q for a scrupulous model
Louisa is managing a training program for a major bank. She designs the following experiment to assess the effect of sleep on learning. A group of trainees is given a 3-hour session on some task, followed by a 2-hour test on what they have just learn..
Discuss how financial friction increased sharply during the financial crises of the 1930s and 2007-2009 and how it intensified the crises.
Suppose Mary has an income of $80 to buy bags and belts. The price of a belt (good 1) is $10 and the price of a bag (good 2) is $20. Derive the intercept-slope equation of Mary’s budget line. Graph her budget line. As always, label the axes and ident..
Assume that a novelty T-shirt producer has determined that her firm’s weeklynshort-run cost data can be summarized by a linear total cost function. Currently, the firm’s fixed overhead costs (rent, depreciation, etc.) amount to $2,100 per week, and t..
Suppose wages in the market for plumbers increase. Some plumbers start taking on extra plumbing jobs while others cut back on the number of hours they work. What could explain? this?
A few years ago we became aware that disposable diapers were a major item being put into U.S. landfills. Some communities discussed banning disposable diapers from their landfills. There were protests from parents groups whose members found disposabl..
Assume a two-country world with two factors of production (capital and labor) and two goods. In this context, state the Heckscher-Ohlin theorem. Then indicate the two definitions of relative factor abundance. In addition, spell out what is meant by t..
The stocks of Walker Industries have gained considerably following the announcement of a merger with Vicenza Inc. Walker Industries is a family-owned firm that has been in the diamond jewelry business for decades. Vicenza is a luxury jewelry company ..
Compute the equilibrium price (P) and quantities (Q) in each country without trade. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Locate an academic article published within the last 3 years that addresses some aspect of contracts. Why is the author writing about the subject? What is the thesis of the article? What are the key points/facts presented in the article? What are the..
The supply of and demand for bank reserves determines the
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