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The Robbins Corporation has the following production function for producing diving masks: q = K + 2 (L)(1/2) Its input prices are pK = $6 and pL = $4. It can sell as many masks as it likes for $20 each, which means that the marginal revenue or MR for each mask = $20. a.Fill out the following table for the Robbins Corporation in the short run for K=8. MPL refers to the marginal product of labor; MRPL refers to the marginal revenue product of labor. Show work for at least some of your calculations. b. Using the rule MRPL = pL, find the profit-maximizing number of workers for the firm to hire from among the options given in the spreadsheet. Explain. c. What are total profits for the Robbins Corporation at the profit-maximizing number of workers found in part c? Show work. L q MPL MRPL 0 --- --- 4 9 16 25 36
Using production theory as a basis, is the CEO correct in his assumption that lazy workers or ineffective supervisors are to blame for the decline in productivity? What other explanations might be possible?
llustrate what are the quantities produced before and after the tax was imposed.
In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
Over the past decade medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity ..
LED light bulbs use only 20 to 25 percent of the energy used by traditional incandescent bulbs. Even if all consumers replace their old bulbs by the LED bulbs, do we expect that the arrival of LED light bulbs will decrease energy consumption for ligh..
During course of twentieth century, average workweek in United States has gotten shorter and Americans have enjoyed greater amounts of leisure time. How has this development affected potential GDP and labour productivity.
For the years 1967 to 1990 (note this gives 24 observations) the average male score on the math portion of the SAT was 500 with a variance of 46.61 and the average female score on the math portion of the SAT was 453.67 with a variance of 83.88. Assum..
A local tailor has two types of customers, private customers and department stores. The market of private customers has a demand given by Qp = 2000–100P, and the market of department stores has a demand given by Qs = 4000 − 100P. Suppose that the tai..
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Now suppose $200 of the avera..
Suppose velocity of money is constant, the growth rate of real GDP is 3% per year, and the growth rate of money is 5% per year. Consider this a “baseline.” What is the rate of inflation in this baseline case? What happens if the growth rate of money..
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
Name a product you purchased that would be part of the monopolistic competition market structure. Why do you think it is part of this market structure?
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