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Suppose men receive $11.20 per our and women receive $8.00 per hour. Moreover, suppose the firms use 81 female person hours and 64 male person hours to produce 144 units of output and the marginal product of labor for men is 27 while the marginal product of labor for women is 16. Is the firm minimizing the cost of producing this level of ouput? If so, explain why. If not, should the firm use more or less men to produce the level of output?
Plain Paper Co. is a paper manufacturer and retailer in a perfectly competitive market. Initially, Plain Paper Co. is a large firm operating at a profit. Draw the initial operating condition for Plain Paper Co. Label the area of profit, draw and mark..
Calculate MC and then use the same equation to find out the new price. ¦e¦is the absolute value of demand elasticity and determine the breakeven output and total sales revenues and draw the cost-volume-profit chart.
1. for each of the following determine whether it is a private good public good common resource or a club good.a.
Evaluation of Inventory
Compute their TR, MR, ATC, MC and profit/loss schedules, find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
The opportunity cost of the debt is: The interest payments on the debt. Less of an issue if the economy is below full employment since crowding out is less likely to occur. Not an issue if the debt is financed internally. The decrease in public-secto..
In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smart phones and ..
Institutions that tend to foster growth:
imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed
If the position of the demand curve for digital rock music albums unchanged, what can account for a continuing rise in the market clearing price? explains why album prices have been rising what can you predict is likely to happen to revenues from alb..
A restaurant with $1 million in annual sales has costs of $350,000 in wages, $450,000 for food, utilities and other supplies, and $100,000 in rent. How much is this restaurant contributing to GDP?
why dont economists use the same cost data as accountant use? why are costs important in economics? how do firms
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