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Firm's Demand for a Resource Use the following data to answer the question below. Assume a perfectly competitive product market
Units of Labor Units of Output0 01 72 133 184 225 25
a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unitb. Draw the demand curve for labor based on the above data and the $3-per-unit product pricec. If the wage rate is $15 per hour, how much labor will be hired?d. Using your answer to part ©, compare the firm's total revenue to the total amount paid for labor. Who get the difference?e. What would happen to your answers to parts (b) and (c) if the price of output increased to $5 per unit, other things constant?
Suppose the world price for a good is 40 and the domestic demand and supply cureves are given as: Demand: P=80-2Q Supply: P=5+3Q A) How much is consumed? B) How much is produced at home? C) What are the values of consumer and producer surplus?
Factory workers at each plant have the same characteristics (e.g., skills, alternative employment opportunities, level of income, risk aversion, etc.). The quality of a toothbrush produced is easy to supervise but the effort exerted by a worker is..
Suppose that Boeing is the Stackelberg leader and chooses its quantity first, then Airbus makes a move observing what Boeing has done. Solve the equilibrium in this sequential game. Be sure to characterize the quantity choices
Suppose a competitive firm can sell its output for $7 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 15 2 40 3 70 4 86 5 94 6 98 In the table below, you will determine several points on the firm's ..
David Ding advertises on a local radio station. For the past six week, the manager has kept records of the humber of minutes of advertising that were purchased, and the sales for that week. Week 1, 2 minutes of advertising with $1,400 in sales.
The Alpine Bagel Co. is evaluating pricing for Bagels in it's outlet in the student commons. Their in-house consulting team estimated that the daily demand for Bagels in the area to be the following Q = -15P + 10Ps - 20Pc +16I
An electric switch manufacturing company has to choose one of the three different assembly methods. Method A will have a first cost of $40,000, an annual operating cost of 9,000 and a service life of 2 years. Method B will cost $80,000 to buy.
A young engineer wishes to become a millionarie by the time he is 60 years old. He believes that by careful investment he can obtain a 15% rate of return. He plans to add a uniform sum of money to his investment program each year, beginning on his..
Derive an expression for the firm's marginal revenue curve. b. To maximize profit, how many lasers should the firm produce and sell per month c. If this number were produced and sold, what would be the firm's monthly profit
Regression analysis was used to estimate the given seasonal forecasting equation, D1 is a variable that is equal to one in 1st quarter and zero otherwise;
a. What will $35,000 deposited today be worth in 10 years at 12% compounded annually b. What is $14,000 worth today if deposited for 5 years at 4% compounded monthly c. What will $124,000 deposited today be worth in 10 years at 10% compounded daily
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Compute the price elasticity of demand for paint.
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