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Suppose that the marginal product of the last worker employed by a firm is 40 units of output per day and the daily wage that the firm must pay is $20, while the marginal product of the last machine rented by the firm is 120 units of output per day and the daily rental price of the machine is $30. Answer your question using MRP, MWC and other relevant topics in Labor Economics
a. Why is this firm not maximizing output or minimising costs in the long run?
b. How can the firm maximize output or minimise costs?
Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1).
the supply of paper is given by the following equationqs 5000p where qs is tons supplied per year and p is price ton.
q1. suppose that businesses buy a total of 170 billion of the four resources labor land capital and entrepreneurial
Game Theory (Stag-Hunt Game): N players go hunting; each can choose to hunt either stag or hare, so the set of actions available to each player is {S,H} (S stands for hunt stag, H stands for hunt hare). If all N players hunt S, then each gets payoff ..
In the run up to the 2008 US presidential election, both major contenders, John McCain and Barack Obama, promised that if they were elected they would push for significant new discretionary fiscal policy in 2009. In your initial discussion post, do y..
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The accountants hired by Ohman Shoe Company have calculated fixed costs to equal $30,000, variable cost to equal $100,000, and total revenue to equal $110,000. Because of this information, Ohman Shoe Company decides
Which plan would you recommend that the Ridpaths choose? Why? What other health coverage options should the Ridpaths consider?
If the money wage rises, all else equal, economists would expect
When the Ehrenberg Company closed, the Smith Company (which provides no training for its employees) offered to hire any of Ehrenberg’s former employees after they completed a lengthy retraining program at a local vocational institution. From what you..
q.suppose there are two types of men and two types of women goodbad and assume further that same-sex marriage is not
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