How much income would the firms laborers receive

Reference no: EM13205095

Suppose an increase in the market demand for widgets pushes up their price to $7. If this firm continues to buy labor in a competitive labor market at a wage of $20 per unit;

1. How much labor would the firm hire, and why?

2. How many widgets would the firm produce in a day?

3. How much revenue would the firm get per day?

4. How much income would the firm's laborers receive, in total?

5. If the firm's fixed cost is $100 per day and labor is the firm's only variable resource, how much profit (or loss) will the firm make per day?

6. Complete the firm's new short run labor demand schedule in the table below and plot the information on the graph above. Label the curve D2. What does the increase in the demand for widgets do to the demand for the labor used to produce widgets?

Reference no: EM13205095

Questions Cloud

Determine the no-return payback period : Julian Browne, owner of Clear Interior Environments, purchased an air scrubber, HEPA vacuum, and other equipment for mold removal for $15,000 eight months ago. Net cashflows were $-2000 for each of the first two months, followed by $1000 per month..

State the hydrogenation of oleic acid to a steric acid : The hydrogenation of Oleic acid to a steric acid. we used 10% pd/c, ammonium formate, mentanol, dichloromethane, 95% ethanol, and 1M sulfuric acid to get steric acid.

How fast was each plane flying : two planes left an airport at noon . One flew east at a certain speed and the other flew west twice the speed . The planes were 2700mi apart in 3h. How fast was each plane flying?

Article the alphabetic mind : A Gift of Greece to the Modern World, Eric A. Havelock argues that that oral societies differ from alphabetic ones not only in the way they use language, but also in the way they structure their thinking and social life. However, Havelock thinks the..

How much income would the firms laborers receive : Complete the firm's new short run labor demand schedule in the table below and plot the information on the graph above. Label the curve D2. What does the increase in the demand for widgets do to the demand for the labor used to produce widgets.

Construct an 85% confidence interval around the sample mean : A sample of 151 is drawn from a population with a mean of 1000 oz and a known standard deviation of 348 oz.

State how to prepare hydrogen in the labrotary : A student carrried an experiment to prepare hydrogen in the labrotary, if the student collected 145.5ml of gas at a pressure of 750 mmHg and a temp of 25 degree celcius.

What percent of customers ordered diet pepsi : At a local Wendy's, a survey showed that out of 5,500 customers eating lunch, 575 ordered Diet Pepsi with their meal. What percent of customers ordered Diet Pepsi? (Round your answer to the nearest whole percent.

What are the measures of the angles in def : Suppose you have triangle ABC and triangle DEF, and they are similar, with a scale factor of 0.5. If the angle measures of ABC are 80°, 80°, 20°, what are the measures of the angles in DEF?

User Account

All Pages