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Suppose that the supply curve for the labor to a firm is given by:
L=100w
And the marginal expense of labor curve is given by:
MEL= L / 50
Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is given by:
L= 1,000- 100MRP1
A. If the firm acts as a monoponist, how many workers will it hire in order to maximize profits? What wage will it pay? How will that wage compare to the MRPl at the employment level?
B. Assume now that the firm must have its workers in a perfectly competitive labor market, nut it still acts as a monopoly when selling its output. How many workers will the firm hire now? What wage will it pay?
What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output Q1 level is being produced How large is the dollar value of the consumer surplus at that output Q1 level
Robertson Inc. wishes to set aside lump sum money to withdraw from and invest in automating parts of its business over the next 5 years. This money is expected to earn compound interest at the rate of 10% per year.
What are the current prices of capital and labor, based on the graph b. Suppose that the price of labor increases, if the firms wishes to continue to produce the current level of output how will the firms optimal input choice change
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
If the industry is regulated in a way that requires it to set P = AC, how much will be sold and what will the price be c) If the industry is regulated in a way that requires it to set P = MC, how much will be sold and what will the price be
Suppose that a paper mill "feeds" a downstream box mill. For the downstream mill, the marginal profitability of producing boxes declines with volume. The 1st unit of boxes increases earnings by $10, the 2nd by $9, the third $7, and so on, until th..
A company experiences rising returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the company's short-run costs?
The mayor considers engaging in direct quantity regulation (also called "command- and-control") and declares that each firm must engage in 42.5 units of pollution abate- ment. If the plants are controlled by the same firm, would it be socially optima..
Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by Qs = -1000 + 20P Qd = 50000 - 10P
Consider an industry in which chief executive ocers (CEOs) run rms. There are two types of CEOs: exceptinal and average. There is a fixed supply of 100 exceptional CEOs and an unlimited supply of average CEOs. Any individual capable of being a CEO..
competitive brand of cornfl akes, in dollars per 10- ounce box P M = price of milk, in dollars per quart A = advertising expenditures of CFC cornfl akes, in hundreds of thousands of dollars per year This year, P X = $ 2, I = $ 4, P Y = $ 2.50, P M..
ASB2505-3505 - Comparative Banking Review the theoretical relationships between market structure and bank performance and explain what is meant by market power and how it affects bank performance.
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