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Suppose you have been appointed as Global Manager of a company that has 2-plants, one in the US and one in Mexico. Suppose, you cannot change the size of the plants or the amount of capital equipment. The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Is the firm maximizing output relative to its labor cost? Yes or No. Show how you know. If it is not, what should the firm do?
The following is a hypothetical short run production function calculate the total output when two hours of labor are employed?
Assume, after graduation, you take a job in a company in Chile that manufactures faux leather shoes. One day, your boss comes in and says, "this company is not operating at a profit
Mid-Atlantic Cinema, runs a chain of movie theaters in east central states and has enjoyed great success with a Tuesday Night at the Movies promotion.
Assume that, prior to other company's entering the market, the maker of a new smartphone earns $100 million per year. By reducing its price by 50%,
QopyQat specializes in printing business cards and resumes, using latest laser technology. After examine the business, manager has decided that weekly demand can be approximated;
Today's Friday night, and you are just about to leave your room to attend a party. However, a copy of New York Times catches your eye.
What is the profit maximizing number of Gizmo Widgets that should be introduced? Be sure to account for the fact that Gizmo Widgets displace other kinds of widgets. Again, be sure you provide a brief explanation of your approach/reasoning.
The following table shows information for a simple production function. From the data in the table, calculate marginal and average products.
Assume that Saudi Arabia lets other members of OPEC sell all the oil they wish at the existing price which udis set and other members accept.
Explain whether the firm will make economic profit, In the short run and In the long run.
Use the following information for a company's output at various levels of employment to compute: its marginal physical product of labor schedule; its schedule,
A company has a technology described through the production function, Calculate the quantity of labor demanded by the firm and cost minimizing K/L ratio.
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