Productive as the more expensive men

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Question

Suppose you own a company. If you hire ten men, each of them at $70,000 per year, your firm will be able to sell $1,000,000 in output this year, and you will be able to earn $50,000 in profits, an amount that is normal for a firm of your size in your industry. (Your firm's other costs, such as for rent and advertising, will be $250,000 this year.) Now assume that you could hire ten women for $56,000 each, instead of hiring the men. What would your total profits be if you hired the women and they were just as productive as the more expensive men? Show all calculations.

Reference no: EM134046376

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