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The Green Show Corporation is planning going to a piece rate system, where manufacturing workers are paid based on their level of output. Discuss what factors the firm should consider in deciding whether this idea should be implemented. How should the initial piece rate be set? Under what circumstances should the company alter the piece rate once it is adopted?
Use the following data to answer the questions given below; Calculate the profit-maximizing level of output and price if the company sells all of its tickets at one price.
Assume the production function is given by Q = 4K + 8L. Determine the average product of capital when 10 units of capital and 5 units of labor are employed?
A perfectly competitive company has the following fixed and variable costs in short run. The market price for the company's product is $150.
Assume the external marginal cost of pollution is MCext=5Q and internal marginal cost is MCint=10Q. Further, suppose the inverse demand for the product, Q, is given by P = 90-Q.
You are given the following information on long run cost function, Compute the long run average cost and marginal cost.
Assume the Kalamazoo Competition free Concrete's demand function is D=5,000-50P, its marginal cost is 40 dollar per cubic yard,
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.
The current fare market price of $45 can not be increased. Compute current industry output and the market share of each airline
The Zinger Corporation manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given through the following relationship:
Use the following information of a company's total cost schedules to calculate its average variable cost, average fixed cost, average total cost, and marginal cost schedules.
Describe why a company in a perfectly competitive market would choose to remain in business, if its profit is zero at equilibrium.
Economists estimated the following cost function for X Company, Compute the ATC, AVC and MTC and plot on another graph.
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