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The owner of Ryan's Car Wash believes that the relationship between the number of cars washed and labor is Q = - 0.6 + 4L - 0.8 L2, where Q is the number of cars washed per hour, and L is the number of people employed per hour. The firm receives $4.50 for each car washed, and the hourly wage rate for each person is $3.60. The cost of other inputs like water is trivial, and hence they are ignored.
1. How many people should be employed to maximize profit?
2. What will be the firm’s hourly profit?
Calculate the providers equilibrium wage and how many nursing units it will hire. The provider is a monopsonist,
The ad shows that Alka-Seltzer Plus fights cough, body aches, runny nose, sneezing and fever, just like Vicks NyQuil does, but it also now can fight congestion, unlike NyQuil.
Describe economic terms and concepts and describe your reasoning leading from concepts in question to the final answer.
Interior Department currently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues.
Wednesday the price changed to 1.8275. Compute your profit-loss in USD on Tuesday and Wednesday.
Elucidate assumption concerning economies of scale will give rise to a determinant and optimal scale of the firm in Long run equilibrium in perfect competetion.
Determine whether each of the following would increase or decrease the opportunity cost for mothers who choose not to accept work outside the home. Explain
Illustrate what would be various variations and perspectives from current economic downturns
Health economists use demand and supply theory to discuss the "Health Insurance Exchange" created by the Affordable Care Act (Obamacare). Mandated by law everyone now must have health insurance.
In a short run situation in which quantity demanded equals quantity supplied in a competitive industry, with price greater than the average cost of the typical firm,
Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. a. What happens to the demand for Diet Cola Brand X? b. What happens to the demand for Diet Cola Brand Y?
Suppose that 3M has the production function q=KL, and the input prices are given by r=$2, w=$3. The 3M wants to produce 600 unit of output and minimize cost of production.
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