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The manager of All City Realtors wants to hire some real estate agents to specialize in selling housing unit acquired by the Resolution Trust Corporation (RTC) in its attempt to bail out the savings and loan industry. The commission paid by the RTC to the company to sell these homes is a flat rate of $2,000 per unit sold, rather than the customary commission that is based on the sale price of a home. The manager estimates the following marginal product schedule for real estate agents dealing in government-owned housing: Number of real Marginal product Marginal Estate agents number of additional units sold per year revenue product 1 20 _______ 2 17 _______ 3 15 _______ 4 12 _______ 5 8 _______ 6 4 _______ a) Construct the marginal revenue product schedule by filling in the blanks in the table. b) If the manager of All City Realtors must pay a wage rate of $32,000 per year to get agents who will specialize in selling RTC housing, how many agents should the manager hire? Why? c) If the wage rate falls to $18,000 per year, how many agents should the manager hire? d) Suppose the RTC raises its commission to $3,000 per unit sold. Now what is the marginal revenue product for each real estate agent employed? e) Now that the RTC is paying $3,000 per unit sold, how many agents should the manager hire if the wage rate is $30,000?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
It is argued that the prices of inputs to firms' production processes are fixed in the short run. One example of why this might be true is that some large firms enter into futures contracts forlarge deliveries of raw materials like wheat or lumber..
The U.S. is in recession and, at last report, GDP was shrinking at a rate of 1% per year. The unemployment rate is rising and now stands at 7%. In recent months, the rate of inflation has been holding steady and is increasing at an annual rate ..
Many monopolies are constructed by governmental legislation. like post office, local water company, local gas company, cable TV provider, local electric company.
How much can he withdraw at the end of each month to have the fund last 20 years? How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.
The Big Box Company is a firm in a perfectly competitive industry. The average rate of return on capital in this industry is 10%. Thus, if the Big Box Company earns a 10% rate of return.A perfectly competitive firm is charging $7 and selling 1500 u..
If a recessionary gap were to appear, how might the economy adjust? Can/should we rely on it to adjust itself? Is it possible that the economy will never adjust to a gap, and things will just get worse and worse?
A restaurant industry has a market structure that comes closest to
During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units. Calculate the cross elastici..
In some ways monitoring is easier in a partnership than a corporation, where shareholders monitor directors. In what ways is monitoring easier? In what ways is it not?
Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
About the topic of national debt, it just likes we lent money from our offspring. Most of us think the debt is bad.
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