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You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital are assumed fixed at these levels regardless of the level of output. Assume wages are your only cost for labor and your firm’s wage rate equals $12 per hour. You are given the following information on the output and productivity of labor. Assume the firm is interested in maximizing profits. Units of Labor Total Output per Hour 1 35 2 65 3 89 4 109 5 124 a. How many units of labor will the firm use? Explain your answer. b. Currently under consideration in many cities and states is a law that would raise the minimum wage to $15 per hour. Assuming that is the only cost for labor, how many units of labor will the firm use if the wage rate is increased to $15? Explain your answer.
A local department store puts out products at an initial price, and every week the product goes unsold its price is discounted by 25% of the original price. If it is not sold after 4 weeks, it is sent back to the warehouse. Let W denote your willingn..
In the past year, oil prices have plunged from more than $100/barrel to less than $50/barrel. What impact has this had on OPEC and other oil producing nations? What's the benefit to consumers and manufacturers?
Which of the following statements best describes the concept of a binding price floor. Suppose that the equillibrium price of donuts is $1.00 per donut.
Using one or more recent examples reported in the U.S. media, explain why the state plays a key role in shaping economic processes.
what way the U.S trucking industry exemplified the capture theory hypothesis of government regulation prior to the capture theory hypothesis of government regulation prior to the passage of the Motor Carrier Act of 1980
looking backplease respond to the followingbull thinking about everything you have learned in this course discuss the
Suppose the Federal Reserve is following the Taylor rule, which takes both inflation and business cycles into account when setting the fedeal funds rate. Also suppose that the inflation rate in the economy is equal to 3 percent and the output gap is ..
Consider an infinitely repeated Cournot duopoly with discount factor ? 0, and inverse demand functions p(Q)=a-bQ, with a>c and b>0. Find the condition on the discount factor, ?,for which the two firms could successfully collude over the monopoly outp..
The financial manager at Genesis Co is looking into the purchase of an apartment complex for $150,000. Net after-tax cash flows are expected to be $60,000 for each of the next 2 years, then drop to $50,000 for two year. Genesis Co. expects to sell th..
Explain your answer what would happen to the value of gold if public discovered that it could simply be made at home from inexpensive materials.
Imagine working at the Trading Desk at the New York Fed. Explain whether you would conduct open market purchases or sales in response to each of the following events. Justify your recommendation. The latest FOMC Directive calls for an increase in the..
School tries to discourage Twinkie consumption by raising the price to $.40, by how much will Matt's mother have to increase his lunch allowance to provide him.
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