What is the short-run labor demand curve for the firm

Assignment Help Business Economics
Reference no: EM131391906

In the short run, a competitive firm has a marginal product of labor, MPL = 5L^ -0.5. The output price is $10 per unit and the wage is $7 per hour. What is the short-run labor demand curve for the firm?

Reference no: EM131391906

Questions Cloud

Explain the difference between implicit and explicit costs : Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. In your own words, explain the difference between accounting and economic profit. Give two examples of when the..
In an asymmetric market for used cars : In an asymmetric market for used cars, which of the following could be used to avoid a thin market?
Sustainable sourcing strategies are developed-implemented : The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. What is the firm's demand function for labor? Compare and contrast the models of organizational behavior that are especially suited for more affluent nations..
What dimensions of choice do these other policies affect : What dimensions of choice do these other policies affect?
What is the short-run labor demand curve for the firm : In the short run, a competitive firm has a marginal product of labor, MPL = 5L^ -0.5. The output price is $10 per unit and the wage is $7 per hour. What is the short-run labor demand curve for the firm?
The price elasticity of demand for hotdogs : The price elasticity of demand for hotdogs on a beach in a small east coast resort town is -4 in the month of May, while in July the elasticity falls to -2. A single vendor supplies the hotdogs to the beachcombers. If the marginal cost per hotdog is ..
Cournot duopolists face market demand curve : Cournot duopolists face a market demand curve given by P = 120 - Q where Q is total market demand. Each firm can produce output at a constant marginal cost of 30 per unit. Find the equilibrium price and quantity for the total market. If the duopolist..
Unconventional monetary policy tools include : Unconventional monetary policy tools include all but
Channel of monetary policy impacts real estate markets : Describe how the asset-price channel of monetary policy impacts real estate markets. How might adopting triple-bottom-line accounting influence the competitiveness of U.S. firms in foreign markets? Why has the black/white wage gap narrowed over the p..

Reviews

Write a Review

Business Economics Questions & Answers

  The efficient market hypothesis

The efficient Market hypothesis

  Mentioned is unemployed for frictional-structural

For each case below, please state if the person mentioned is unemployed for Frictional, Structural, or Cyclical reasons. Please state your reasoning for each answer.

  Concept into traditional business concern over profitability

In reference to the articles, discuss how firms incorporate the triple bottom line concept into traditional business concerns over profitability. Comment on how customers can influence firms to pay more attention to the preservation of the natural en..

  What are the expectations of shareholders

What's the impact of changes of the industry or economy, competitor actions on Forever 21 Company? What are the expectations of shareholders, stock analysts, and rating agencies from Forever 21 Company.

  Whether an organization has fulfilled a certain objective

_____ is especially important to lower-level managers who interact daily with the employees operating the organization. Determining whether an organization has fulfilled a certain objective is most closely associated with which of the following manag..

  Identify the tools used to implement the policy

Suppose it is the year 2050 and the US economy appears to be heading into recession, including rising unemployment. You have been asked for your advice as to what macroeconomic policies should be implemented to improve the economy. Choose a policy, i..

  Nation of spain is ''''small'''' and unable to influence

Assume that the nation of spain is ''small'' and unable to influence the brazilian world price of steel.Spain's supply and demand schedules are illustrated in table 6.11 .Assuma that Brazil's price is $400 per tons of steel.Using graph paper,plot the..

  Illustrate what alternative decisions might you be able

Illustrate what alternative decisions might you be able to make in the long run. Explain" "Clearly explain the factors to consider as your "fixed factor".

  Where will resistance to free trade arise

In this example, in which industries will free trade cause employment to be LOST? (Where will resistance to free trade arise?) Cotton is fish

  Town council issues permits for trapping lobsters

Horsehead, Massachusetts lies on a bay inhabited by lobsters. The town council issues permits for trapping lobsters and is trying to determine how many permits to issue. Graph the marginal revenue and marginal cost curves for operating a boat. Suppos..

  Determine the concentration ratios in the market

Suppose an industry is composed of six firms. Four firms have sales of $100,000 each, and two firms have sales of $50,000 each. Explain how concentration ratios are calculated. Determine the concentration ratios in the market. Explain how the Herfind..

  Suppose the marginal cost curve in the short run

Suppose the marginal cost curve in the short run first decreases and then increases. If marginal cost is decreasing, _____ must be _____ and _____ must be _____.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd