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a firm produces digital watches on a single production line serviced during one daily shift. The total output of watches depends directly on the number of labor hours employed on the line. Maximum capacity of the line is 120,000 watches per month; this output requires 60,000 hours of labor per month. Total fixed costs come to $600,000 per month, the wage rage averages $8 per hour, and other variable costs average $6 per watch. The marketing departments estimate of demand is P = 28 - Q/20,000, where P denotes price in dollars and Q is monthly demand. A. How many additional watches can be produced by an extra hour of labor? What is the marginal cost of an additional watch? As a profit maximizer, what price and output should the firm set? Is production capacity fully utilized? What contribution does this production line provide? B.The firm can increase capacity up to 100% by scheduling a night shift. The wage rate at night averages $12 per hour. Answer the question in part A in light of this additional option. C.Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run?
The table reports data on real GDP, consumption, investment, government spending, and aggregate expenditures for a closed economy with fixed taxes. Use the information in the table to answer the following questions. Values are in billions of dolla..
If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above
Find the Herfindahl index for an industry composed of (a)three firms-one with 70 percent of the market, and the other two with 20 and 10 percent of the market, respectively; (b) one firm with a 50 percent share of the market and 10 other equalsize..
The historical average had been 6 to 8 percent. Many recent graduates were taking jobs outside law at much lower wages than were typically paid to beginning lawyers. Based on this information, what would be your prediction about lawyers' salaries f..
a) Calculate the coefficients for price, advertising, income and cross-price with soda pop. b) If the current company cost for a bag of popcorn is $0.45, including cost of corn, cost to pop it and the bag, is this the profit maximizing price?
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
A "mathematically fair bet" is one in which the amount won will on average equal the amount bet, for example, when a gambler bets, say, "$100 for a 10 percent chance to win $1000 ($100 = .10 x $1000). Assuming diminishing marginal utility of dolla..
a. What is Quick's taxable gains b. What is Quick's taxable income c. What is Quick's marginal and effective (average) tax rate d. What is Quick's net cash flow after tax
Compare the equilibrium levels of consumption C, government spending G, and planned investment I in Parts g and h. Based on this comparison, why might some economists prefer expansionary fiscal policy while others prefer expansionary monetary poli..
The best level of output for a monopolist in the short run is 500 units and is MR=MC. At this point Q=500, P= $11 and ATC= $8, so that the monopolist earns a profit of $3/per unit and a total profit of $1,500. Suppose that the AFC of the monopolis..
After a careful study, a firm has estimated its production function as follows: ln Q = 0.375 ln K + 0.625 ln L, where Q = units of output, K = units of fixed factors and L = units of variable factors. What kind of returns-to-scale does the firm e..
Determine unemployment in the cattle Industry. Explain a current status of unemployment in the Cattle Industry.
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