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Advice for an Unprofitable Firm. You've been hired as an economic consultant by a price-taking firm that produces baseball caps. The firm already has a factory, so it is operating in the short run. The price of caps is $5, the hourly wage is $12, and each cap requires $1 worth of material. The firm has experimented with different workforces and the results are shown in the first two columns of the following table.a. Fill in the blanks in the tableb. Is it sensible to continue to operate at a loss with 14 workers?c. Would it be better to operate with 15 workers? Explain using the marginal principle
Workers- Caps -Labor Cost? -Material Cost?-Variable Cost?- Total Revenue?- Marginal Cost?
14workers 56caps15workers 60caps
The demand for bottled water in a small town is as follows: Price per bottle Quantity demanded $1.00 500 $1.50 400 $2.00 300 $2.50 200 $3.00 100 1. Is this a straight line demand curve How do you know
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week. a. Determine the profit maximizing price and output. (Q..
Suppose a competitive firm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C(Q) = 10Q + (Q2/160). The marginal cost is given by MC = 10 + (Q/80).
Suppose nominal GDP in 1999 was $100 billion and in 2001 it was $260 billion. The general price index in 1999 was 100, and in 2001 it was 180. Between 1999 and 2001, the real GDP rose by what percent.What is the unemployment rate in the United Stat..
Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sell for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired
Karla wants to grow spinach. 1 pound of Fertilizer(F) produces 20 spinach or 1 pound of Manure(M) produces 30 spinach. They are perfect substitutes. So we know Q=20F+30M Now Karla wants to produce 300 spinach at the least possible cost.
$4,000 were deposited at time 0 in an account that pays an interest of 10% compounded annually. how much should be withdrawn at the end of period 2 to have $4,000 at the end of period 4 available in the account
Suppose the Bank of Canada wants to implement a policy that would cause the Canadian dollar to depreciate against the British pound. Which of the following money growth rates will achieve this objective.
Enumerate the various objectives a firm might have and how the price mechanism can be used to realize such goals. Have you any real-world examples to support your answer While you're at it, calculate the price and quantity to: (a) Maximize TR
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
Under pressure from lobbying groups, the President of a newly-independent country implements a minimum wage of $6/hour. The eq'm wage is currently $7/hour, eq'm Q of labor is 35 hours. Using generic QLS and QLD labels (if necessary).
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