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Ann owns a lawn-mowing company. She has 400 lawns she requires to cut every week. Her weekly revenue from these 400 lawns is $20,000. Given an 18-inch-deck push mower, a laborer can cut every lawn in two hours. Given a 60-inch-deck riding mower, a laborer can cut every lawn in 30 minutes. Labor is supplied inelastically at $5.00 per hour. Every laborer works eight hours a day and five days each week. a. If Ann decides to have her workers use push mowers, how many push mowers will Ann rent and how many workers will she hire?
b. If she decides to have her workers use riding mowers, how many riding mowers will Ann rent and how many workers will she hire?
c. Assume the weekly rental cost (including gas and maintenance) for each push mower is $240 and for each riding mower is $ 1,800. What equipment will Ann rent? How many workers will she employ? How much profit will she earn?
PROPORTIONAL TAX Is where whatever the size of income, the same rate or same percentage is charged. Examples are commodity taxes like customs, excise duties and sales tax.
Merits of direct taxes a. They satisfy the principle of equity as they are easily matched to the tax payers capacity to pay once assessed. b. They satisfy the principles
Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the d
A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output. The firm, Though, faces an upward-sloped labor supply curve of E= 20w-120 W
Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is the difference between the earn
Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
Fundamental of managerial economic
Q. Explain Maximising revenue method? In a number of cases, a firm's demand and cost conditions are such that marginal profits are greater than zero for all levels of productio
One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to
Cross-elasticity is the measure of responsiveness of demand for a commodity to the changes in price of its substitutes and complementary goods. For example, cross-elasticity of dem
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