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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
Where E is the number of workers hired every hour and w is the hourly wage rate, Therefore, the firm faces an upward-sloped marginal cost of labor curve of
MCe= 6 + -0.1EEvery hour of labor produces five units of output. How many workers should the firm hire every hour to maximize profits? What wage will the firm pay? What are the firm's hourly profits?
define equi marginal principle
Fundamental of managerial economic
State the Fixed factor of production Input level of a fixed factor can't be varied in the short run. Capital falls under the category of fixed factor. Capital alludes to resour
Explain trend projection method of demand forecasting with illustration.
Case studies and research papers on williamsons model of managerial discretion
What is the theory of the firm A firm can be considered an amalgamation of people, financial and physical resources and a variety of information. Firms exist as they perform us
Gold Although currently no country uses gold as its national currency, gold has a long history of use as commodity money and has almost universal acceptability. Gold is still
Oligopoly can be characterized as follows: Small Number of Sellers: There are more than one sellers of a product though; the number isn't so huge in order to produce perfect
In 2006, a hospital with 130 beds had 8,795 admissions. The average length of stay?for every patient was 4.7 days. Assuming full capacity is 100 percent, detremine the occupancy ra
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
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