A real estate brokerage firm is hired to sell condominium

Assignment Help Microeconomics
Reference no: EM13375684

A real estate brokerage firm is hired to sell condominium units of a government housing project. The government is not willing to pay a traditional commission per condominium unit sold and will only pay a flat fee of $2,000 per unit sold. The manager of the brokerage must determine how many real estate agents to hire. She estimates the following marginal product schedule for real estate agents:

1615_Calculate the marginal revenue product.png

(a) Calculate the marginal revenue product given this information.

(b) How many real estate agents will the manger hire if the wage rate is $32,000? Why?

(c) How many real estate agents will the manger hire if the wage rate is $18,000?

(d) What is the marginal revenue product of each real estate agent if the fee paid by the government increases to $3,000?

(e) If the government pays $3,000 per unit sold and the age rate is $30,000, how many real estate agents will the manager hire?

Reference no: EM13375684

Questions Cloud

Question 1complete the table below for a feed price of 380 : question 1.complete the table below for a feed price of 380 per tonne and a weaner price of 1.10 per kilogram. indicate
Produce a gross margin budget using the following : produce a gross margin budget using the following information. the farm has 105 cows in a steady state herd however a
Question a farmer has 200-cow self-replacing herd the : question. a farmer has 200-cow self-replacing herd. the normal calving percentage is 80 per cent. the mortality rate is
Assume that the industry you wrote about in assignment 1 : assume that the industry you wrote about in assignment 1 wants to expand and that its only option is a merger. now the
A real estate brokerage firm is hired to sell condominium : a real estate brokerage firm is hired to sell condominium units of a government housing project. the government is not
The super bowl the championship game in us professional : the super bowl the championship game in u.s. professional football delivers the largest television audience of the year
Cnsider the following demand curve faced by a monopolistq : consider the following demand curve faced by a monopolistq 112000 - 500p 5mnote p per unit price q number of units
A pharmaceutical company has a patent on a lung cancer : a pharmaceutical company has a patent on a lung cancer treatment drug that gives them a monopoly over thenbsp
1 sweaters are produced using machines and labour the : 1 sweaters are produced using machines and labour. the following table shows the isoquants associated with producing

Reviews

Write a Review

Microeconomics Questions & Answers

  Why would member of cartel be tempted to cheat on agreement

Two of the four market structures, pure competition and monopoly, were covered in unit two. The other two, oligopoly and monopolistic competition, are part of unit three. Make sure you don't confuse monopoly with monopolistic competition.

  Clean up waste of your homes

People are more likely to clean up waste in their homes than at a community park because people expect the community park to be dirty.

  What will be the profit maximizing prices

What will be the profit maximizing prices and the firm's profit, if the proposal of the marketing manager is accepted and calculate the profit maximizing price of the full package? What is the firm's profit in this case

  What would policy-makers do if economy is slumping

Suppose the economy is slumping into recession and needs a fiscal policy boost. Voters, however, are opposed to larger federal deficits. What would policy-makers do

  How the profits of firms will increase

The cost of labor goes down, the profits of firms will increase, and short-run aggregate supply will shift to the right.

  Describe an example of a particular health care

Describe an example of a particular health care good or service at the beginning of your posting and to what extent do the providers of the good or service influence consumers' decisions?

  What will happen to money demand over time

(Money Supply Versus Interest Rate Targets) Assume that the economy's real GDP is growing. a. What will happen to money demand over time b. If the Fed leaves the money supply unchanged, what will happen to the interest rate over time

  How can 4g technology help cable firms

Last-mile providers often advertise very fast speeds, but users rarely see speeds as high as advertised rates. Search online to find a network speed test and try it from your home, office, mobile device, or dorm. How fast is the network If you're ..

  Explain how the economy has fallen into a recession

"Government spending is taxation. When you look at this, I've never heard of a poor person spending himself into prosperity; let along I've never heard of a poor person taxing himself into prosperity. Mr. Jones sends his daughter $500 for a semest..

  Determine optimal output, price, profit and revenue

Suppose that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.

  What is another term for the independent variable

describes a measure used to compare two different tests with the same group of participants to see how closely correlated the two sets of scores are with each other. Inter-rater reliability, Test-retest reliability, Parallel-forms reliability, Intern..

  How many heifers to carry through the system

The farmer wants you to work out how many heifers to carry through the system so that he can replace the cull cows and

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