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You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. No. of workers Total Labor Cost Output Total Revenue 1 $550 100 $170 2 1100 108 350 3 1650 114 800 4 2200 119 1270 5 2750 123 1600 6 3300 125 1700 7 3850 126 1750
What is the marginal product of the third worker?
What is the marginal revenue product of the second worker?
What is the marginal cost of the fourth worker?
Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Explain how McGregor's Theory Y assumptions can create self-fulfilling prophecies consistent with the current emphasis on participation and involvement in the workplace. How do ethical dilemmas complicate the workplace
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
What would be the present value of an item that has a salvage value of $25,000 at the end of four years?Assume a discount rate of 3.8% for an end-of-year factor?
Simply state the short run shut down rule as stated in the book and apply it using the numbers given. Be sure to show your work to support the decision you outline in your report. uses 50,000 workers to produce 200,000 units of output per day. The d..
Information Technology (IT) has been around for a long time but most health care organizations have not embraced information technology as much as most other industries. Discuss this issue as it relates to your organization. Given the material in..
Identify the government department that compiles the statistics on unemployment. About how many business firms in the United States are proprietorships?
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
According to theory, if you lower interest rates, business investments and consumer purchases of large durable goods are supposed to increase. In return, this is to help pull us out of a recession. However, this policy of extraordinarily low inter..
Evaluate the "Accuracy" of the forecast for the "hold out period" using RMSE and MAPE error measures used from forecast period residuals and comment them.
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market. Nurses are used by the clin..
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