Reference no: EM131222267
Q1. Gary's labor supply is given by H = -10 + 0.71428.w, where H is the hours worked per week and w is the hourly wage rate. Mary and Terry's labor supply functions are represented by H= -2 + 0.25.w and H= -38+1.7272.w, respectively.
a) First, determine the reservation wage for each of these individuals, showing every step of your work. Please round to the second decimal point.
b) Second, if the market wage is $36, how many hours does each individual supply? And, at which wage rate would each individual supply 40 hours per week? Please round to the second decimal point.
c) Third, provide the market labor supply equation. Note that this is more difficult than it may initially seem, as the proper conditions need to be fully stated.
d) Lastly, in a separate figure, graph the market labor supply curve, labeling everything you can. Another quadrant may be used as needed for the intercept.
Q2) The Metal Company produces brass fittings for one cent a piece. Their production function is q = 500 . E^2 . K^3 , where q, E, and K are the numbers of fittings, workers, and machines, respectively. AMC's employees earn $15 an hour and machines are rented for $50 an hour, with $50,000 to spend on both inputs. With all of this given information, first calculate:
a) The short-run optimal amount of workers when only one machine is available.
b) The long-run optimal amounts of workers and machines. Now assume that MRTS is represented by a constant. For that case, recalculate:
c) The long-run optimal amounts of workers and machines.
|
Pay gap between men and women
: What personal qualities do you think are necessary for a couple with children to have successful careers? How would you select for those qualities? What role, if any, should the HR department play in reducing the pay gap between men and women?
|
|
How large a sales increase can the company achieve
: How large a sales increase can the company achieve without having to raise funds externally; that is, what is its self-supporting growth rate?
|
|
Human resources and engineering departments
: Q1: Explain why personnel in the human resources and engineering departments need to know something about personal selling.
|
|
What is net present value of decision to produce the chains
: If the company pays tax at a rate of35 %35%and the opportunity cost of capital is15 %15%?,what is the net present value of the decision to produce the chains?
|
|
Calculate long-run optimal amounts of workers and machines
: The Metal Company produces brass fittings for one cent a piece. Their production function is q = 500 . E^2 . K^3 , where q, E, and K are the numbers of fittings, workers, and machines, respectively. Calculate The long-run optimal amounts of workers..
|
|
What conditions is the fragmentation complete
: Give the SQL to horizontally fragment staff by d Center No. Give the SQL to reconstruct the original table from the fragments. Is the fragmentation complete and if not, why not?
|
|
What are at least five factors that create paperless office
: What are at least five factors that create a paperless office? Describe why these factors contribute to a paperless office. Do you foresee any challenges, either current or future, with a paperless office? Explain your reasoning.
|
|
Analysis of the supreme court of the united states
: nalysis of The Supreme Court of the United States case of Griggs v. Duke Power Company (1971) Search the internet and find the case The Supreme Court of the United States case of Griggs v. Duke Power Company (1971). Analyze and present a summary of..
|
|
What is the factorys present value
: A factory forecasts to produce the following cash flows: - If the cost of capital is 6%, - what is the factory's present value?
|