User Account

All Pages

Calculate the marginal revenue product

Assignment Help Microeconomics
Reference no: EM13153386

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: EM13153386

Questions Cloud

Why fix it before it breacks : During an argument as to the merits of preventive maintenance at a printing company, the company owner asked, "Why fix it before it breacks? How would you, as the director of maintenance, respond?
Compute the change in internal energy : f the water if brought to the vapour state at 204C and 710 KPa, where its enthalpy is 2649.4 KJ/Kg and its specific volume is 291.8 cm^3/g, what is the internal energy (U) at these conditions in KJ/Kg? c) Calculate the change in internal energy (d..
Average returns and standard deviations for their stocks : The countries of Stabilato and Variato hae the following average returns and standard deviations for their stocks, bond, and short-term government securities. What range of returns should you expect to earn 95 percent of the time for each asset class..
Straight-line method both to determine interest expense : One year from the issue date (July 1, 2012), the corporation exercised its call privilege and retired the bonds for $395,000. The corporation uses the straight-line method both to determine interest expense and to amortize debt issue costs.
Calculate the marginal revenue product : Calculate the marginal revenue product given this information and how many real estate agents will the manger hire if the wage rate is $32,000? Why?
What must the structural balance : In the year 2000, the US had a Budget Balance of $236 billion dollars. The cyclical component of the budget totaled $94 billion. What must the structural balance be (in billions of dollars)?
What is the etiology, treatment and prognosis : What is the Etiology, treatment and prognosis for a19 year old soccer player complaining of chills and pain while working and experiences progressively spreading furnucles on his left leg for the past week.
Where would you most likely find bacteriophage antigens : Where would you most likely find bacteriophage antigens.
Compute the osmotic pressure of each starting solution : Calculate the osmotic pressure of each starting solution and that of the mixture, assuming that the volumes are additive and that both salts dissociate completely into their component ions

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd