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The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, & the price of the firm's output id $25. The cost of other variable inputs is $400,000 per day.
Assume that total fixed cost equals $1,000,000. Calculate the values for the four formulas:
Total Variable Cost = (Number of Workers * Worker's Daily Wage) + Other Variable CostsAverage Variable Cost = Total Variable Cost / Units of Output per DayAverage Total Cost = (Total Variable Cost + Total Fixed Cost) / Units of Output per DayWorker Productivity = Units of Output per Day / Number of Workers
Calculate the firm's profit or loss. If there is a loss how many worker's need to be laid off in order for the company to break even?
The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..
Market research at Apple Corporation has shown that the demand function for its new iPhone is as follows: QA = 3 - 0.02PA + 0.0002I + 0.01PS where QA is the quantity demanded (in thousands) of iPhones, PA is the price of an iPh..
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Etta and Moorea run a stand where they sell lemonade and brownies. Their cost function is \(C(Q_{L}, Q_{B})= .50Q_{L}+0.25Q_{B}+Q_{L}^{2}+Q_{B}^{2}-Q_{L}Q_{B}\) They can sell a cup of lemonade for $1.20 and a brownie for $0.95. What a..
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