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Suppose a firm in a competitive industry faces an equilibrium product price of $2 per unit of output. Table A provides information on the output produced by various amounts of labor. Use this information to complete the remaining columns of Table A, and to fill in the labor demand schedule in Table B. Table A: Production Schedule Units of Labor Total Product AP MP MRP 0 0 1 13 2 25 3 34 4 42 5 46 6 48 Table B: Labor Demand Schedule Wage Rate Quantity Demanded 24 16 8 (a) Complete Table A, where AP is the average product of labor, MP is the marginal product of labor, MRP is marginal revenue produce of labor. (b) Briefly explain why the marginal revenue produce of labor (MRP) will be equal to the value of the marginal product of labor (V MP) in this market. (c) Complete Table B, with the labor demand schedule for this firm at different wage rates. (d) If the equilibrium market wage rate is $8, what is the equilibrium quantity of labor hired by this firm?
Illustrate what established the permanent membership number in the House of Representatives.
Using a wholesale cost of $4 per case in each state, calculate the breakeven output quantities for each alternative.
Why is your topic important? What is(are) the policy(s) that you are going to discuss in your paper? Identify the relevant literature
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4) Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
In short-run, I see the question on slide 10 (Firm supply) used MC=SAVC to find the crossing point between MC and AVC, so does it mean that we can also take derivative of AVC with respect to Q and set it equal to zero to find minimum or maximum and t..
Health insurance companies are oligopolies, and one of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Discuss in relation to the policies and practices of health insurance companies.
What is meant by a 'feedback loop' in a complex, interconnected system? Give examples of negative and positive feedback loops? Explain what is meant by synergetic interaction in a complex system and its importance?
Suppose an olligopoly consists of two firms Firm A lowers price and Firm B responds by lowering its price by the same amount. If averages costs and industry output remain the same, which of the following what will occur
If the prices of gold and other commodities increases how will this influence the value of the rand. Explain how will a depreation of the rand influence our exports and imports.
Consider a market structure where there is a monopoly in input market (upstream monopolist) and also there is a monopoly in product market (downstream monopoly). If each firm maximizes its profit then there is double mark up. Show that if these two f..
A perfectly competitive firm operates in the short-run with labor as its only variable factor. Its production function is: Q = -L3 + 10L2 + 88L where Q is output per week measured in tons and L is the number of workers employed. The weekly wage is $3..
What sets the boundaries for trade? Globalization, comparative advantage, absolute advantage, or opportunity cost?
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