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Subway restaurants require labor to produce output. The number of workers to hire is often an important decision of Subway because it affects the costs and profits of the firm.
1.) Discuss two factors that would increase your demand for labor.
2.) Is labor an fixed or variable cost in the short run? What are the fixed costs of your firm?
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4.) How is wage determined in any market?
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If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
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