Firm minimizing the cost of producing this level of ouput

Assignment Help Microeconomics

Reference no: EM13689448

Suppose men receive $11.20 per our and women receive $8.00 per hour. Moreover, suppose the firms use 81 female person hours and 64 male person hours to produce 144 units of output and the marginal product of labor for men is 27 while the marginal product of labor for women is 16. Is the firm minimizing the cost of producing this level of ouput? If so, explain why. If not, should the firm use more or less men to produce the level of output?

Use a well labeled graph if appropriate.

Reference no: EM13689448

Questions Cloud

Graph gdp and one other economic statistic : Graph GDP and one other economic statistic for at least fifteen periods (could be quarterly data or annual data). Superimpose on your graph data from another economic statistic for the same periods.

Annual heat-loss cost in a small power plant : It is estimated that the annual heat-loss cost in a small power plant is $5,200. Two mutually exclusive proposals have been formulated that will reduce the loss. Proposal A will reduce heat loss by 60% and cost $3,000.

What is the future worth of the project : Normal 0 false false false EN-US X-NONE X-NONE A project has a first cost ..

Firm minimizing the cost of producing this level of ouput : Suppose men receive $11.20 per our and women receive $8.00 per hour. Moreover, suppose the firms use 81 female person hours and 64 male person hours to produce 144 units of output and the marginal product of labor for men is 27 while the marginal pro..

Estimates maintenance costs for a new backhoe : A contractor estimates maintenance costs for a new backhoe to be $275 for the first month with a monthly increase of 0.5%. The contractor can buy a 4 year maintenance contract for $18,500 at any point.

Why is the effect of the multiplier finite : Normal 0 false false false EN-US X-NONE X-NONE Explain the multiplier intu..

Increase in the homicide rate can be attributed : If the elasticity of crime with respect to the number of police is estimated to be -0.5 and the number of police fell by 5% and, over that same time period, homicide rates increased by 20% then

User Account

All Pages