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Suppose that the supply curve for the labor to a firm is given by:
L=100w
And the marginal expense of labor curve is given by:
MEL= L / 50
Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is given by:
L= 1,000- 100MRP1
A. If the firm acts as a monoponist, how many workers will it hire in order to maximize profits? What wage will it pay? How will that wage compare to the MRPl at the employment level?
B. Assume now that the firm must have its workers in a perfectly competitive labor market, nut it still acts as a monopoly when selling its output. How many workers will the firm hire now? What wage will it pay?
The launch is risky because the demand could turn out to be either low or high. If the demand is high, the investment would give a return of $30 million, and if the demand is low, the return would be 0.
What is the profit maximizing (loss minimizing) level of output for Chan in the SR? ii) Calculate the total economic profit (or loss) that Chan. would receive at this particular level of output. You must show all of your work to r..
Economists estimate that on weekends the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q; on weekdays, it is P=5- 0.01Q.
Mr. Wayne, CFO, provides you with the following information based on experience and management policy. All sales are credit sales and are billed the last day of the month of sale. Customers paying within 10 days of the billing date may take a 2 pe..
There is a belief that a person's performance on the GMAT (entrance exam to get into graduate school) can be predicted by their undergraduate GPA. Based on regression analysis what are the following values, (Round to three decimal places; put it ..
The new mayor has pledged to reduce air pollution, and the only source of air pollution in the city are two cement plants, plant A and plant B. 25 years ago, when plant A was constructed, the cement production techn..
a) Use exponential smoothing with a smoothing constant of .6 to produce forecasts from the data. Use 2500 as your forecast of demand for week 2. b) Use exponential smoothing with a smoothing constant of .3 to produce forecasts from the data. Use ..
You deposit today $4500 dollars in an account that pays 3.9 percent per year. For the next few years you will keep making deposits 7.3 percent larger than the previous one. What will be the balance on the account after 6 deposits.
An incumbent firm, Firm 1, faces a potential entrant, Firm 2, with a lower marginal cost. The market demand curve is p=120-q1-q2. Firm 1 has a constant marginal cost of $20, while Firm 2's is $10.
Yesterday bank A had no excess reserves. Today it received a new deposit of $5000. a) If the bank maintains a reserve requirement of 2 percent, what is the maximum loan that the bank A can make
Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves.
Andrea, however, claims they do have a contract and wants to enforce said contract for the price of the car. What standard would the court use to determine whether there is a contract between the parties for the sale of the car.
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