User Account

All Pages

Labor economics question

Assignment Help Business Economics
Reference no: EM132950504

Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.

If wages in the restaurant is $14.00 per hour and the price of a Hamburger is $4.20 and the production function for the workers is:
Q = 15L - 0.5L2

a. How many workers should Your Restaurant employ during the lunch hour to maximize profits? (note-the value of the marginal product of labor and the marginal revenue product are the same)

We maximize profits which are total revenues less total costs:

b. Compute the maximum profit at Your Restaurant. (note-consider that profit involves Total Revenue and Total Costs).

Reference no: EM132950504

Questions Cloud

Outline the major events of the watergate scandal : Outline the major events of the Watergate scandal? Were this isolated incidents?
How did carter undermine the good relations : How did Carter undermine the good relations we had established with the Soviet Union under Nixon and Ford.( requires no more than 4 sentences.)
What are considered two carter greatest accomplishments : What are considered two Carter's greatest accomplishments?
What total cost to be assigned to the ending work in process : If all materials are added at the beginning of the process, what the total cost to be assigned to the ending Work in Process (WIP) is
Labor economics question : This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
Explain total profit be before and after the price cut : MNP Company has seen its sales volume decline over the last few years. In order to increase sales and profits, the firm is considering a price reduction on its
Which appraisal costs refer to costs incurred : Which Appraisal costs refer to costs incurred? because defective products or services are delivered to customers./ in determining customer demand
Compute the maximum profit at restaurant : Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
How much economic value added results : How much economic value added results from the above? Dr. Don's Wok of Shame, Inc. (an Asian fusion restaurant with one star reviews) has established a target

Reviews

Write a Review

Business Economics Questions & Answers

  What equipment will ann rent-suppose the weekly rental cost

Ann owns a lawn mowing company. She has 240 lawns she needs to cut each week. Her weekly revenue from these 240 lawns is $8,400. If given an 18-inch deck push mower, a laborer can cut each lawn in two hours. Suppose the weekly rental cost (including ..

  Buyers expect higher gasoline prices in the near future

What will happen in the gasoline market now if buyers expect higher gasoline prices in the near future?

  Reduce the average length of stay

Health insurers are putting pressure on hospitals to reduce the average "length of stay" of their patients. A random sample of 27 hospitals in one state had a sample mean "length of stay" for men of 4.1 days and a sample standard deviation of 1.85 da..

  Consumers marginal level of satisfaction

Which of the following statements about indifference curves is true.. The higher an indifference curve is for a? consumer, the greater that? consumer's marginal level of satisfaction. The higher an indifference curve is for a? consumer, the greater t..

  The initial cost of constructing a flood control dam

The initial cost of constructing a flood control dam is estimated to be $5 million, with annual upkeep costs of $499,526. Annual benefits (e.g., reduced flood damage, agricultural development, and tourism, etc.) are expected to be $1.25 million, wher..

  What percent of scores fall below

Your normally distributed population has a mean of 55 and a standard deviation of 6. 95% of individual scores will fall between what 2 values?

  Classify production function by returns to scale

Classify this production function by returns to scale. Comput the firms long-run cost function.

  Assume that the newspaper can not differentiate students

Assume that the newspaper can't differentiate students from teachers and can only charge a fixed price per article.

  According to the theory of rational expectations

According to the theory of rational expectations, individuals will respond to expansionary monetary policy by:

  Describe the output level where average variable costs

Describe the output level where average variable costs are minimized. Determine the output level where marginal costs are minimized.

  Elasticity coefficients for price-advertising and income

Amalgamated Popcorn, Inc. is a fairly small firm selling bags of flavored gourmet popcorn in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Compute the elasticity co..

  What height represents the 95th ?percentile

In a survey of women in a certain country? (ages 20-?29), the mean height was 65.3 inches with a standard deviation of 2.71 inches.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd