Market price of the product

Assignment Help Business Economics
Reference no: EM133637278

Question

Ultimate Review Packet- Micro Unit 5 Factor Markets Practice Part 1: Chart Practice?- ?Use the chart for a firm in a perfectly competitive labor market to answer the questions.

1. Assume that the market price of the product is $3 and the wage is $15. How many workers should be hired to maximize profit?

Reference no: EM133637278

Questions Cloud

Types of market distortions : There are 4 types of market distortions. Using a table or some clear structure, show the differences or commonalities between each.
Labor must be outsourced to exploited workers-raw materials : In order to make a product as advanced as the iPhone affordable to the general public, labor must be outsourced to exploited workers, raw materials
Home-based agents can differentiate service from competition : Home-based agents can differentiate their service from the competition by matching the competitors' prices. selling more than the competition.
Silverado sets price in the market : Suppose that the market is NOT perfectly competitive. Instead, Silverado sets a price in the market.
Market price of the product : Assume that the market price of the product is $3 and the wage is $15. How many workers should be hired to maximize profit?
Wat has increasing costs but xat has constant costs : Both nations have concave-to-the-origin production possibilities curves. Wat has increasing costs but Xat has constant costs.
About aggregate demand and supply and fiscal policy : We learned in our lengthy discussion about aggregate demand/supply and fiscal policy
Floating exchange rate than under fixed rate : In an economy is more vulnerable to the instability in the domestic money market under a floating exchange rate than under a fixed rate.
Introduced measures to reduce smoking : Antismoking Campaigns - Many governments have introduced measures to reduce smoking.

Reviews

Write a Review

Business Economics Questions & Answers

  What is the fixed cost fc of doing business

a. What is the fixed cost (FC) of doing business? b. What will be the total cost (TC), total revenues (TR) and profit (P) for 50 cups of lemonade?

  Find helen optimal consumption basket

Find Helen's optimal consumption basket. Show this result graphically, labelling as many points as you can.

  Explain the subordinate-level descriptions

Think of an area where you have more knowledge than the average person...when would you be most likely to use the subordinate-level descriptions?

  What is the probability

If a home is known to be more than $250 000, what is the probability that it is less than $280 000?"

  Solve linear programming model developed by using computer

The manager of a Burger Doodle franchise wants to determine how many sausage biscuits and ham biscuits to prepare each morning for breakfast customers. The two types of biscuits require the following resources: Formulate a linear programming model fo..

  Who has the comparative advantage in assisting

Suppose there are two star players in the NBA, Shaquille O’Neal and Kobe Bryant. Shaq can score 35 points per game or assist 12 times. Kobe can score 30 points per game or assist 15 times. Assuming they specialize in one or the other, who has the com..

  What is the marginal revenue from a full flight

Suppose an airline is losing money because they cannot fill enough seats in their flights with passengers. The airline would offer a flight only if at least 70% of the seats could be filled. The average total cost for the typical flight is $12,600. W..

  Expansionary policy and a contractionary policy

Indicate how the Federal Reserve would use each of the tree monetary policy tools to pursue an expansionary policy and a contractionary policy.

  Level of health in a relatively affluent

Explain how an increase in income would affect the level of health in a relatively affluent country like the United States.

  How many city-pairs does it serve

A network carrier serves 39 spoke cities from a single hub. How many city-pairs does it serve? This same airline adds a 40th spoke city to its network using a 100 seat capacity aircraft. On a flight from this 40th spoke to the hub, how many passenger..

  Investment has highest expected value to ordinary investor

Suppose that, as an owner of a federally insured S&L in the 1980s, the price of real estate falls, and most of your loans go into default. In fact, so many loans go into default that the net worth of the S&L is negative ($5 million). Which investment..

  Marginal revenue from selling another book

Illustrate what is the marginal revenue from selling another book for the author. Explain how does it compare to the marginal revenue

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!

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