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What if a company employs ten workers and pays each $15 each hour. Further suppose that the MP of the 10th worker is five units of output and that the price of the output is $4. According to economic theory, in the short run,
a. the firm should hire additional workers.b. the firm should reduce the number of workers employed.c. the firm should continue to employ 10 workers.d. More information is required to answer this question.
Assume that the manager of a company operating in competitive market has estimated the company's average variable cost function to be AVC=4000-5Q+0.002Q^2
Suppose a company employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is five unit of output and that the price of output is $4.
Suppose ZCorp has following short run production function Q = 50X - 2X^2 where X is the only variable input used by ZCorp to product its product, Q.
You are given the following information on long run cost function, Compute the long run average cost and marginal cost.
QopyQat specializes in printing business cards and resumes, using latest laser technology. After examine the business, manager has decided that weekly demand can be approximated;
Kathy Bakery is a local full service bakery in Omaha, Nebraska. Kathy sells loaves of wheat bread for $3 a loaf.
As the manager of exploration for Chieftain Oil & Gas, you are assessing a new offshore oil recovery method that will recover oil and gas deep in the Gulf of Mexico.
List three characteristics of an economists, a scientist and thee characteristics of an economist as a policy adviser.
Making dresses is a labor intensive process. Indeed, production function of a dressmaking company is well described through the equation Q=L-L^2/800,
The Zinger Corporation manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given through the following relationship:
A new manager recently was given an project to make two possible wage schemes for a design firm. The manager came up with the following packages:
Suppose you are the manager of a company that produces output in two plants. The demand for your company's product is P = 78 - 15Q, where Q = Q1 + Q2.
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