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Question: Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes three hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job.
a. What would be the new employee's marginal product of labor?
b. What is the value of that marginal product?
c. Should the moving service hire a fourth worker?
In the earlier beekeeper, farmer, and writer example, show that it is impossible to find a payment by the writer that induces the beekeeper and farmer.
For each of the following, explain whether or not it is an example of arbitrage? According to the theory of efficient markets, which of the following correctly completes the this statement: Mutual fund managers may be expected to earn.
Consider the following scenario and state the expected change in the supply or demand curve. You should note whether the scenario indicates a shift of the curve or movement along the curve: You are a supplier of widgets.
According to the Environmental Protection Agency, "rigid containers have definite retained shape and form and that are self-supporting" (EPA, n.d.) Some of the differences between rigid and non-rigid containers, according to this week's reading, "Rid..
Given the asymmetric information situation a prospective employer faces in hiring from this labor pool, what is the average salary that they would pay without a signal?
The demand curve for a product is given by P = 400 - 1Q/3. What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100..
Identify the three key facts about short-run economic fluctuations and how the economy in the short run differs from the economy in the long run. Provide real-world examples of those "key facts."
Monopolistic competition is similar to perfect competition in that:
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
Before 1995, trade between Canada and Mexico was subject to tariffs. In 1995, Mexico joined NAFTA and all Canadian and Mexican tariffs have gradually.
Susie says that today such a house costs $ 220,000 and such a jacket costs $ 70. The CPI in 1938 was 14.1 and in 2008 it was 215.3. Which house and which jacket have the lower prices?
Find the profit-maximizing quantity the monopolist will produce, and what price he will charge. Calculate the dead-weight loss. Interpret this number
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