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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 $8.00 per hour and the price of a Hamburger is $4.00 and the production function for the workers is:Q = 4L - 0.25L^2a. How many workers should You 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)b. Compute the maximum profit at You.(note-consider that profit involves Total Revenue and Total Costs)c. Compute the profit created if You hire a fifth worker. Explain why it is or is not profit maximizing to hire a fifth worker.d. Suppose instead that You wants to keep the lines as short as possible by maximizingproduction. How many workers should You employ during the lunch hour?e. The Value of the Marginal Product of Labor Equation is an important equation. Setting aside political considerations, there has been quite a bit of discussion regarding the pay level for fast food restaurants. In two paragraphs, please discuss the challenge of paying these workers more.
Compute the expected value and the standard deviation of this investment. Is this investment risky? Why? The equation E(x)=359 + 0.5SD describes the indifference curve of this investor. Is this investor risk averse, risk neutral, or risk loving? ..
For a firm in a perfectly competitive market that faces a market price of $5/unit for its output, draw a diagram showing a U-shaped long run Average Cost curve and the related Marginal Cost curve so that, in the situation you show
"I see that your shoes are ‘buy one, get one free - limit one free pair per customer.' Will you sell me one pair for half-price" The clerk answered, "I can't do that." When the customer started to leave the store, the clerk hastily offered,
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
Chamber of Commerce, and your colleague has written a position paper and asked you to proof read it. In that report, she concludes; "in 2009, the U.S. exports were $1.571 billion and imports were $1.946 billion, with a resulting trade deficit of $..
Explain what short-run impact immigration is likely to have on natives' wages and employment when immigrants are a) substitutes to natives and b) complements to natives. Explain also the so-called immigration surplus for the short-run case.
Select a product or service you use on a regular basis and discuss how the price you pay for that product or service is the result of a market economy. Discuss how the determination of the price for that same product or service would be set in a c..
Suppose a textbook monopoly can produce any level of output it wishes at a constant MC and AC of $5 per book. Assume that the monopoly sells its books in two different markets that are separated by some distance. The demand curve in the first mark..
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits Do you think the economic benefits outweigh the economic costs, or not Why If we wished to reduce the budget deficit t..
Describe the monetary policy tools the Federal Reserve uses to stabilize the economy and maintain price stability. Based on the information you researched from Federal Reserve publications, present and justify your own economic outlook for the next..
The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?
A stem cell research project requires expensive specialized laboratory equipment. For this purpose, three pieces of equipment and their associated cash flows (listed below) are under consideration. One piece of equipment must be selected.
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