What is the firm''s total wage bill

Assignment Help Microeconomics
Reference no: EM13877304

A firm is competitive in both product and resource market. The firm's short run production function is given by Q = 0.5L1/2 where L is the labor input. Assume the wage rate is $10 and the firm's fixed cost is 100. If the price of the good in the market is $1,200 per unit

(a) What is the firm's profit maximizing level of output and employment?

(b) What is the firm's total wage bill?

(c) What is its profit?

Reference no: EM13877304

Questions Cloud

What is the firm''s total wage bill : Assume the wage rate is $5 and the firm's fixed cost is 828. If demand for the firm's output is P = -3Q + 460- What is the firm's profit maximizing level of output and employment?
Reply to the given classmates posts : Directions: In 200-300 words you must reply to both of the classmates post below. Be sure to label each reply so that I know which one you are addressing. Please note that "I like what you said," "That's a good point," and "I disagree with your po..
Explain why moving prices towards costs : Explain why moving prices towards costs is not a Pareto improvement, but is a potential Pareto improvement.
Stress-strain behavior for a steel alloy : Figure shows the tensile engineering stress-strain behavior for a steel alloy. (a) What is the modulus of elasticity?
What is the firm''s total wage bill : A firm is competitive in both product and resource market. The firm's short run production function is given by Q = 0.5L1/2 where L is the labor input. Assume the wage rate is $10 and the firm's fixed cost is 100. If the price of the good in the m..
What is the firm''s total wage bill : A firm is competitive in both product and resource market. The firm's short run production function is given by Q = 0.5L1/2 where L is the labor input. Assume the wage rate is $10 and the firm's fixed cost is 100. If the price of the good in the m..
The limit on the amount of wage income : If the government raised the limit on the amount of wage income that is subject to the F.I.C.A. tax, this would: A. Move the Lorenz curve further from the line of income equality  B. Have no effect on the Lorenz curve
Find the average cost pricing : What is the level of output and price if a natural monopolist with the cost function TC = 0.3Q3- 8Q2+ 120Q and market demand function P = 100 - Q follows the average cost pricing? (From 2 possible solutions choose the larger one.) Compare this so..
Strategies for successful health care marketing : Describe three different strategies for successful health care marketing and public relations.  Which is your personal favorite?  Why?

Reviews

Write a Review

Microeconomics Questions & Answers

  Q1 dick and jane are living in a two-bedroom unit in an

q.1 dick and jane are living in a two-bedroom unit in an apartment complex that has a swimming pool spa fitness center

  Describe how person demonstrates integrity or ethics giving

there are leaders in every field of study and business around the world. select a business leader you admire. use the

  How to measure nations economic performance describe what

how can we measure the nations economic performance? describe what factors make it difficult to compute gdp accurately?

  What is intellectual capital

What is intellectual capital?

  It is common for supermarkets to carry both generic

it is common for supermarkets to carry both generic store-label and brand-name producer-label varieties of sugar and

  What is value for total factor productivity in each country

As an analyst for the Latin American Development Bank, you calculate that the share of income going to capital in both Columbia and Costa Rica is 10%. As a result you know that the per worker production function is:y=A*k0.10 You also know that the ca..

  Manufacturers suggested retail price

A light duty pickup truck has a manufacturer's suggested retail price (MSRP) of $14,000 on its window. After haggling with the salesperson for several days, the prospective buyer is offered the following deal:

  What do problems with measurement of gross domestic product

what do the problems with the measurement of the gross domestic product gdp consumer price index cpi and unemployment

  Define depository institution

Define depository institution, and discuss types of depository institutions are found in the U.S. and how do they act as intermediaries between savers and borrowers?

  Find which are stock variables and which are flow variables

Describe the difference between "stock variables" and "flow variables" in macroeconomic models. Of the following variables: aggregate income, aggregate wealth, aggregate investment, the aggregate money supply, government budget deficit, and govern..

  Quantity equation of money holds

Suppose that the quantity equation of money holds M x V = P x Y and the velocity of money is constant, V. (a) If the money supply increases by 3 percent, by what percentage rate do prices change? That is, what is the inflation rate? (b) What is the r..

  Arguments in court would the plaintiff make to support claim

A country has 2 established car manufactures, both of which have an exclusive network. Dealers have to sign a contract that explicitly forbids selling cars of any other make. An upstart new manufactures sues them for damages with the claim that these..

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