What is the maximum wage the firm will be willing to pay

Assignment Help Econometrics

Reference no: EM13200863

Given the following data for printers which sell for $100
Labor Input Total Physical Output
(workers per week) (printers per week)
10 200
11 218
12 234
13 248
14 260
15 270
16 278

a. What is the maximum wage the firm will be willing to pay if it hires 15 workers
b. The weekly wage paid by computer printer manufacturers in a perfectly competitive market is $1,200. How many workers will the profit maximizing employer hire?
c. Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.

Reference no: EM13200863

Questions Cloud

Find the amount of material needed to create such logo : Find the amount of material needed to create such logo.

Find the area of the given region : A region of a certain solid consists of a square and a semicircle with a circular hole. Find the area of the given region. side of square is 9 in. and the radius is 2.5 in.

State times are very closely approximated by a normal curve : At one high school, the mean time for running the 100-yard dash is with a standard deviation of 0.9 seconds. The times are very closely approximated by a normal curve. Find the percent of times that are:

Determine the bonds face value : Draw a clear completely labeled cash flow diagram of the entire bond transcation using dollar accounts where they are are known and $X to represent the bond's face value.

What is the maximum wage the firm will be willing to pay : Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.

What were region a sales in the second quarter? : Region C sold 20% more than Region B. In the second quarter, sales increased by 15% for Region B, and Region A had 1.5 times as many sales as Region B. What were Region A's sales in the second quarter?

State the stopping distance of a car after the brakes : the stopping distance of a car after the brakes are applied varies directly as the square of the speed r. If a car traveling 30 mph can stop in 50 ft, how many feet will it take the same car to stop when it is traveling 70 mph?

Write the revenue as function of x : the manager of 100 apartments knows that at $600 rent per month, all apartments will be rented. For each $25 increase, one apartment will not be occupied. Let x represnt the number of $25 increases to the rent. Write the revenue as function of x.

Estimate the average annual inflation rate : Estimate the expected real rate of return on the ten year U. S. Treasury bond - estimate the average annual inflation rate expected by investors over the life of the thirty year bond.

User Account

All Pages