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One lumber producer may locate a plant in the same area. If it does, there will be more competition for labor and the labor supply function facing Northern will shift to w = 50 + 0.04L dan ME = 50 + 0.08L
Because of increased competition in the market for lumber, Northern demand function will become more elastic with the price elasticity of demand decreasing to -4.0.
Requirements
1. Determine the amount of labor that the firm should employ in order to maximize profit under this new labor market condition.
2. Determine the new wage rate that the firm will have to pay.
3. What price will the firm charge per unit of output?
Income elasticity of demand The income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in income. Its co-efficient
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determine points in units and reorder quantity normal sales=2 month; reorder time=15days; max stock=6 units; safety stock=1 unit ( based on 95% customer''s satisfaction )
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In the short-run the firm can't modify or change overhead factors like equipment, plant and scale of its organisation. In the short-run output can be decreased or increased by chan
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1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
Q10000-50p
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