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Labour Economics

Economics Output Maximization and Profit Maximization

What you are solving for in these problems is the optimal input combination based either on what I call Solution #1 and Solution #2; Solution #1 guarantees output maximization and Solution #2 guarantees profit maximization. Use them where appropriate. Use the optimization procedure to get answers not an Excel result. 1. T

Corporate diversity

How has the introduction of females and minorities in the corporate structure impacted the supply of labor and the economy?

Data analysis of a Listed Company

Maher Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $129 Units in beginning inventory 0 Units produced 3,700 Units sold 3,600 Units in ending inventory

Problem Set

2. Prime costs of a company are $3,000,000, manufacturing overhead is $1,500,000 and direct labor is $750,000. What is the amount of direct materials? a. $1,500,000. b. $750,000. c. $2,250,000. d. Cannot be determined from the information provided. 9. Which of the following is not typical of tradit

Overhead costs using traditional costing and ABC

Overhead costs using traditional costing and ABC. (See attached file for full problem description) (a) Predetermined... $xxx ÷ xxx hrs. = $xx.xx per machine hour (b) Manufacturing cost per stair under traditional costing: Direct materials $xxx,000 Direct labor  xxx,000 Overhead (xxx X $xxx) &#8194

Labor econ

Suppose that it is more difficult to monitor workers at larger firms than at smaller firms. According to the delayed payment compensation model, would workers at smaller firms have flatter or steeper age-earnings? Explain how an empirical test of this argument would be problematic.

Labor economics

Assume that the demand curve for labor in country Y is w = 100 - 4E, where E is measured as millions of workers. Prior to immigration, there are 20 million workers in the country. Suppose that there is an influx of 1 million immigrants into country Y. Assuming that labor accounts for 80% of country Y's gross domestic product, ca

Labor economics

4. Suppose that a worker's skills can be summarized by the number of efficiency units she owns and the distribution of efficiency units in the population such that worker 1 has one efficiency unit, worker 2 has 2 efficiency units, and so on. There are 100 workers in the population of the country of Vin. In deciding whether to mo

Labor economics

3. Fleeing political tyranny in country X, assume that 100,000 residents of X leave the nation en masse to a nearby city (City A) in a bordering country (call it country Y) that is democratic. Researchers in Y are interested in how the influx of new labor into Y has affected the local labor market of city A. They have collected

Labor economics

Marlene will live for four more time periods. In the current period, she has the option of attending college. If she does, she pays 40,000 in direct costs for the period and gives up 50,000 in earnings (what she earns for each period if she does not attend college). She knows that after college she will work get paid 70,000 in p

Suppose labor costs increases

8C only: Suppose labor costs increase in Factory 1 but not in Factory 2. How should the firm adjust the following(i.e., raise, lower, or leave unchanged): Output in Factory 1? Output in Factory 2? Total output? Price? (Question is also included in attachment)

Labor Economics

One argument for the decreased labor force participation of older men (especially in the 55-64 age group) is the high generosity of post-retirement health benefits. Assume that the cost of health insurance is fixed during one's retirement years and this is completely covered by a retiree's former employer. Show how this might i

Economics Production Schedule

The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function: Q = 6L - 0.5L2, with the corresponding marginal product of labor equation, MPL = 6 - L. a. Generate a schedule showing total product, average product of labor, and marginal product of labor using

Minimum Wage

Should Congress increase the minimum wage? A. By how much? B. If increased will it help or hurt small businesses? C. Is your employer affected by increases in the minimum wage? D. In what way is your employer affected by minimum wage increases?

Labor Economics

CEO pay appears to be on the rise again. Additionally, executive pay in the U.S. is about 20 times higher than it is in European countries. Explain three theories about CEO pay and evaluate, whether they can explain why 1) executive pay is so much higher than the pay of an average worker, 2) it does not vary much with the value

A new business that will create additional revenue in a community

I need to do an economic impact analysis for a new business that I would like to open in my community that will generate revenue. I have thought of several businesses, but I am not sure that they would actually create ADDITIONAL revenue in the community. The businesses I have considered may be situations of just shifting the sp

Employment and Labour Relations Law Quiz

Employment and Labour Relations Law Quiz - Employment and Labour Relations Law Employment Law Section: 1. An employer who wishes to lawfully terminate an employee: (a) Can only terminate an employee's employment if there is just cause to support the termination. (b) Can terminate without just cause if notice of


A firm generates total revenue of $80,000. Labor costs $40,000, materials cost $20,000 and the owner could have earned $15,000 working for someone else. To an economist, profit equals___________; to an accountant, profit equals ______________. a) $40,000; 5,000 b) $5,000; $40,000 c) $40,000; $15,000 d) $20,000; $5,000 e

Finding Total Ecnomic Profit

Here is the Scenerio- Labor is only variable input. Output is 4000 unit Marginal Product of labor is 10 Average Product of labor is 50 Price of labor is $150 Marginal product of capital is 40 Average product of capital is 60 Price of capital is $240 Total Fixed Cost is $16000 Output MC AVC AFC ATC

Financial Management

Tom Terry manufactures an intricately detailed plastic and metal toy airplane. The following unit cost data pertain to the unit cost of an airplane: Direct materials $ 5.00 Direct labor 12.00 Manufacturing overhead (50% fixed) 10.00 Total manufacturing costs $27.00 Please show work: Assume that the airplane can