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    Labour Economics

    Microeconomics Example Problems

    Problem: At the Amarillo Piano Company, the average product of labor equals 10, regardless of how much labor is used. a) What is the marginal product of the first unit of labor? b) What is the marginal product of the eightieth unit of labor? c) By how much will output increase if labor is increased by 100 units? d) By h

    Solving labour function

    Susan's utility function is U=(x+y)R^2; where x and y are the quntities of goods X and Y that she comsumes, and R is the number of hours of leisure that she has per day. Good X costs $4 and good Y costs $2 per unit. Her wage rate is $8 per hour nad she has 15 hours per day to allocate between labor and leisure. She will: a.

    Impact of the Salary Cap on Pro Sports

    1) Please describe what sports were like (NFL) before the introduction of the salary cap? (was it monopsonistic labour?) Where can I find a book to help me write an essay on this? 2) What implications on labour did 1. free agency and 2. the salary cap have on pro sports? (What books can I use to help write an essay on this?

    Business evaluation

    Andre has asked you to evaluate his business, Andre's Hair Stylling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Assume that the only se

    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

    reduction in the total paid

    See attached for question 75. What is the reduction in the total paid to all factors (labor plus other factors) due to paying a minimum wage of $5? A) 35 billion dollars B) 10 billion dollars C) 4 billion dollars D) 9 billion dollars a) 5 billion dollars

    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

    Calculate Average Variable Cost using Average Total cost

    Find average variable cost of 3,000,000 pairs of shoes Is the answer $16.00? I got that answer by multipling the ATC ($20.00) by the percent of variable cost (80%) Athletic Shoe Production Normal Profit $6.00 Leather costs $2.00 Rubber costs $3.50 Metal costs $ .50 Cotton costs $3.00 Assembly $5.00 Total: $20