Please see attached file. The following information pertains to a perfectly competitive firm that sells its output for $2 in the short run and is one of many demanders of labor. (i) Fill in the blanks in the above table. (ii) How many workers would the firm hire if the wage rate was $10? (iii) Explain why this firm wou
If you can help me solve this that would be helpful...... Q= 2(K) 1/2 (L) 1/2 K= capital equipment L= labor the company spent already $10,000.00 on 4 units of capital equipment in they own. due to economic condtions does not have the flexibilty needed to acquire addtional equipment......IF the workers at this firm ar
Having trouble understading the equations and concept. See attachment for full problem description with proper symbols. --- Micro 1. . Monopoly producer has a total cost function C = 66 + 2Q + Q2 (Hint: MC = 2 + 2Q). Demand for its product is Q = 10 - 0.2P (Hint: MR = 10 - 0.4P). a. Compute and graph Average Reven
I understand if the US dollar is weak, then the exchange rate decreases. This situation would entice producers in other countries to export their goods into the US because they would benefit from the low exchange rate of their currency and make greater profits. How does the lower exchange rate affect domestic exporters? Inversel
What is required for a market to be considered monopolistically competitive? How does the equilibrium in a monopolistically competitive market resemble that in a perfectly competitive market? How are they different?
We make choices as consumers every day.Opportunity cost is defined as a person's ''next best alternative'' or the best of what you give up when you make a choice. Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your best alternative?
Can you provide some insight to the following: The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. Although you don't know the firm's fixed cost, you know that it is high en
Here is a problem that I am trying to figure out: Wkly. output Apple Airlines(A) Big Bird(B) Chancy Airlines, ltd.(C) 1 $40 $20 $50 2 30 25 40 3 25
As you evaluate if pricing strategy maximizes profit, analyze the revenue and profit implications for the alternative pricing strategies proposed by Bob Radcliffe, James Bender, and Nell Richards. Please see attached files. Thank you
Background: Merriwell Corporation has a virtual monopoly in the ultra high-speed computer market. Merriwell has recently introduced a new computer that will be used by satellite installations around the world. The installations have identical demands for the computers. Merriwell's managers have decided to lease rather than s
The Green Show Company is considering going to a piece rate system, where manufacturing employees are paid based on their level of output. Discuss what factors the firm should consider in deciding whether this idea should be implemented. How should the initial piece rate be set? Under what circumstances should the company alt
An unprofitable firm has hired me to determine whether they should shut down there unprofitable operation or not. There are currently 70 workers at the firm that produce 300 units of output per day at the price of $30 per unit. Their workers daily wage is $100; the cost of other variables inputs is $500 per day and the firms f
The firm currently uses 70 workers to produce 300 units of putput per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. Although you don not know the firm's fixed cost, you know that it is high enough that the firm's total costs exceed its t
The short-run marginal cost of the Ohio Bag company is 2Q. Price is $100. The company operates in a competitive industry. Currently, the company is producing 40 units per period. What is the optimal short-run output? Calculate the profits that Ohio Bag is losing through suboptimal output.
If it costs the firm $54 to produce 6 units of output and $40 to produce 5 units of output, average cost: a) is greater than marginal cost and average cost is rising b) is less than marginal cost and average cost is rising c) equals marginal cost d) is greater than marginal cost and average cost is falling e) is less than
The file with the problem is attached. Graph the AFC, ATC, AVC, and MC curves for the given fixed and variable costs. Explain the relationship between the MC curve and the two average cost curves.
This problem is designed to help you appreciate the joys and tribulations of cartels. Let D in Figure 11-1 be the demand for oil and MC be the sum of the marginal-cost curves of all oil producers. Ignore for now the line labeled H. (a) If oil producers are price takers because there are thousands of them and they have no effe
Market demand and marginal revenue relations for Glove-Box units are:P=$500,000-$250Q;MR=$500,000-$500Q;OSHA mandates that GB must install new eqpmt that will increase the $200,000 marginal cost of mfg to $250,000 per unit.The fixed expenses of $50million per yr will be unaffected. a.calculate GB's profit maximizing price/outpu
1. Beta Industries manufactures floppy disks that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen floppy disks. The estimated cost function is C = 20 +2Q^2. Show all work. a. What are the
Therapeutic Systems sells its products for $8 per unit. It has the following costs: Fixed: Rent $ 120,000 Variable: Factory labor $ 1.50 per unit Fixed: Executive salaries $ 112,000 Variable: Raw materials $ 0.70 per unit Separate the expenses between fixed and variable costs per
Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Analyze the impact on Japan's terms of trade of the following events: a. A war in the Middle East disrupts oil supply. b. Korea develops the ability to produce automobiles that it can sell in Canada and the United States.