# You’ve been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is \$100, and the

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1. ## Economics

You’ve been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. 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
2. ## Economics

Should a firm shut down its unprofitable operation. Firm uses 70,000 workers to produce 300,000 units of output per day. Daily wage is \$100 p/worker dn price of firms output is \$30. Other variable inputs is \$500,000 p/day. Do not know the firms' fixed
3. ## Economics

The firm currently uses 70,000 workers to produce 300,000 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 \$500,000 per day. Although you don’t know the
4. ## Math

The firm currently uses 70,000 workers to produce 300,000 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 \$500,000 per day. Although you don’t know the
5. ## Economics

The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is \$80, and the price of the firm’s output is \$25. The cost of other variable inputs is \$400,000 per day. Assume that total fixed cost equals
6. ## microeconomics

A firm currently uses 40,000 workers to produce 180,000 units of output per day. The daily wage per worker is \$100, and the price of the firm's output is \$28. The cost of other variable inputs is \$500,000 per day. (Note: Assume that output is constant at
7. ## MicroEconomics

A firm currently uses 50,000 workers to produce 120,000 units of output per day. The daily wage per worker is \$100, and the price of the firm's output is \$48. The cost of other variable inputs is \$400,000 per day. (Note: Assume that output is constant at
8. ## microeconomics

A firm currently uses 40,000 workers to produce 180,000 units of output per day. The daily wage per worker is \$100, and the price of the firm's output is \$28. The cost of other variable inputs is \$500,000 per day. (Note: Assume that output is constant at
9. ## mirco-economics

The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is \$80, and the price of the firm’s output is \$25. The cost of other variable inputs is \$400,000 per day
10. ## economics

A firm currently uses 40,000 workers to produce 180,000 units of output per day. The daily wage per worker is \$100, and the price of the firm's output is \$28. The cost of other variable inputs is \$500,000 per day. (Note: Assume that output is constant at

A firm currently uses 50,000 workers to produce 120,000 units of output per day. The daily wage per worker is \$100, and the price of the firm's output is \$48. The cost of other variable inputs is \$400,000 per day. (Note: Assume that output is constant at
12. ## Microeconomics

A firm currently uses 40,000 workers to produce 180,000 units per day. The daily wage per worker is \$100, and the price of the firm’s output is \$28. The cost other variable input is \$500,000 per day. (Note assume that output is constant at the level of
13. ## eco

suppose that the marginal product of the last worker employed by a firm is 40 units of output per day and the daily wage that the firm must pay is \$20 while the marginal product of the last machine rented by the firm is 120 units of out put per day and the
14. ## Economic

Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for \$50 per day. The firm’s production function is as follows: Days of Labor/Units of Output: 0/0, 1/7, 2/13, 3/19, 4/25, 5/28, 6/29, 7/29 c. Compute the
15. ## principals of microeconomics

it says that at an output of 100, the firm uses three units of capital (K) and 7 units of labor (L). In 1 capital is \$100 per unit per day and labor is \$80 per worker per day. So you have 100x 3= \$300 and then you have 7x\$80=\$560. Add those together and at
16. ## Mathematics in Economy

A firm produces two different kinds A and B of a commodity. The daily cost of producing x units of A and y units of B is C(x,y) = 0.04x2 + 0.01xy + 0.01y2 +4x + 2y +500 Suppose that firm sells all its output at a price per unit of 15 for A and 9 for B.
17. ## Managerial Economics

Supposed that a firm's daily output is Q = 1.5L^0.76 K^0.24 Q = Daily output L = number of workers K = number of machines used per day Price per output = \$10 If wages of a worker is \$30 a day, how many workers(L) per unit of output should the firm hire?
18. ## Economics

You own four firms that produce different products. The following table summarizes the conditions in each firm. After calculating the missing numbers for each firm, make one of the following four decisions regarding operations in each firm, and explain why
19. ## econ question

2 questions that im stuck on!!! 1. Suppose a firm has a production function Q = 3(squareroot)N, where N is labour. Suppose the wage is 3, and the price of the output 4. (a) Write the Firm profits (b) Calculate the firm optimal labour choice when the wage
20. ## college econ

You own four firms that produce different products. The following table summarizes the conditions in each firm. After calculating the missing numbers for each firm, make one of the following four decisions regarding operations in each firm, and explain why
21. ## CORRECTED ECONOMICS ?

You own four firms that produce different products. The following table summarizes the conditions in each firm. After calculating the missing numbers for each firm, make one of the following four decisions regarding operations in each firm, and explain why
22. ## Economics - URGENT

Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K Suppose w = 1 and r = 0.5 Assume that, at the beginning when w0 = 1 and r = 0.5, the firm chose to produce q0 = 20 units of output. Then,
23. ## lavin

A firm has the following short-run production function: Q = 100L + 10L2 - 0.7L3 Where Q = quantity of output per week; L = Labor (number of workers) a. When does the law of diminishing returns take effect? b. Calculate the value for Stage I in the
24. ## economics

The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that this perfectly competitive
25. ## economics question!!

Suppose a firm is both a monopoly and a monopsony. How would this firm choose the quantity of labour of labour to employ? what wage would this firm pay? can someone explain this question to me!! im stuck! I gave this question a brief answer earlier. Let me
26. ## Economics

A monopoly firm faces a demand curve given by the following equation: P = \$500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = \$100 per day. Assume that the firm faces no fixed cost. You may wish to arrive at the answers
27. ## mangerial econ

The MorTex Company assembles garments entirely by hand even though a textile machine exists which can assemble garments faster than a human can. Workers cost \$50 per day, and each additional laborer can produce 200 more units per day (the same for each
28. ## Finance

and produces 200 units of output, which it sells at \$5 per unit. Firm B buys \$100 worth of goods from firm A and \$150 worth of goods from firm C, and produces 300 units of output, which it sells at \$7 per unit. Firm C buys \$50 worth of goods from firm A
29. ## Managerial Economics

The MorTex Company assembles garments entirely by hand even though a textile machine exists which can assemble garments faster than a human can. Workers cost \$50 per day, and each additional laborer can produce 200 more units per day (the same for each
30. ## Economy

Use the following information to answer the question. There are three firms in an economy: X,Y,Z. Firm X buys \$200 worth of goods from firm Y, and \$300 worth of goods from firm Z, and produces 250 units of output at \$4 per unit. Firm Y buys \$150 worth of
31. ## Economics

A monopoly produces widgets at a marginal cost of \$8 per unit and zero fixed costs. It faces an inverse demand function given by P = 38 - Q. Suppose fixed costs rise to \$200. What will happen in the market? A.The firm will decrease its output and lower its
32. ## economics (micro)

2. In the table below, assume a monopsonist has the marginal-revenue-product schedule for a particular type of labor given in columns 1 and 2 and that the supply schedule for labor is that given in columns 1 and 3. (1) (2) (3) (4) (5) Number of MRP Wage
33. ## managerial economics

The MorTex Company assembles garments entirely by hand even though a textile ma- chine exists that can assemble garments faster than a human can. Workers cost \$50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal
34. ## Economics

A firm uses a single plant with costs C = 160 + 16Q + .1Q2 and faces the price equation P = 96 - .4Q. a. Find the firm’s profit-maximizing price and quantity. What is its profit? b. The firm’s production manager claims that the firm’s average cost of
35. ## ECONOMICS

A firm uses a single plant with costs C= 160 +16Q +.1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profit-maximizing price and quantity. What is the profit? b) The firm’s production manager claims that the firm’s average cost of
36. ## managerial economics

A firm uses a single plant with costs C= 160 +16Q +.1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profit-maximizing price and quantity. What is the profit? b) The firm’s production manager claims that the firm’s average cost of
37. ## Economics

A firm and a worker interact as follows. First, the firm can make 2 contract offers (wage, jobtype): (w, z=0) and (w, z=1) where z=0 denotes the "safe" job and z=1 denotes the "risky job. After observing the firm's contract offer(w,z) the worker accepts or
38. ## economics - monopoly/monopsony

just a quick qusetion....if a firm is both a monopoly and a monopsony. How would the profit maximizing wage and lvl of labour in the short run be determined for this firm Use the profit maximizing principals. Regardless of the existing market, a firm will
39. ## Managerial ECON

Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of \$100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is \$5,000 a. What is marginal cost? b.
40. ## Managerial Economics

Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of \$100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is \$5,000. a. What is marginal cost?
41. ## Math/Economics

Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are \$6 and the variable cost per unit of labor is \$10. The marginal
42. ## Math/Economics

Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are \$6 and the variable cost per unit of labor is \$10. The marginal
43. ## economics

5. A market contains a group of identical price-taking firms. Each firm has a marginal cost curve MC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds \$20 per unit and will shut down if the
44. ## managerial eccon

Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of \$60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: \$3,600. what is the averge variable cost?
45. ## Economics

Two firms produce the same good and compete against each other in a Cournot market. The market demand for their product is P = 204 - 4Q, and each firm has a constant marginal cost of \$12 per unit. MR1 = 204 - 8q1 - 4q2. Let q1 be the output produced by
46. ## econmics

The MorTex Company assembles garments entirely by hand even though a textile ma-chine exists that can assemble garments faster than a human can. Workers cost \$ 50 per day, and each additional laborer can produce 200 more units per day ( i. e., marginal
47. ## econmics

The MorTex Company assembles garments entirely by hand even though a textile ma-chine exists that can assemble garments faster than a human can. Workers cost \$ 50 per day, and each additional laborer can produce 200 more units per day ( i. e., marginal
48. ## managerial economics

The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost \$50 per day, and each additional laborer can produce 200 more units per day (i.e./ marginal product
49. ## managerial economics

The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost \$50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal product
50. ## Managerial ECON

Suppose that a firm is currently employing 20 workers, the only variable input, at a wage rate of \$60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is \$3,600. a. What is marginal cost? b. What is
51. ## Economics

Which one of the following statements about efficiency wages is correct? A. An efficiency wage is a "wage" that contains a profit-sharing component as well as traditional hourly pay. B. An efficiency wage is an above-market wage that minimizes a firm's
52. ## Economics/Math

In a perfectly competitive industry, the market price is \$25. A firm is currently producing 10,000 units of output, its average total cost is \$28, its marginal cost is \$20, and its average variable cost is \$20. Given these facts, explain whether the
53. ## eco

if the marginal product of capital of a firm is 120unit of output, rental price of machine is \$30. and marginal product of labor is 40units of output, daily wages is \$20. 1)why is this firm not maximizing output or minimizing cost in long run?? 2)how can

I need my answers checked for this question, thanks. A firm's production function: Q = 100 K^0.5 L^0.5 During the last production period, the firm operated efficiently and used input rates of 100 and 25 for labor and capital respectively. (a) What is the
55. ## Math Calculus

A firm finds that it can sell all the radios it manufactures st a price of \$75 each. If x radios are manufactured each day and C(x)=x^2 +25x +100 is the daily total cost of production, how many radios should be produced each day for the firm to maximize
56. ## managerial economics

Suppose the inverse market demand equation is P = 80 ¡V 4(QA+QB), where QA is the output of firm A and QB is the output of firm B, and both firms have a constant marginal constant of \$4. Firm B is the Stackelberg leader in this market. (a)State the
57. ## ECONOMICS

1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product? A) the demand for labor and the number of workers hired both increase B) the
58. ## ECONOMICS

PLEASE HELP ME WITH THESE!!!!!!!! 1) If the price of a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce the product? A) the demand for labor and the number of
59. ## Economics

Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of \$60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: \$3,600. a. What is marginal cost? b. What is
60. ## Economics

Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of \$60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: \$3,600. a. What is marginal cost? b. What is
61. ## economics

supose the following demand and cost function of duopoly firm x=40-0.2p where x=x1+x2 c1=50+2x1+0.5x12 c2=100+10x2 drive riaction function find cournot equilibrium quantity and price calculate the equilubrium price and output of each firm assume firm 1 is
62. ## economics

Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is \$4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire, and what wage
63. ## Economics

Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at \$20 Marginal cost = average total cost at \$30 Marginal cost = average revenue
64. ## Microeconomics

LTC=2q-2q^2+q^3 Demand p=100-q Determine the long run equilibrium Price Representative firm's output(q) Industry output q and number of firm's in the industry
65. ## M361

A factory worker productivity is normally distributed. worker A produces an average of 84 units per day with a standard deviation of 24. worker B produces at an average rate of 74 units per day with stanard deviation of 25. (a) what is the probability that
66. ## micro

We assume that when a firm hires additional workers, the marginal physical product of labor will: 1. decrease because each worker now has less capital and other resources to work with. 2. decrease because the new workers are likely to be less able than the

In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm in group

In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm in group
69. ## Economics

The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of \$100. a) What price should the manger of this firm put on its product? b) What level of
70. ## Economics

Consider the problem of a firm that needs to decide how much output, denoted by x, to sell. The marginal revenue function of the firm is given by 10−x. It's marginal cost function is goven by x. In addition, the firm faces a legal constrain: it is
71. ## managerial economics

The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of \$100. a) What price should the manger of this firm put on its product? b) What level of
72. ## Economics

In the short run a firm needs six units of labor to produce eight units of output and ten units of labor to produce nine units of output. If the price of labor is \$2 per unit, what is the marginal cost of the ninth unit of output?
73. ## microeconomics

Market demand is given as QD = 200 – 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What quantity of output will a typical firm produce? a.10 b.20 c.30 d.40
74. ## Microeconomics

A. At a product of 55 will this firm produce in the short run? Yes or no explain. If it is preferable to produce what will be the profit maximizing or loss minimizing output? What economic profit or loss will the firm realize per unit of output
75. ## college, Microeconomics

(Daddy Warbucks employs workers in his perfectly competitive factory. Mr. Smith employs workers in his monopolistic factory as the only producer of the thing you really want. Given the following information, determine how many workers each firm will
76. ## Microeconomics - Oligopoly

Two firms decide to form a cartel and collude in a way that maximizes industry profits. Each firm has zero production costs and each firm is given a positive output quota by the cartel. Which of the following statement(s) are NOT true. (a) Each firm would
77. ## economics

Assume a firm is a monopsonist that can hire its first worker for \$6 but must increase the wage rate by \$3 to attract each successive worker (so that the second worker must be paid \$9, the third \$12, and so on). The marginal revenue product of labor is
78. ## College microeconomics

Need some help with these questions....Thanks in advanced. All profit-maximizing firms hire inputs up to the point where: A) MRP = W B) MR = MC C) MP = W D) MFC = MRP E) MFR = MRC 4) A firm’s marginal revenue product of labor curve A) is steeper than its
79. ## Economics

Consider the production function Q = 20K 1/2 L 1/2. The firm operates in the short run with 100 units of capital. a. The firm’s short-run production function is Q = __________. c. The average product of labor function is AP = __________. d. The marginal
80. ## Economics

a firm in a purely competitive industry is currently producing a 1000 unir per day at a total cost of \$450. if the firm produced 800 units per day, it total cost will be \$300, and it it produced 500 units per day, it total cost will be \$275. Requirements:
81. ## economics

The daily inverse demand curve for pet grooming is P=20-0.1Q. where P is the price of each grooming and Q is the number of groomings given each day. This implies that the Marginal revenue is MR=20-0.2Q Each worker hired can groom 20 dogs per day. What is
82. ## economics

The daily inverse demand curve for pet grooming is P=20-0.1Q. where P is the price of each grooming and Q is the number of groomings given each day. This implies that the Marginal revenue is MR=20-0.2Q Each worker hired can groom 20 dogs per day. What is
83. ## Economics (attempted as suggested by economyst)

Posted by eStone on Sunday, March 29, 2009 at 5:47pm. Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of \$60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed
84. ## microeconomics

Market demand is given as QD = 200 – 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What quantity of output will a typical firm produce? a.10 b.20 c.30 d.40 Market demand is given as QD = 200 – 3P.
85. ## Economics

PLEASE PLEASE HELP!!!! 1.WITH THE HELP OF DIAGRAMS,MAKE A DISTIOTION BETWEEN PERFECT COMPETITION AND MONOPOLOY IN THE SHORT AND LONG RUN 2.SUPPOSE A PROFIT MAXING FIRM IS PRODUCING AT AN OUTPUT LEVEL AT WHICH THE PRICE OF ITS PRODUCT IS LESS THAN THE
86. ## Economics

During a year of operation, a firm collects \$450,000 in revenue and spends \$100,000 on labor expense, raw materials, rent, and utilities. The firm's owner has provided \$750,000 of her own money instead of investing the money and earning a 10% annual rate
87. ## microeconomics

You are given the following information about the costs of a perfectly competitive firm. QuantityTFC TVC 0 45 0 1 45 20 2 45 35 3 45 45 4 45 75 5 45 120 6 45 180 You are hired to determine the profit-maximizing quantity of the firm for different market
88. ## economics

A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 100,000 pages per day. One month ago, they added five workers, and productivity also
89. ## maths

at present, a firm is manufacturing2000 items.it is estimated that the rate of change of productionp w.r.t. additional number of workers x is given by dp/dx =100-12x.if the firm employs 25 more workers ,then the new level of production of items is
90. ## MATH

I need help ASAP. A firm produces its output in two plants, A and B.a. To maximize its profit, the firm should produce the output at which ______ equals ______. It sets the price given by ______. b. It should allocate this output between the two plants so
91. ## economics

A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so \$10, average total cost of \$8 and fixed cost of \$200. a. what is the profit? b. what is the marginal cost? c. what is its average
92. ## To: Economyst

Hi there. You helped me with a couple of questions regarding Econ. I appreciate the help but my issue is I don't understand how you calculate the minimum average variable cost or the output that maximizes profit. I do understand that the price is more than
93. ## economics

perfectly competitive industry. Each firm having identical cost structures. long-run average cost is minimized at an output of 20 units. Minimum average cost is \$10 per unit. total market demand is Q=1500-50P. What is the long-run equilibrium price? Total
94. ## Economics

2. (i) The production function for a firm is given by Q = LK where Q denotes output; Land K labor and capital inputs. Wage rate and rental rate are given by w and r respectively. (a) Show whether or not the above production function exhibits diminishing
95. ## Economics

Please help me on this one! You are planning to estimate a short-run production function for your firm, and you have the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 A- Does a cubic
96. ## ECONOMICS

Two price setting firms have the same price and marginal revenue functions but face different cost functions. These functions are provided below. P = 165 - 0.025Q MR = 165 - 0.05Q Firm 1: TC = 4,000 + 15Q Firm 2: TC = 3,000 + 22Q a. Assuming that both
97. ## Statistics 12.27

A study has been carried out to compare the United Way contributions made by clerical workers from three corporations. A sample of clerical workers has been randomly selected from each firm, and the dollar amounts of their contributions are as follows.
98. ## Labor economics

The daily inverse demand curve for pet grooming is P=20-0.1Q. where P is the price of each grooming and Q is the number of groomings given each day. This implies that the Marginal revenue is MR=20-0.2Q Each worker hired can groom 20 dogs per day. What is
99. ## Economics - Short run profit maximization

Given the following for perfectly competitive firm that has short-run cost structure Output Marginal Cost 1 \$10 2 \$5 3 \$12 4 \$23 5 \$40 Total fixed costs are \$20 and the market price of the product is \$25 per unit. How much output should the
100. ## Economics

Please Help You are planning to estimate a short-run production function for your firm, and you have collected the following data on labor usage and output: Labor Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a.Does a cubic equation