Assume You The Manager Of A Fi Pecing A Certain Product X The Following Schedule Shows The Stal Peduction Per Work Of Pr 1 (27.01 KiB) Viewed 11 times
Assume You The Manager Of A Fi Pecing A Certain Product X The Following Schedule Shows The Stal Peduction Per Work Of Pr 2 (15.22 KiB) Viewed 11 times
Assume you the manager of a fi pecing a certain product X The following schedule shows the stal peduction per work of product X Additionally, ameichne of product X sells for $15 per unit, workers can be hired in a computitive labor market for $130 per work, and each of empris costs $100 per ww Capital (K) Quantity (Q D 10 25 Labor (1) O 14 15 11 12 13 10 K 9 6 7 1 3 3 4 3 15 3 5 5 3 15 5 3 3 3 5 3 5 S 5 43 63 88 118 133 193 226 251 273 293 308 316. 324 Based on the information above, answer the following questions. Principle of profit-maximization input usage To maximize profits, a manager should use inputs at levels at which the marginal benefit equals the marginal cost. More specifically, when the cost of each odditional unit of labor is the manager should continue to employ labor up to the point where VMPLw in the range of diminishing marginal product. 1. What's the definition of short-run in economics? 2. Using the profit-maximization input usage principle, determine how many workers should be hired? Clearly explain your answer!
1 14 15 3 308 316 324 Based on the information above, answer the following questions Principle of profit-maximization jola To maximize profits, a manager should we puts at levels at which the marginal benefit epal the morginal cout. More specifically when the cost of each aktual of labor tw, the manager should contime to employ labor up to the point schere VMPL in the range of diminishing marginal product. 1. What's the definition of short-rum in economics? 2. Using the profit-maximization input usage principle, determine how many workers should be hired? Clearly explain your answer 3. What will be your firm's maximum profit? Clearly explain your answer! 4. Suppose that workers unionized and were able to get a new weekly wage of $200. How will the new weekly wage affect the number of workers hired? How will the new weekly wage affect the firm's profit?
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