ard B Assume you are the manager of a firm producing a certain product X. The fo of product X sells for $15 per unit, wo

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: Ard B Assume You Are The Manager Of A Firm Producing A Certain Product X The Fo Of Product X Sells For 15 Per Unit Wo 1 (53.35 KiB) Viewed 10 times

: Ard B Assume You Are The Manager Of A Firm Producing A Certain Product X The Fo Of Product X Sells For 15 Per Unit Wo 2 (33.83 KiB) Viewed 10 times

: Ard B Assume You Are The Manager Of A Firm Producing A Certain Product X The Fo Of Product X Sells For 15 Per Unit Wo 3 (31.12 KiB) Viewed 10 times

ard B Assume you are the manager of a firm producing a certain product X. The fo of product X sells for $15 per unit, workers can be hired in a competitive labo Labor (L) Capital (K) Quantity (Q) 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0 10 25 43 63 88 118 153 162 171 179 187 194 201 207 212

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 abor is w, the manager should continue to employ labor up to the point where VMPI w in the range of diminis 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 ex 5. 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 increase of 150. How will the new wee new weekly wage affect the firm's profit? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans,sa... V 10pt 111

X& 3 4 5 6 7 8 9 10 11 12 13 14 15 B 4 4 4 4 4 4 4 4 4 E 4 4 4 4 43 63 88 118 153 162 171 179 187 194 201 207 212 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 addsmit of lahor is the manager should continue to employ labor up to the point where VMPI w 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! 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 increase of 150. How will the new weekly wage affect the number of workers hired? How will the new weekly wage affect the firm's profit? For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac) BIUS Paragraph Open Sanssa x²x₂¶¶ Y eLearning Help ? 10pt 11 AV I XO *** 223