Susan is the manager of a firm producing a certain product X. The following schedule shows the total production per week

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Susan is the manager of a firm producing a certain product X. The following schedule shows the total production per week

Post by answerhappygod »

Susan is the manager of a firm producing a certain product X. The following schedule shows the total production per week of product X. Additionally, assume each unit of product X sells for $15 per unit, workers can be hired in a competitive labor market for $110 per week, and each unit of capital costs $100 per week.
Labor (L)
Capital (K)
Quantity (Q)
0
4
0
1
4
10
2
4
25
3
4
43
4
4
63
5
4
88
6
4
118
7
4
153
8
4
162
9
4
171
10
4
179
11
4
187
12
4
194
13
4
201
14
4
207
15
4
212
principle of profit maximization input usage
Using the principle of profit maximization input usage principle, determine how many workers should be hired. Clearly explain calculations in detail
What is firm’s maximum profit ?? Clearly explain show all Calculations
Suppose that workers unionized and we’re able to get a new weekly wage increase of 150. How will the new weekly wage affect the number of workers hired and affect the firms profit? Clearly explain show all Calculations
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply