The next 3 questions refer to the following:A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number ofworkers and the number of houses that can be cleaned per week.Number ofHousesCleaned091724303536Workers0123456ICH1. The marginal revenue from the fourth worker is $2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than$3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

Number of workersHouses cleaned0019217324430535636

A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number of workers and the number of houses that can be cleaned per week. Number of Workers 0 123456 Houses Cleaned 0 9 17 24 30 35 36 1. The marginal revenue from the fourth worker is $ 2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than $ 3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

A housecleaning company receives $36 for each house cleaned. The table below gives the relation between the number of workers and the number of houses that can be cleaned per week. Number of Workers 0 123456 Houses Cleaned 0 9 17 24 30 35 36 1. The marginal revenue from the fourth worker is $ 2. If the company want to maximize profit and hires three workers, the wage rate of a house-cleaner can be no more than $ 3. If the wage rate of a house-cleaner is $140, the maximum amount of profit the company can earn is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The value of Marginal revenue is $40 and the value of marginal cost is $30. Is the firm maximizing profits True/False
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Goods 150 135 I Quantity Demanded (Units) 25 120 105 Demand Price (Dollars per unit) 75.00 Demand 30 15 5 10 15 20 25 30 35 40 45 50 QUANTITY (Units) PRICE (Dollars per unit)
Suppose the cost of flying (operating) a 300-seat plane from Washington D.C. to New York City for Delta airline is $35,000. The average price for each ticket sold is $200. There are 10 empty seats on a flight tonight. If the marginal cost of having one customer is $50, Delta airline should a. sell the last 10 seats at $40 per ticket to fill up the cabin. b. not sell the last 10 seats for anything lower than $200 per seat c. sell the last 10 seats for at least $50 per seat d. not sell any extra ticket for that flight because they have made enough money from that flight already
Use the table to find the required value: Price $32 Quantity 400,000 Explicit Costs $3,500,000 Implicit Costs $4,100,000 Calculate the economic cost.
If the theater starts to charge $796.25 for these seats, the theater will sell (a) premium seats a week. Scalpers will charge (b) , which is (c) more than the price listed at the theater’s box office (give your answers to two decimals).
Your friend is a Vice President of HR. He says, “Most CEO’s, when asked by the Board ofDirectors to resign, fight to keep their jobs.” Is this correct?
The following diagram provides the demand for labour (DL) of a remote gold mine, and the local community's supply of labour (SL). The mining company has a monopsony in the local labour market. W ($ per week) 2000 1500 1000 500 0 L (miners) 5 10 15 20 25 30 1. Use the information in the diagram to provide an equation for the demand for labour function and the supply of labour function. Show your work in the space provided. 0 SL 2. From the information in the diagram, estimate the mine's expenditure on labour (E) function its marginal expenditure on labour (ME) function. Show your work in the space provided. 3. The profit maximizing monopsonist will Q = miners and pay them a wage w = $_ week. Show your work in the space provided and in the above diagram. 4. The Dead-weight-loss from monopsony is DWL = $_ this paper and on the above diagram. Show your work on the back of per
Saved The following table shows the production function for a bicycle manufacturer: Number of Workers Number of Bicycles Marginal Product Marginal Revenue 1 3 2 7 3 10 $ 4 12 2 13 $ 1 a) Suppose that the weekly wage is $700. What is the marginal labor cost of the second worker per week? $ b) Suppose that the price of a bicycle is $460. What is the marginal revenue for each level of output? Instructions: Fill in the values for the marginal revenue in the table above. c) How many workers does the bicycle manufacturer employ if the price per bicycle is $460 and the weekly wage is $700? workers d) If the price per bicycle drops to $300, what happens to the number of employed workers? The number of employed workers will (Click to select) Next> 5 of 8 < Prev T e e to search ASLS f12 pause break f10 f8 f6 f7 f5 f3 f4 2 & $ 4 ## 3 8 7 5 P U Y T R E A 2
Hand written solutions are strictly prohibited
A farmer’s fields are right next to the train tracks, where sparks from the trains set the field on fire. The railroad profit from running zero, one, two or three trains is shown below. The columns indicate the number of trains running. Total railroad profits are the total profits to the railroad from running the specified number of trains. Total lost farmer profits are total profits the farmer loses from a specified number of trains running. Trains 0 1 2 3 Total Railroad Profit. $200 $300 $350 $410Total Lost Profit for Farmer $0 $100 $125 $300 1) If a court grants the railroad the property right throw sparks, and transaction costs are $1400 (split evenly by the…
i need the answer quickly
A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? marginal revenue gross earnings pure profit marginal costs net benefit