a. Suppose the current wage rate in Slovakia is 119 koruna per hour. How many workers will the bakery employ? b. Suppose the economy of Slovakia begins to grow, incomes rise, and the price of a loaf of bread is pushed up to 20 koruna. Assuming no increase in the price of labor, how many workers will the bakery hire? c. An increase in the demand for labor pushes up wages to 125 koruna per hour. What impact will this increase in cost have on employment and output in the bakery at the 20-koruna price of bread? d. If all firms behaved like our bakery, would the allocation of resources in Slovakia be efficient? Explain your answer.

a. Suppose the current wage rate in Slovakia is 119 koruna per hour. How many workers will the bakery employ? b. Suppose the economy of Slovakia begins to grow, incomes rise, and the price of a loaf of bread is pushed up to 20 koruna. Assuming no increase in the price of labor, how many workers will the bakery hire? c. An increase in the demand for labor pushes up wages to 125 koruna per hour. What impact will this increase in cost have on employment and output in the bakery at the 20-koruna price of bread? d. If all firms behaved like our bakery, would the allocation of resources in Slovakia be efficient? Explain your answer.

Name: 4. A medium-sized bakery has just opened in Slovakia. A loaf ofbread
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Description: 4. A medium-sized bakery has just opened in Slovakia. A loaf ofbread is currently selling for 14 koruna (the Slovakian currency)over and above the cost of intermediate goods (flour, yeast, andso on). Assuming that labor is the only variable factor o

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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4. A medium-sized bakery has just opened in Slovakia. A loaf of
bread is currently selling for 14 koruna (the Slovakian currency)
over and above the cost of intermediate goods (flour, yeast, and
so on). Assuming that labor is the only variable factor of pro-
duction, the following table gives the production function for
the bread.
WORKERS
LOAVES OF BREAD
1
15
30
3
42
4
52
60
6.
66
7
70
a. Suppose the current wage rate in Slovakia is 119 koruna per
hour. How many workers will the bakery employ?
b. Suppose the economy of Slovakia begins to grow, incomes
rise, and the price of a loaf of bread is pushed up to
20 koruna. Assuming no increase in the price of labor, how
many workers will the bakery hire?
c. An increase in the demand for labor pushes up wages to
125 koruna per hour. What impact will this increase in
cost have on employment and output in the bakery at the
20-koruna price of bread?
d. If all firms behaved like our bakery, would the allocation of
resources in Slovakia be efficient? Explain your answer.

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