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Discuss Ricardo’ theory of rent
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- Nadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?how do i find the change in the wage rate when im not given a wage but have: sales revenue = 80 payments to labor = 80 payment to capital = 40 and the change in price = 25% in the Sarong industry and sales revenue = 80 payments to labor = 30 payments to capital = 60 and the change in price = 0% in the beer industryEconomists Conclude that a tax on the revenues of firms will be shifted in part to consumers of the products of those firms in the form of higher prices. However, they believe that a tax on the rent of land usually cannot be shifted and must be paid entirely by the landlord. What explains the difference?
- 11. Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.State whether the following is true or false Pure economic rent occurs when the opportunity cost of a resource is zero and there is a positive price for that resources in the marketPlease see the attached 94
- 7. In Australia the (w) is 10 Australian dollars (AUD) per worker per hour, and the rental price of capital (r) is 2 AUD per machine per hour. Then the wage in units of machines-defined as the amount of machines that could be bought with one hour's wage-is calculated a. by the formula w xr and is equal to 20 machines b. by the formula w/r and is equal to 5 machines c. by the formula w +r and is equal to 12 machines d. by the formula w -r and is equal to 8 machinesCarole works 35 hours a week at a wage rate of $20. Thus, her total weekly income is $700 On this income, she pays total taxes of $49.00 However, she calculates that on the last hour that she works, she pays $4.00 Carole's average tax rate is% (Round your response to two decimal places) Carole's marginal tax rate is% (Round your response to two decimal places) DInitially a firm's wage is w= $24 and its rental cost of capital is r $24. After its wage rate doubles, how do its isocost lines change? Let L represent labor and K capital. 1.) Using the line drawing tool, graph an isocost line at the original wage, when the wage is w = $24. Label this line 11: 2.) Using the line drawing tool, graph an isocost line at the new wage, when the wage doubles. Label this line '12. Carefully follow the instructions above, and only draw the required objects. 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- K, Capital 0 2 4 6 8 10 12 14 16 18 L, Labor
- To say that the demand for labor is a derived demand means that the demand for labor depends upon the demand for the product produced by labor O the supply of labor rises when the demand for labor falls changes in the demand for labor lead to changes in the demand for the product produced by labor the quantity of labor is derived by the real wage rate3. You are the owner of a large online retail company selling second-hand textbooks to students studying in the UK. You currently employ 17 unskilled workers to dispatch the books who are paid the National Living Wage of £8.91 per hour. You also employ 6 semi- skilled workers to check payment and perform other routine administrative duties. These workers are paid £10.50 per hour. A friend of yours, who is an economist at Lancaster University, informs you that wages are predicted to rise the UK and that, as a result of this, he predicts that the National Living Wage will rise to £9.65 per hour in April 2022. Discuss the implications of this legislative change on your company's operations and, in particular, the implications for your optimal mix of inputs and long-run investment decisions.8.The demand for labor by an industry is given by the curve L = 1200 – 10w, where L is the labor %3D demanded per day and w is the wage rate. The supply curve is given by L = 20w. What is the equilibrium wage rate and quantity of labor hired? What is the economic rent earned by workers?