Answer e only 2. Consider Kadokawa.inc, a merchandisingcompany in japan producing keychain with a flatrate of 3$ per keychain.NumberNumber ofMPL TRMRPLofkeychainsproducedper dayWorkers130.....280.....3110.....4135.....20..........6.170.........730.....815a. Fill in all the blanks in the table aboveb. Verify that MRPL for this firm can becalculated in two ways: (1) change in TRfrom an additional worker and (2) MPL timesthe price of outputc. Calculate how many workers should be hiredwhen wage = 40$ per worker perday andwhy?, calculate and prove that the profitearned is optimal at your current quantity oflabor and not at n+1.d. Calculate how many workers should be hiredwhen wage = 55$ per worker, why?, calculateand prove that the profit earned is optimal atyour current quantity of labor and not at n+1.e. Suppose that firm adopts a new technologythat doubles output as each level ofemployment and the price of keychainsremains at 3$. What is the effect of this newtechnology on MPL and MRPL? at wage =40$, how many workers should the firm hirenow?

The profit maximizing firm recruit the labor at the point where the marginal revenue productivity of…

e. Suppose that firm adopts a new technology that doubles output as each level of employment and the price of keychains remains at 3$. What is the effect of this new technology on MPL and MRPL? at wage = 40$, how many workers should the firm hire now?

e. Suppose that firm adopts a new technology that doubles output as each level of employment and the price of keychains remains at 3$. What is the effect of this new technology on MPL and MRPL? at wage = 40$, how many workers should the firm hire now?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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