Joe works for pay at a local newspaper 20 hours per week as a columnist, and spends 20 hours week writing his first novel, which he hopes (without any advance offers from publishers) to get published someday (he plans to get in touch with publishers once he's done writing the novel). Joe per is
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- Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.Fred currently works for a corporate law firm. He is considering opening his own legalpractice, where he expects to earn $200,000 per year once he gets established. To run his ownfirm, he would need an office and a law clerk. He has found the perfect office, which rents for$50,000 per year. A law clerk could be hired for $35,000 per year. If these figures areaccurate, would Fred’s legal practice be profitable?Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
- What is the range and median salary of economists? The range of economists' pay is OA. $82,000 to $139,600; $100,000 OB. $56,500 to $139,600; $105,100 OC. $55,000 to $82,000; $65,000 OD. $56,500 to $139,600; $82,000 and the median salary is How do the salaries of economics majors compare to other college majors? On average, economics majors earn OA. less than nuclear engineering majors and more than quantitative business analysis majors B. less than petroleum engineering and operations research majors and more than all other majors OC. less than most other majors OD. more than all other majorsQuestion 38. Katherine was laid off from her job 11 months ago. After searching for a job for months, Katherine gives up her job search because she feels there are no jobs available for her. Economists would classify Katherine as O a) employed. O b) in the labor force. c) unemployed. O d) a marginally attached worker. O e) underemployed.b) Let PA = 30 , Pg = 10. Suppose Ezhel wishes to produce 10,000 songs. How much hours Dj Artz and Bugy %3D should he employ? How much will it cost to produce? c) Suppose that Ezhel wants to produce is now 18,371 songs, but Bugy is not available to contribute his album more than previous level in the short-run. Assuming he is unable to employ Bugy for more hours, how much will it cost to meet the new production level? d) In the long-run, Ezhel will be able to employ Bugy. If Ezhel continues to produce 18,371 units of songs, how much will it cost in the long run?
- John works for a government agency in California making $70,000 per year. He is being transferred to a branch office in Tennessee. The salary reduction associated with transfer is 11%. The Cost of Living Index (similar to consumer price index or equipment price index) in California is 132 whereas the Cost of Living Index in Tennessee is 95. a. How much extra income does John made as a result of the reduced Cost of Living? b. What is the adjusted salary of John based on the Cost of Living?Sam owns and operates ye olde yogurt shoppe. His revenue this year was $135,000. he paid food supplier $50,000 for fruit, yogurt and milk and paid $5000 For paper and cleaning supplies. In addition to working again the store himself, he hired student lady to work part time and it cost him $25,000 in labor costs. He paid $12,500 to rent his store. He borrowed money from bank and had to pay them $5000 in interest costs. To run his company, sam gave up $50000 per year job and $1500 in interest amount he put into the business. He estimates that companies similar to his earn at least $6750 over costs. 1. separate(list) sam's accounting costs into fixed costs be variable costs by name and amount. 2. list each of sam's implicit costs by name and amount 3. calculate sam's economic profit/loss. Show what costs are included, and if Sam expects the Sam revenue and costs next year, he should continue in this business? Why/ why not?Two job opportunities are as fo:- Job type Salary Accountant $30000 Stenographer $27000 Manager. $25000 All the salaries are annual salaries. Calculate the opportunity cost of a person choosing the job of accountant
- 10. Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes four hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job. What would be the new employee’s marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?What causes the labor supply curve sometimes to bend backward at higher wages? O It can be harder to get a high wage job. O An employee may want to work less if wages are higher. O An employer may not be willing to hire as many workers at higher wages. An employee may want to work more days at higher wages. O An employer might allow fewer breaks at higher wages.1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $60 per hour for as many hours as she chooses to work, and as a rock collector, in which case her pay depends both on the price of the rocks and the number of them she finds. These are special rocks so they have value! Earnings aside, Zoe is indifferent between the two jobs. The number of rocks she can expect to find depends on the number of hours she searches: Hours per day Total rocks per day 0 0 1 7 2 13 3 17 4 20 5 21 The marginal cost of spending one hour hunting for rocks is $ . If the price per rock is $20 then the marginal benefit of spending one hour hunting for rocks is $ . If the price per rock is $20, she will spend at most hours hunting for rocks. If the price per rock falls to $10 then she will spend at most hours hunting for rocks.