What should the manager do? Group of answer choices Reduce the number of workers working in his chocolate place Increase its selling price Turn down the new worker and maintain the same number of employees Increase the salary of all employees Hire the extra worker

Q: How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and…

A: Marginal revenue of product = Price* Marginal Product

Q: Suppose that a firm's only variable input is labor. The firm increases the number of employees from…

A: It refers to the change in output(Q) that results from employing 1 additional unit of labor(L). It…

Q: Explain how to figure out the number of tubes each company would need to manufacture and sell to…

A: The term "manufacturing" basically refers to the process of transforming raw materials or component…

Q: A firm operates in a perfectly competitive output market and a perfectly competitive input market.…

A: f(N,K) = 4N1/2 K1/3 Differentiate f(N,K) w.r.t N to get MPN => MPN = df(N,K) / dN => MPN = 4…

Q: A shoe store sells 250 pairs of sneakers per month at a per-unit price of $115. This is the price…

A: Economic profit is the difference between total revenue and total cost. Total cost includes fixed…

Q: Suppose that Linda receives a fixed payment of $50 and consumes 8 hours of leisure. If her total…

A: Hourly wage rate can be defined as the amount of money earned by a worker on per hour basis. The…

Q: Pat's company, Tasty Tidbits, competes with Evie's and Johanna's company in the Guelph catering…

A: Optimal bundle is where the marginal rate of technical substitution is equal to the ratio of wage…

Q: Refer to figure 18-3. Suppose the marginal product for the fifth unit of labor is 30 units of output…

A:

Q: A manager hires labour and rents capital equipment in a very competitive market. Currently the wage…

A: The correct answer is given in the second step.

Q: A school district received 750 applications for 10 new openings. What does this tell you about the…

A: Number of applications=750Number of openings=10From this,we can say that number of application is 75…

Q: Given the production function y= f(x1,x2)=x11/3x21/3. The amount of  x2 is equal to 216 in the short…

A: The Cobb-Douglas Production function is an equation that highlights the relationship between the…

Q: Listed are scenarios that may lead to changes in labor market conditions for chefs. Use your…

A: The objective of the question is to understand the impact of different scenarios on the labor market…

Q: You have decided to open a coffee shop in San Bernardino. While there is a lot of competition (i.e.…

A: In a perfectly competitive market, coffees are sold at $3 per unit with the implementation of the…

Q: Suppose the hourly wage rate is $17, the rental price of capital is $2 and the price of output is…

A: Cost minimization problem of producer: For the given output level the firm and per unit cost of…

Q: Suppose you are hiring a contractor to remodel your kitchen. One contractor offers a fixed price for…

A: Cost is defined as the expenditure. It is expressed in terms of money value in the production…

Q: Planes frequently push back from the gate on time, but then wait 2 feet away from the gate until it…

A: Here, we delve into the pay schedule for the flight crew and examine the incentives of different…

Q: student will increase up to $190.00 per month. However you can charge $1,072.00 per student. At what…

A: Fixed costs are costs that do not change with the level of output or production. They are incurred…

Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…

A: Quantity of Labor (L) Quantity of Output Wage Rate (WR) Total Cost (L*WR) Marginal Cost (TCn -TCn-1)…

Q: ||

A: 8 adminstrative officers would be hired.

Q: Emeril owns his own restaurant, which earns a yearly total revenue of $1,100,000. The yearly cost of…

A: Accounting profit is the difference between the total revenue and explicit cost.  Explicit cost is…

Q: Given the production function y= f(x1,x2)=x11/3x21/3. The amount of  x2 is equal to 216 in the short…

A: Given,  y= f(x1,x2)=x11/3x21/3 Amount of  x2 = 216

Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…

A: Total Cost is the sum of fixed cost and variable cost. TC=FC+VC Fixed cost is that cost which is…

Q: Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend…

A: The objective of the question is to find out the maximum total output possible if Eldin hires…

Q: If the price of each calculator is $11, find the profit maximizing wage as a function of number of…

A: The profits are defined as the revenue that the producer earns over and above the cost that is…

Q: A firm produces output via the function: Q = L - (L²/800), where Q is the output per week and L is…

A: Input cost minimization:- According to the conception of a firm, a firm will strive to maximize…

Q: You are looking for an apartment to rent. You know that searching for apartment to rent on the…

A: The economic cost is the sum of all losses of any products with a monetary value associated with…

Q: The market for drones is perfectly competitive. Labor is the only variable input. The fixed cost is…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Assume you are selling pizzas at $3 per pizza Your fixed costs (rent, salaries, and utilities) are…

A: At Break Even Point, total revenue is equal to total cost. A firm neither earns profit nor incur…

Q: Weiwei gets a part-time job in high school that pays $5 per hour with flexible hours. She chooses to…

A: Income effect refers to the change in the real income of a consumer due to change in the price of a…