you pay $10 in fixed costs for equipments and $ 9 per day to each of your artist who make the carpets if the industry is perfectly competitive and the cureent market price is $1 how many artists should you employ number of employees ouput 1 10 2 25 3 35 4 43 5 48 a. four b. five c. two d. three

you pay $10 in fixed costs for equipments and $ 9 per day to each of your artist who make the carpets if the industry is perfectly competitive and the cureent market price is $1 how many artists should you employ number of employees ouput 1 10 2 25 3 35 4 43 5 48 a. four b. five c. two d. three

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

number of employees ouput

1 10

2 25

3 35

4 43

5 48

a. four

b. five

c. two

d. three

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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Explain with diagrams how a perfectly competitive industry will respond at both the industry and firm levels to a fall in wages in both the short run and the long run.
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please also do the graph and the choices for the first blank is 2000, 7500, 8000, 10000 and the choices for the second blank is profit or economic loss thank you!!!
I think either 10 or 15 please help ?
None
Answer Question 6
Solve all questions compulsory..
What's the economic profit
12
The answers you provided is what I got for total profit. I believe marginal profit should be different...
Pleas help me correct this.
At the given wage and price level, Blewitt's should hire Suppose that the price of blueberries decreases to $12 per pound, but the wage rate remains at $118. On the previous graph, use the purple points (diamond symbol) to plot Blewitt's labor demand curve when the output price is $12 per pound. Now Blewitt's should hire when the output price is $12 per pound. Assuming that all blueberry-producing firms have similar production schedules, a decrease in the price of blueberries will cause the blueberry pickers to Suppose that wages decrease to $100 due to a decreased demand for workers in this market. Assuming that the price of blueberries remains at $12 per pound, Blewitt's will now hire