Suppose a firm's workers, type A and type B, are independent in production. All else equal, it is optimal for the firm to hire O a mixture of type A and type B workers. only type A workers, if type A workers have a higher sales to dollar cost ratio. only type A workers, if type A workers have a higher dollar cost to sales ratio. Any of the above could be true.
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- During the campus Spring Fling, the bumper car ride has a problem of cars becoming disabled Lin need of repair. Repair personnel can be hired at the rate of $10 per hour (paid based on time on duty, including idle time), but they only work as one team. That is, if one person is hired One nepairperson can repair cars in 30 minutes on average. Two repairpeople take 20 minutes distributed). Tuợt consider the option of hiring two repairpeople. What is the average cost (out-of-pocket cost plus opportunity cost) per hour? (S/hr) (A) (B) (C) (D) (E) $70 $80 $90 $100 $110A cleaning company specializes in cleaning floors. Their output is measured in square feet of floor completely cleaned. Employee A can clean 215 ft2 floor per hour and has an hourly wage of $17. Employee B can clean 180 ft2 floor per hour and has an hourly wage of $15. Which employee has a lower marginal cost of producing cleaned floor area for the firm? Group of answer choices a. Cannot determine with the information given b. Employee A c. they have the same MC d. Employee BGoleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = M.5 B.5 and wants to produce 10 barrels of pale ale this week. If the wage of managers is $50 per hour and the wage of brewing assistants is $10 per hour, how many managers and brewing assistants should the firm hire (round to nearest whole number)? How does your answer change when the wage of managers decreases to $30 per hour and the wage of brewing assistants remains constant. Is this result consistent with your intuition?
- Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell?Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell? What will be the price of a zamboni? If the market for zambonis were competitive, how many zambonis would be produced? If the market for…Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. If the market for zambonis were competitive, how many zambonis would be produced? If the market for zambonis were competitive, how many assembly workers would be hired? If the market for zambonis were competitive, at what price would zambonis be sold?
- A firm hires two workers to assemble bicycles. The firm values each assembly at $12. Charlie’s marginal cost of allocating effort to the production process is MC = 4N, where N is the number of bicycles assembled per hour. Donna’s marginal cost is MC = 6N. a. If the firm pays piece rates, what will be each worker’s hourly wage? b. Suppose the firm pays a time rate of $15 per hour and fires any worker who does not assemble at least 1.5 bicycles per hour. How many bicycles will each worker assemble i n a n e ight-hour day?The marginal resource cost of a resource measures the extra cost incurred by one more unit of the resources hired. true or falseSelected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a by drawing an average cost curve in which capital is variable but labor is fixed at the largest amount the firm can hire b by assuming the firm is minimizing total costs at all levels of output n d by finding the lowest average cost of producing any level of output, assuming all inputs can be varied How is the LRAC derived? by finding the largest amount of capital the firm can afford to use, and viewing the output capabilities of that capital amount Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C by drawing an average cost curve in which capital is variable but labor is fixed at the largest amount the firm can hire by assuming the firm is minimizing total costs at all levels of output by finding the largest amount of capital the firm can afford to use, and viewing the output capabilities of that…
- Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous. please answer two questionsConsider a firm that uses labour and capital as inputs for production accord- ing to some production technology y = f(K, L). Let c(y, w, r) be the cost of producing y units of output if the wage rate is w and the cost of capital is r. Let L* and K* be the optimal capital and labour demand for producing y units. Prove that dc(y, w, r) dc(y, w, r) _ K. L* and = K*. dw dr() firm uses a higher capital to labour ratio, capital must be more expensive in the US. K, If an American and Canadian firm use the same technology to produce 10 cars but the Canadian 10 cars True or false (k) If the total product of labour is given by TPL = 48L + 9L2 -L3 and the price of the product produced is $ 10, the maximum wage I would be willing to pay for 4 labour would be $ 260. MPL True or false (1) With cartels the greater the difference between price and average cost the greater the incentive to cheat. Price Qty. True or false