A competitive, profit-maximizing firm pays its workers a wage of $500 per day. The last worker they hired increased their production by 20 units per day. What must be the price that their product sells for?
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A competitive, profit-maximizing firm pays its workers a wage of $500 per day. The last worker they hired increased their production by 20 units per day. What must be the price that their product sells for?
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- Question 4 Of 20 The graph shows the marginal cost (MC), average total cost (ATC), and marginal revenue (MR) curves for a perfectly (or purely) competitive firm. Note that the demand (D) curve is the same as the MR curve for such a firm. Assume that the ATC cost curves are representative of other firms in the industry. Given the current price, this firm will D = MR MC earn zero economic profit. earn a negative economic profit. earn a positive economic profit. Quantity In the long run, this market will experience exit by some firms. experience entry of additional firms. MR/MC ($)A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 100,000 pages per day. One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?What factors impact the list price to determine the final price?
- Matthew grows wheat on his farm. One of his fields produced 66.8 bushels of wheat this year. If wheat is currently selling for $5.40 per bushel, how much will Matthew earn from this field?A change in all of the following variables will change the market demand for a product except income. tastes. population and demographics. the price of the product.Draw a supply and demand curve for your favorite product. You get a massive raise at work, what happens to the supply or demand for that product? Why?
- Examine the price variations at a service organization and plot the different price points over the demand cycle (ex. different times of the day, week or month). Why are the prices different and what would the demand levels be without price variations?A gasoline station very near a professional football stadium parks car to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking price to$ 6.00 and parked 800 cars. Calculate the total revenue. Did the station owner make a good economic decision in raising the parking prices from one year to the next?Answer the following.