Chapter 16&17 - Universidad Iberoamericana UNIBE BBA in...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Universidad Iberoamericana UNIBE BBA in International Business Microeconomics Professor Osvaldo Lagares Homework Chapter 16-17 Valerie Bodden Kluge (10-0014) Maria Gabriella Liriano (09-0881) Joaquin Castillo (10-0085) December 8, 2010 Santo Domingo, Dominican Republic
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CHAPTER 16 Exercises: 1.5, 3.6, 4.16, 6.3, 6.5 1.5) Number of workers Output of televisions per week Margina l product of Labor Product Price Margina l Revenue Product of Labor Wage Additional Profit from hiring one more worker L Q MP P MR W MR-W 0 0 - $300 - $1,800 - 1 8 8 300 $2400 1,800 $600 2 15 7 300 2,100 1,800 300 3 21 6 300 1,800 1,800 0 4 26 5 300 1,500 1,800 -300 5 30 4 300 1,200 1,800 -600 6 33 3 300 900 1,800 -900 a. We can say that the firm is a price taker because the product price does not depend on the quantity. b . 3.6) The shift to the left of labor supply shows what will be the effect of the plague depending on the quantity of sailors available at each wage.
Background image of page 2
Without the government intervention the wage would rise. The shortage of labor equal to L1 – L3. 4.16) In the economics professors setting the wage below equilibrium, reduces the number who are willing to work in this occupation, but increases the number demanded by employers from. The result is a shortage of economics professors. Setting the wage for English professors above equilibrium, increases the number who wants to work in this occupation, but reduces the number demanded by employers. The result is a surplus of English professors.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
6.3) a. Number of Machines Output of Pins Marginal Product of Capital Product Price Total Revenu e Marginal Revenue Product of Capital Rental Cost per Machine Additional Profit (+1 additional machine) L Q MP P TR MRP R MRP-R 0 0 - $100 $0 - $550 - 1 12 12 100
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/09/2011 for the course ECONOMICS --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

Page1 / 9

Chapter 16&17 - Universidad Iberoamericana UNIBE BBA in...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online