Q=quality of output per week
L= number of worker
a. When dose the law of diminishing returns take effect?
b. Calculate the wage of the values for labor over which stage I, II, and III occurs.
C. Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm's production? The long-run impact?
Recently Asked Questions
- Jeff is being tested for a rare disease. Only 2% of the population has the disease . The following data were collected about the test. Of the people who have
- In the American population 84% are Rh-Positive If 2 people appear at random to give blood, what is the probability that one of them is Rh-Positive and the
- Read pages 323-328 What is Affirmative Action? Why was it created? Who benefits most from this policy? What are one to two arguments for Affirmative Action?