12. Determination of wage, from table, graph, and mathematically.The Upstart Company has the following production function.Number of Workers Number of Cases Produced01234501019263134If the company hires 4 workers, which of the following could be the real wage rate?A) 2B) 5C) 6D) 8Answer: B

To determine the real wage rate if the company hires 4 more workers, we need to find the marginal…

Answered: 12. Determination of wage, from table,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. The average lifetime duration of credit card clients of Work Bank is 5 years. a) What is retention rate of Work Bank for credit card clients? b) What is defection rate of Work Bank for credit card clients? c) If Work Bank had 100,000 credit card customers clients in the beginning of 2015, how many of these clients will be retained by the Bank by the end of 2018? (assume that the retention rate does not change throughout the years 6. The defection rate of the time-deposit clients of White Bank is 10%? a) What is retention rate of White Bank's time deposit clients? b) What is the life time duration of White Bank's time deposit clients? 7. GOLDY, an expensive jewelry shop acquired 5 clients in the beginning of 2010. (Assume that we are now at 2018 year end.) 1st client stopped purchasing from GOLDY at the end of 2012. 2nd client is still purchasing from GOLDY. 3rd client died at the end of 2014 4th client is still purchasing from GOLDY. 5th client is stopped purchasing from GOLDY at…
Compute the missing positive differential value * Reference Value 100 80 41 30 120 Your answer Positive Differential Value 109 63 48 151 Negative Differential Value 30 12 CO 8 6 Total Economic Value 130 101 51 42 143 Differential Value 81222 30 10 23
ngs Use the following word bank to complete the fill-in-the blank questions. compensating differential increases marginal utility decreases marginal cost physical capital financial capital marginal product profitable wage rate human capital marginal revenue product statistical discrimination
16. The following figures relate to one year work in a manufacturing business : Fixed overheads Variable overheads Direct wages Direct materials Sales 12,000 20,000 15,000 41,000 1,00,000 Represent each of the above figures on a break-even-chart, and determine from the chart the break-even point. [Ans. 50,000]
QUESTION 18 Use the information provided in Table 7.2 below to answer the question(s) that follow. Table 7.2 Inputs Required to Produce a Product Using Alternative Technologies Technology Units of Capital Number of Employees 16 8 12 8 6 ABCD 6222 12 20 24 Refer to Table 7.2. Which technology is the most labor intensive? A
Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
1. Individual Problems 1-11 The owners of a small manufacturing concern have hired a vice president to run the company with the expectation that he will buy the company after five years. For the first $150,000 of profit, the vice president's compensation is a flat annual salary of $50,000 plus 50% of company profits. Beyond the first $150,000 in profits, the vice president's compensation is the salary he receives at $150,000 profit plus 20% of company profits in excess of $150,000. On the following graph, use the purple points (diamond symbols) to plot the vice president's salary as a function of annual profit, for the profits levels of $0, $50,000, $100,000, $150,000, $200,000, $250,000, and $300,000. MANAGER SALARY (Thousands of dollars) 250 725 200 175 110 125 100 Total VP Salary
2. Given the following labor data of Meow Company. (1) Number of workers, (2) Number of cakes baked, Y (3) Marginal product of labor, MPN (4) Marginal revenue product of labor, MRPN (when P = RM40) 1 33 55 60 4 77 5 85 6. 89 7 110 a) Calculate and fill in the yellow colored blanks in the above table. (8 marks) b) What can you conclude from your answer? (2 marks)
The data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Table 18-6 Marginal Product of Labor Value of Marginal Product of Labor Marginal Profit Labor Output Wage 300 500 600 650 300 200 $600 AA $200 $300 $300 $300 $300 1 $300 2 $100 3 100 BB 4 CC DD |-$200 11. Refer to Table 18-6. What is the value for the cell labeled BB? a. $100 b. $300 с. -$100 d. $200
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