**Text:**Diamond is the office manager of a service company. Recently, she approved the request for new computers and office equipment for the entire office. If Diamond’s company is like most service companies, she will probably see a big jump in the productivity figures reported for workers in her office.**Question:**True or False**Options:**- True- False

In a service company, addition to the capital of the business will always increase the…

Answered: Diamond is the office manager of a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Aguiar et al. (2017) study concluded that a revolution in the video game market-better games at a lower price-dramatically increased the amount of time young men spend playing video games and shifted their labour supply curve. In 2015, young men played video games for 3.2 hours per week on average. From 2000 through 2015, average annual hours of work for men aged 21-30, excluding full time students, dropped by 10% . Suppose the labour demand function is L = 200-w, and the supply curve is L = 50 + w-2V, where L is the hours worked, w is the wage, and V is a measure of the quality of video games. By how much do the equilibrium hours and wage vary as V increases?
Employees highly respect the President of a Corporation. All employees agree that she articulated (developed) clear goals and enabled them to understand how to achieve them by energizing and motivating them to perform their best. However, employees are dissatisfied with her unfair evaluation of their performance. Specify the two managerial functions that the President can effectively conduct
Diminishing marginal productivity sets in after the hiring of which worker?
Say that a lumber firm is producing output (Q) in the form of trees. They hire lumberjacks (L), but have a fixed level of capital. There are no other inputs. Select the values that correctly fill in the table. L = number of lumberjacks Q = number of trees MPL = marginal product of labor 0 0 -- 1 4 2 10 3 12 4 13 5 13
Question 2a (i) A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000. The cost of capital is $3,000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company's cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? (YES/NO) Choose. Explain. Choose.
Refer to the table below. Diminishing marginal productivity begins when the: A). third worker is hired. B). fourth worker is hired. C). fifth worker is hired. D). sixth worker is hired.
Listed below are some of the common roles and duties of industrial engineer. Differentiate each of the listed roles or duties by providing detail explanations how they can be achieved. Use appropriate examples to support your explanations.  Manage labor cost Manage personnel productivity Manage inventory levels Eliminate wastefulness in production process Evaluate employees’ tasks and responsibilities
A firm uses capital and labour to produce widgets. In the short-run capital is fixed, while labour is variable. The short-run production function is X=-L3 + 24L2 + 240L Where X is the number of widgets produced in per week, and Lis the number of workers employed. Each worker works a 40-hour week. The wage rate is $12 per hour. Calculate the range of values for Lover which the firm is in stage I, stage II and stage III what is the minimum product price at which the firm will operate in the short-run? The product price, over which the firm has no control, is such that the firm's maximum possible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers. How much is the firm's total fixed cost?
Why would automation impact the job market within the next few years?
If there are diminishing returns to labor, then as more workers are hired the total amount produced by all of the workers will decrease. True False
Lesson 8 - Costs Question 6
A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $180, 000 a year and nurses make $60,000 a year, the clinic Multiple Choice is making the correct hiring decision because doctors are more productive than nurses. is making the correct hiring decision because doctors are paid more than nurses. could serve more patients with the same payroll by hiring more doctors and fewer nurses. could serve more patients with the same payroll by hiring more nurses and fewer doctors.

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