Suppose that John could work 365 days per year and could earn $200 per day for each day he worked. Draw his budget lines with respect to his labor-leisure choice.
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Suppose that John could work 365 days per year and could earn $200 per day for each day he worked. Draw his budget lines with respect to his labor-leisure choice.
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- What problems are associated with contingent work and the underground (informal) economy?We are in a short period, work is therefore the only variable production factor. The production function is therefore only a function of work Q = f(L) The following table gives us the level of production achieved according to the number of work units used. 110 Unités de travail 0 1 2 3 4 5 6 7 8 9 10 Unités de production 0 20 40 65 79 90 98 103 103 102 97 1. Calculate total, average and marginal productivities. Do a painting. 2. Plot, on the same graph, the total productivity curves, average and marginal. Comment.Barney decides to quit his job as a corporate accountant, which pays $14,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $320 a month if he wasn’t using it as a home office. He must purchase office supplies worth $70 a month, and his monthly electricity bill has increased by $50 now that he is working out of his home office. After six months of working from home, Barney has earned an average of $16,000 per month. Instructions: Enter your answers as a whole number. a. What are Barney’s monthly explicit costs? $ b. What are Barney’s monthly implicit costs? $ c. What are Barney’s monthly economic costs? [i need a,b,c answer i will 5 upvotes]
- Barney decides to quit his job as a corporate accountant, which pays $15,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $315 a month if he wasn't using it as a home office. He must purchase office supplies worth $60 a month, and his monthly electricity bill has increased by $40 now that he is working out of his home office. After six months of working from home, Barney has earned an average of $17,000 per month. Instructions: Enter your answers as a whole number. a. What are Barney's monthly explicit costs? $C b. What are Barney's monthly implicit costs? $ c. What are Barney's monthly economic costs? LAA worker's Marginal Product of Labor (MPL) depends on A. B. C. D. only the worker's skill level. only the production function. both the worker's skill level and the production function. neither the worker's skill level nor the production function.You run a school in Florida. Fixed monthly cost is $5,755.00 for rent and utilities, $5,797.00 is spent in salaries and $1,680.00 in insurance. Also every student adds up to $103.00 per month in stationary, food etc. You charge $672.00 per month from every student now. You are considering moving the school to another neighborhood where the rent and utilities will increase to $11,825.00, salaries to $6,682.00 and insurance to $2,164.00 per month. Variable cost per student will increase up to $171.00 per month. However you can charge $1,143.00 per student. At what point will you be indifferent between your current mode of operation and the new option? Submit Answer format: Number: Round to: 0 decimal places.
- Edie chooses to work 90 hours per week when the wage rate is $16 per hour. If she is offered time-and-a-half ($24 per hour) for “overtime work” (i.e., hours in excess of 90 per week), will she choose to work longer hours? Support your results with a diagram.Please show all workThe states that the marginal physical product of a variable input will decline as more of the input is employed with a given quantity of other fixed outputs. law of increasing returns labor market efficiency rule minimum wage requirement law of diminishing returns
- Kevin, a worker in Volcania, can produce 182 baskets of Peaches in a(n) 11-hour shift. Calculate Kevin's labor productivity. basket/hourQ#1. Last year, M.Hamed left a job that pays 36,000 OMR to run his own bike-repair shop. M. Hamed’s shop charges 5 OMR for a repair, and last year the shop performed 7,000 repairs. M. Hamed’s production costs for the year included rent, wages, and equipment. M. Hamed spent 6,000 OMR on rent and 18,000 OMR on wages for his employees. M. Hamed keeps whatever profit the shop earns but does not pay himself an official wage. M. Hamed borrowed 20,000 OMR for the shop’s equipment at an annual interest rate of 6 percent. a. What is M. Hamed’s accounting profit? b. What is M. Hamed’s economic profit? c. Is the decision to leave the job and run the bike business, good? Why?I want the answer
