The table above describes the production schedule of a camera manufacturer. The company can hire as many workers as it wants at the market wage rate of $250 per week per worker and sell as many cameras as it wants at the price of $5 each. To maximize profits, the firm should hire: 2 workers 3 workers 4 workers 5 workers 6 workers 7 workers

Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of (workers) 8 1 2 3 4 5 6 7 earrings) 0 28 44 58 71 82 90 95 Marginal Product (pairs of earrings) 28 16 14 13 11 8 5 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) $0 Marginal Revenue Product (dollars) $

A young Thomas Edison makes 20 light bulbs a week in his dorm room. The parts for each light bulb cost $2.25. He sells each light bulb for $5.25. General Electric offers Thomas an executive job that pays $55.00 a week. Thomas’s weekly economic profit from making light bulbs is equal to:   Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign.   $

Consider a profit-maximizing cotton candy firm that operates in a perfectly competitive output and labor market. Suppose there is a decrease in the price of good X, and the cross-price elasticity of demand for cotton candy with respect to good X is positive. How does this impact: a. the wage paid to cotton candy workers b. the amount of labor hired by the cotton candy firm? Explain and show using well-labelled graphs.

am. 118.

Saved The following table shows the production function for a bicycle manufacturer: Number of Workers Number of Bicycles Marginal Product Marginal Revenue 1 3 2 7 3 10 $ 4 12 2 13 $ 1 a) Suppose that the weekly wage is $700. What is the marginal labor cost of the second worker per week? $ b) Suppose that the price of a bicycle is $460. What is the marginal revenue for each level of output? Instructions: Fill in the values for the marginal revenue in the table above. c) How many workers does the bicycle manufacturer employ if the price per bicycle is $460 and the weekly wage is $700? workers d) If the price per bicycle drops to $300, what happens to the number of employed workers? The number of employed workers will (Click to select) Next> 5 of 8 < Prev T e e to search ASLS f12 pause break f10 f8 f6 f7 f5 f3 f4 2 & $ 4 ## 3 8 7 5 P U Y T R E A 2

In what way does an economist's measurement of profit differ from an accountant's? Accountants calculate total revenue differently. Accountants do NOT always include all of the opportunity costs when calculating total production costs. Economists calculate higher profits for firms as economic profit generally exceeds accounting profit. Economists do NOT always include all of the opportunity costs when calculating total production costs.

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Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5 per day. The company also rents space where orders are prepared. Rent costs $50 per day. To make the deliveries, the business also rents two delivery cars that cost $10 each per day. The costs of ingredients for preparing different numbers of meals are provided in the table below. Maria also has to hire between 0 and 10 workers (depending on the number of meals she chooses to make) to buy ingredients, prepare meals, and deliver the orders. She will pay each employee $120 per day. The first two columns of the table below show how many meals different number of workers can prepare and deliver. Price per meal $50 Workers (Labor L) 0 1 2 3 4 5 6 7 8 9 10 Meals (Output Q) ol- 30 42 52 60 67 73 79 85 90 95 MPL FC Cost of ingredients $10 $75 $100 $121 $138 $152…

A pizzeria, which operates in a perfectly competitive hospitality market, can produce pizzas if it has its premises and a pizza oven (which cost £10 per night), ingredients (£3 per pizza), and workers (each of whom earn £40 per night). The number of pizzas that can be produced per night, depending on the number of workers employed by the pizzeria, is given in the following table: Workers employed 1 2 3 4 Pizzas per night 20 36 48 56 60 HINT: In the following, you willI be asked to draw curves in diagrams based on the above table. In each diagram, please proceed as follows: First, place a dot in the diagram, each representing a column in the table. Second, label each dot with its coordinates. Third, connect dots with straight lines to obtain the required curve. d) Explain how the firm can use this cost function to determine its profit maximising quantity. (Ctrl) e) Determine the firm's profit maximising quantity if the market price is £6, showing how you applied the method that you…