The Upstart Company has the following production function. Number of Workers 0 1 2 3 4 5 Number of cases produced 10 10 19 26 31 34 If the company maximizes profit by hiring 4 workers, which of the following could be the real wage rate? A. 2 B. 5 C.6 D.8

The Upstart Company has the following production function. Number of Workers 0 1 2 3 4 5 Number of cases produced 10 10 19 26 31 34 If the company maximizes profit by hiring 4 workers, which of the following could be the real wage rate? A. 2 B. 5 C.6 D.8

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. The table below shows the number of total products produced by its corresponding number of laborers employed. Assume that each laborer receives P550 as wage and the firm rental fee for the equipment it uses. рays P700 Q0 | 24 64 | 116 176 220 240 248 2 4 8. 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of output must it produce? B. If the product is sold for P21, should the seller continue production? If units of output? Justify your answer. C. At what price will the firm decide to shut-down in the short-run? yes, how many
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Table 18-7 Number of Marginal Product Value of Marginal Marginal Workers Output of Labor Product of Labor Wage Profit $500 1 100 AA $1,000 $500 $500 BB 80 $ 800 $500 CC 3 DD 60 EE $500 $100 14 280 FF $ 400 $500 GG 5 HH 20 II $500 JJ Refer to Table 18-7. What is the value for the cell labeled FF? 40 100 400 30
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