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- The paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.ЕOC 19.07 (and 19.08) A hair salon is considering hiring more workers. The market wage for a hair stylist is $160 per day, and this hair salon charges $30 per haircut. The salon currently employs 4 stylists and know that a fifth stylist would allow them to sell 7 more haircuts per day, a sixth stylist would allow them to sell 6 more haircuts per day, and seventh stylist would allow them to sell 5 more haircuts per day. How many stylists should this salon hire? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 4 b 5 d 7 6.Q2) Samantha has an annual non-labour income of $5000. Suppose she has the total available time of 4160 hours per year. Samantha's wage rate is $15 per hour, and she chooses to work 2000 hours in a year. Suppose when Samantha's wage rate increases from $15 to $18 per hour, she will work 2040 hours. At $18 per hour, if she works 2200 hours per year, she would be indifferent to her original work decision before the wage increase. a) Draw a diagram to show all the given information related to Samantha's work circumstances. Calculate all the relevant income levels and label them in the graph. b) Calculate Samantha's income effect, substitution effect and total effect related to the wage increase. Show them in the diagram.
- 1 2 5 4 3 10 9 8 7 6 1 2 3 4 5 6 7 8 9 10 Label axis variables Identify curves - for one isocost curve and one isoquant draw an arrow to indicate direction of increase This particular firm's MITS = -1 $1 we deduce . Given wage is -price of capital is r = -this firm's isocost lines are given by the equation C= Draw the resulting new isocost lines if the union doubles wagesMrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).Wage Rate W₁ W₂ W, 0₁ MFC 0₂ 0₂ Labor Supply MRP 19) In the above figure, what is the wage rate for the perfectly competitive market? C) W3 A) W1 B) W2 D) W4
- The Al-Maskri Company in Seeb makes flower pots and receives RO 10 for each finished pot. Mr. Al-Maskri’s only factors of production are flower pot machine operators (labor) and a small building where the laborers work from. The number of flower pots per day the company produces depends on the number of employee-hours per day as shown below. The wage is RO 15 per hour. Number of pots per day Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 16 35 22 Al-Maskri’s daily fixed cost for the flower pot making machine and building is RO 60. Complete the following Table showing total revenue, variable cost, total cost, and daily profit for various quantities of daily flower pot production. Quantity of Pots per day Total Revenue RO per day Variable Costs RO per day Total Costs RO per day Profit RO per day 0 0 0 60 -60 5 75 -25 10 15…Ken has an annual non-labour income of $5000. Suppose he has the total available time of 52×80=4160 hours per year. Ken's wage rate is $15 per hour, and he chooses to work 2000 hours in a year. Suppose Ken’s wage rate rises from $15 to $18 dollars per hour, and he decides to work 2040 hours. At $18 per hour, if he worked 2200 hours per year, he would be indifferent to his original work decision before the wage increase Then: -Draw a diagram to show Ken’s choices before and after the wage increase. Calculate his maximum and optimal income before and after the wage change. And calculate the substitution effect, income effect and total effect generated by the wage change. Show these three effects in your diagram.in 2013,,, France's labor unions won a case against Sephora to prevent the retailer from staying open late and forcing it workers to work "antisocial hours." The cosmetic store does 20% of its business after 9 pm, and the 50 sales staff who work late shift are paid hourly rate that is 25% higher than the day shift. Many of them were students or part time workers, who were put out of pwrok by the new laws. Identify the inefficiency, and figure out a way to profit from it.
- 17 The fraction of the variations in WAGE explained by EDUC is ________. a 0.1478 b 0.1848 c 0.2310 d 0.28881 Labor Demand Suppose that Wakanda Bakery has the following Cobb-Douglas Production Function: Y = K³E¹, where K represents the units of capital employed, E is the number of employee hours employed, and Y is total production. Wakanda Bakery is bound by the minimum wage of the land and pays USD 15 per hour and the cost of capital, r, is equal to 1920 per unit. The firm faces 1 unit of capita that cannot be changed.John works for a government agency in California making $70,000 per year. He is being transferred to a branch office in Tennessee. The salary reduction associated with transfer is 11%. The Cost of Living Index (similar to consumer price index or equipment price index) in California is 132 whereas the Cost of Living Index in Tennessee is 95. a. How much extra income does John made as a result of the reduced Cost of Living? b. What is the adjusted salary of John based on the Cost of Living?