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- Give typing answer with explanation and conclusion You have opened your own word-processing service. You bought a personal computer, and paid $5,000 for it. However, due to the cost changes in the computer industry, the current price of an equivalent machine is $2,500. You could sell any used machine for $1,000. If you were not word processing, you could earn $20,000 per year at an alternative job. Assume that the interest rate is 10%. You can also hire an assistant who can do everything that you can do for $20,000 per year (you would still continue to do word processing). One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. You are considering three options: (A) expand your business by hiring an assistant; (B) leave your business the way it is; (C) shut down. Fill in the Blank For Option B, economic profit is $_______.Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40. Tom faces a 20 percent tax rate and pays $4 per hour in child care expenses for each hour he works. Tom receives $80 in child support payments each week. There are 168 hours in the week. Graph Tom’s weekly budget line.Suppose your only source of income is work and that you are paid $20 per hour. This determines a budget constraint. You can buy free time at the expense of your income by working less. Likewise, you can get more income at the expense of your free time by working more. Suppose that you can choose how many hours you work. - work 40 hours per week. Now suppose that your hourly rate drops to $15 because of an economic downturn and you decide to work 43 hours a week. 3. Calculate the hours of free time you had before and after the pay rate changed. (Show your calculations)
- The marginal rate of technical substitution is: The rate at which a producer is able to exchange, without affecting the quantity of output produced, a little bit of one input for a little bit of another input. The rate at which a producer is able to exchange, without affecting the total cost of inputs, a little bit of one input for a little bit of another input. The rate at which a producer is able to exchange, without affecting the total inputs used, a little bit of one onput for a little bit of another onput. A measure of the case or difficulty with which a producer can substitute one technique of production for another.You are the manager of a firm that specializes in small single-board widgets.Your goal is to determine the number of units (Z) that must be produced and sold by your firm each month in order to maximize profits. The total benefits (revenues) and costs to your firm of producing various quantities are given in the first three columns of the following table. Based on this scenario, complete the table and answer the accompanying questions: Control Variable (Z) Total Benefits B(Z) Total Cost C(Z) Net Benefits N(Z) Marginal Benefit MB(Z) Marginal Cost MC(Z) Marginal Net Benefit MNB(Z) 0 0 0 1 200 10 2 380 30 3 540 60 4 680 100 5 800 150 6 900 210 7 980 280 8 1040 360 9 1080 450 10 1100 550 A. Graph the total cost and total benefit curves.B. On another graph, plot the points for the marginal cost, marginal benefit, and marginal net benefit.C. Show how the two…You are the manager of a firm that specializes in small single-board widgets.Your goal is to determine the number of units (Z) that must be produced and sold by your firm each month in order to maximize profits. The total benefits (revenues) and costs to your firm of producing various quantities are given in the first three columns of the following table. Based on this scenario, complete the table and answer the accompanying questions: Control Variable (Z) Total Benefits B(Z) Total Cost C(Z) Net Benefits N(Z) Marginal Benefit MB(Z) Marginal Cost MC(Z) Marginal Net Benefit MNB(Z) 0 0 0 1 200 10 2 380 30 3 540 60 4 680 100 5 800 150 6 900 210 7 980 280 8 1040 360 9 1080 450 10 1100 550 a. How many units (Z) maximize net benefits?b. What is the relationship between marginal benefits and marginal costs at the level of Z you determined above?c. Graph the total…
- Harriet McNeil, proprietor of McNeil's Auto Mall, believes that it is good business for her automobile dealership to have more customers on the lot than can be served, as she believes this creates an impression that demand for the automobiles on her lot is high. However, she also understands that if there are far more customers on the lot than can be served by her salespeople, her dealership may lose sales to customers who become frustrated and leave without making a purchase. Ms. McNeil is primarily concerned about the staffing of salespeople on her lot on Saturday mornings (8:00 a.m. to noon), which are the busiest time of the week for McNeil's Auto Mall. On Saturday mornings, an average of 6.8 customers arrive per hour. The customers arrive randomly at a constant rate throughout the morning, and a salesperson spends an average of one hour with a customer. Ms. McNeil's experience has led her to conclude that if there are two more customers on her lot than can be served at any time…You are considering renting a city apartment with 1,000 square feet for $1,700 per month. The monthly rent on a larger, 1,500-square-foot city apartment is $2,350. The marginal cost of renting an apartment with 500 additional square feet is $nothing per square foot per month. (Round your response to two decimal places.)In 2011, Kevin Jones, Texas Tigers quarterback, agreed to an eight-year, $50 million contract that at the time made him the highest-paid player in professional football history. The contract included a signing bonus of $11 million and called for annual salaries of $2.5 million in 2011, $1.75 million in 2012, $4.15 million in 2013, $4.90 million in 2014, $5.25 million in 2015, $6.2 million in 2016, $6.75 million in 2017, and $7.5 million in 2018. The $11 million signing bonus was prorated over the course of the contract so that an additional $1.375 million was paid each year over the eight-year contract period. With the salary paid at the beginning of each season, what is the worth of his contract at an interest rate of 6%?
- In the Heckscher-Ohlin (H-O) model, Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice.Economics: Labor Economics Question: 1 If unskilled labor and robotics are substitutes in production a decrease in the price of robotics is predicted to a. decrease the demand for unskilled labor if the scale effect outweighs the substitution effect. b. decrease the demand for unskilled labor if the substitution effect outweighs the scale effect. c. unambiguously increase the demand for unskilled labor. d. unambiguously decrease the demand for unskilled labor. Question: 2 Assuming capital is fixed in the short run and variable in the long run what would likely happen to wages in the short and long run following a wave of immigration? a. a large decrease in the short run, followed by a smaller decrease in the long run b. a small decrease in the short run followed by a larger decrease in the long run c. an increase in the short run followed by a large decrease in the long run d. a decrease in the short run followed by an increase in the long run Question: 3 Which of the following…Akeley is a student working toward a bachelor’s degree in finance. In order to gain some work experience and increase her marketability, she has accepted a summer internship in the finance department at a pharmaceutical company. She is quite pleased with the pay: GH¢15 an hour is more than other students in her cohort receive for their summer internships. At work she meets Joshua, a recent graduate working as a middle manager in the same finance department. Joshua makes GH¢30 an hour and is dissatisfied. Specifically, he tells Akeley that, compared to managers at other pharmaceutical companies, he makes much less. “It isn’t fair,” he complains. “I work just as hard as they do, yet I don’t make as much. Maybe I should go work for the competition.” Required: What is organizational justic Using the analogy above, explain which type of organizational justice is exhibited.
