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- A firm’s technology requires it to combine 5 person-hours of labor with 3 machinehours to produce 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per hour to $20 per hour. What is the firm’s short-run elasticity of labor demand?Q3) True or false explain this a) In a competitive labor market, the price of labor is determined by the industry that hires the labor. b) In a competitive labor market if the wage is $10.00 than the MRC of labor is $10.00. c) labor and capital can never be substituted for each other. Explain it earlyAfter which administrative assistant do diminishing marginal returns begin for Jose's Tax Office? Explain using numbers. (b) Assume Jose's Tax Office sells its tax advisory services in a perfectly competitive market at a unit price of $4. Calculate the marginal revenue product of the fifth administrative assistant. Show your work. (c) Jose's Tax Office hires administrative assistants in a perfectly competitive labor market for administrative assistants at a wage rate of $90 per hour, and the market price of services remains $4. How many administrative assistants will Jose's Tax Office hire to maximize its profit? Explain using marginal analysis (d) Assume administrative assistants and office software are substitutes in providing tax advisory services by all tax firms in the market. If office software, a fixed input, becomes more expensive and Jose's Tax Office provides the same quantity of tax advisory services, will each of the following increase, decrease, or stay the same? (i) The…
- Consider a profit-maximizing firm in a perfectly competitive market with several sellers and several buyers (i.e., the firm is a "price taker" of the hourly wages it pays its workers). If a technological innovation made by someone in this firm were to significantly raise the firm's marginal physical product (but not that of any other firm's), then this innovation would: (A) reduce the firm's employment level, because fewer workers are now needed (B) raise the workers' hourly wage as they now contribute more marginal revenue (C) lead the firm to hire more workers but not to raise their wages (D) lead the firm to hire more workers and to pay them higher wages (E) None of the above Only typed answer and don't use chat gptSuppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm’s elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm?Q3) True or false explain this a) In a competitive labor market, the price of labor is determined by the industry that hires the labor.b) In a competitive labor market if the wage is $10.00 than the MRC of labor is $10.00.c) labor and capital can never be substituted for each other. Explain it correctly
- 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.A decrease in the wage rate will change a ) only the amount of labor hired. b ) the amount of labor employed, and it may also change the amount of other inputs employed. c ) the price the firm charges for the product, but it will not affect the demand for any of the inputs. d ) the firmʹs profit-maximizing level output, but not its usage of inputs.Widget factory Inc. in Wisconsin has the following production function: F(L,K)=2L L represents the number of labours hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at$25/ hour.since this is a competitive market, the factory output is $50 per unit. Let's pretend the firm operates in the short run with capital fixed at 900, how many workers would widget factory Inc employ? What is their profit rate?
- A. Consider a firm who sells output at p=10 and has a short run production function Q(L)=20L-L2. Its wage rate is w=40. Suppose the firm sells in a perfectly competitive market and is a price taker in the input market, how much labor will it hire to maximize profits?Perfectly competitive labour market i) Identify the levels of wages that result in excess demand and excess supply of labour respectively. ii) Draw a graph that shows the equilibrium wage level and quantity of labour for a perfect competitive firm operating in the above labour market. iii) Assume there is an increase in income other than from employment, explain what will happen to the level of wage and quantity of labour.A firm hires labor in a perfectly competitive labor market. Its current profit-maximizing hourly output is 100 units, which the firm sells at a price of $5 per unit. The Marginal Physical product (MPP) of the last unit of labor employed is 5 units per hour. The firm pays each worker an hourly wage of $15. a)What Marginal Revenue (MR) does the firm earn from sale of the output produced by the last worker employed? b)Does this firm sell its output in a perfectly competitive market?
