On the 15th August, 2022, the Public Utility Regulatory Commission (PURC) announced 27.15% hike in electricity tariff. Explain how this will impact on firms.
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On the 15th August, 2022, the Public Utility Regulatory Commission (PURC) announced 27.15% hike in electricity tariff. Explain how this will impact on firms.
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- On the 15th August, 2022, the Public Utility Regulatory Commission (PURC) of Ghana announced 27.15% hike in electricity tariff. Explain how this will impact on firms.Suppose the following table gives the quantity of labor, offered wage, and marginal revenue product of labor for Company X. Labor (hours) Wage ($/hour) MRP 16 12 - 17 18 170 18 24 154 19 30 138 20 36 122 What can the firm do to increase profits?You are given the following table by one of your analysts. Provide the profit maximizing point and explain how you would determine how much labor you will need to maximize profits.
- write down the optimization problem for a representative firm and show the profit-maximizing point graphically and discuss about it. b) Derive the rule of labor hiring for a firm that operates in the short-run.The following table shows the production function for a company. This company sells its product in a perfectly competitive product market at a price of $4 each and hire labor in a perfectly competitive labor market at a wage of $450 per week. Calculate the Marginal MarginalProduct of the 1st, 2nd, and 3rd. Calculate the Value ofMarginal Product of the 1st, 2nd, and 3rd How many workers should it hire? How do you know? Explain your answer. Show formulas and some of your calculations.The airline industry was hit particularly hard after the 9/11 attacks on the World Trade Center in 2001. In 2002, Southwest Airlines, one of the healthier airline companies, decided to lengthen the useful lives of its aircraft from 22 to 27 years. Shortly thereafter, following Southwest’s lead, other airlines made the same move.Would it have changed earnings or cash flows, and if it did, would the change have been favorable or negative? Is it favorable or negative
- Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 4,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spent $60,000 on rent and $120,000 on wages for his employees. Jarod keeps whatever profit the shop earns, but does not pay himself an official wage. Jarod used $25,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 6 percent. 1. What is Jarod’s annual accounting profit? What is Jarod’s annual economic profit?If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal revenue product.Eldin is a house painter. He can paint three houses per week. He is considering hiring his friend Murphy. Murphy can paint five houses per week. What is the maximum total output possible if Eldin hires Murphy?
- Use the graph to answer the question that follows. Based on the chart above, if the product sells at a price of $10 per unit, what is the marginal revenue product of the seventh unit of labor? 0 $6.50 About $5 About $25 IndeterminateWhich of the highest-paid CEOs in US businesses are involved in healthcare or related industries (insurance, pharmaceuticals, etc).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?
