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- Recently, the owner of a Trader Joe's franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $55,000 and her store made $120,000 in profits (not counting payment to her top manager). She suspected the store could do much better and feared the fixed salary was causing her top manager to shirk on the job. Therefore, this year she decided to offer him a fixed salary of $28,000 plus 15% of the store's profits. Since the change, the store is performing much better, and she forecasts profits this year to be $260,000 (again, not counting the payment to her top manager). Assuming the change in compensation is the reason for the increased profits, and that the forecast is accurate, how much more money will the owner make (net of payment to her top manager) because of this change? Does the manager make more money under the new payment scheme?b. Five Sales Executives have been told by their company Heavy Machines Limited (HML) that eachsales executive, will be relocated to work at one of five branches of their company, in theCaribbean. The cost to relocate a sales executive at each of the five branches is shown in Table 8below: SalesExecutiveBranchJamaica Antigua/Barbuda Trinidad&TobagoBarbados St. LuciaZenk Murt $2,550 $2,300 $ 2,700 $2,300 $2,400Rangle Tang $2,400 $2,700 $2,800 $2,600 $2,400Atil Heglam $2,600 $2,400 $2,700 $2,500 $2,400Justop Brelim $2,400 $2,500 $3,000 $2,400 $2,500Mesk Lathim $2,400 $2,300 $2,500 $2,800 $2,700 The costs shown in Table 8, are in Eastern Caribbean (EC) dollars. (i) Determine the optimal relocation of the five Sales Executives.A manufacturer produces bolts of a fabric with a fixed width. The quantityqof this fabric(measured in yards) that is sold is a function of the selling pricep(in dollars per yard), sowe can writeq=f(p). Then the total revenue earned with selling pricepisR(p)=pf(p).
- The company Cojines Cromáticos, S.A. uses a standard cost system. The standard information for a finished cushion is 3.5 labor hours with a standard rate of $ 5.5 per hour. The total wages paid in the month was $ 225,000 corresponding to a total of 45,000 hours worked. In the month of November, 12,000 cushions were produced. What is the variation in the labor rate for the month of November?Do not use chatgpt. Thank you! production function 10Q = 1600L-4,800, where L is hired labour hours. If the wage rate that laborers receive is $10/hour, what is the cost function?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.
- 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…34- 34 - : If firm X produces 20 units of product with a total cost of 100, what is its average cost? a) 2nd B) 120 NS) 80 D) 5 TO) one11th - Which of the following costs does not include wages? a) Constant B) mean variable C) Variable D) Marginal costs TO) Total costs
