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Suppose that the labour supply curve for a large university in a small town is given by w = 40+0.07L where L is number of units of labour per week and w is the weekly wage paid per unit of labour. If the university is currently hiring 1000 units of labour per week, the marginal cost of an additional unit of labour.
A. equals the wage rate
B. equals the wage rate plus 210
C. equals the wage rate plus 70.
D. equals the wage rate plus 140
Enrolling at a college for more specialized training, what factors might you consider
When making your decision
Normally, firms behave differently in a perfect competition market structure, explain what changes occur from the short run to the long run
Suppose a dairy farmer produces and supplies milk in a perfectly competitive market and faces the situation in the short run illustrated by the Figure 2.a given below. Figure 2.b shows the market demand and supply of milk. Using the figure 2, answer the following questions:
a. Identify the profit maximizing level of output (q*) and the price.
b. At profit-maximizing level of quantity, is the firm earning loss or profit? How do you know? (without explanation your answer will not be accepted).
08 percent, what will be the expected percentage decrease in the quantity of chicken sold?
Consider a consumer who goes to movies. While at the movie the consumer wishes to purchase popcorn. The income available with him is $50.
a. Explain the shape of the indifference curve using diagrams
b. Why does the consumer spend the entire budget? Explain the choice of consumer on the diagram
where Q is quantity of kiwis, and P is the price of a unit of kiwis in dollars:
Domestic Demand: P = 1,000 – 2Q
Domestic Supply: P = (1/2)Q
World Price = $100
Suppose now that Iceland's dictator decides to charge a $5 tariff per pound on imported kiwis. What is the
government’s tariff revenue with this tariff?
a. $2,800
b. $4,500
c. $4,800
d. $6,250
