Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run the firm should hire additional workers. the firm should reduce the number of workers employed. the firm should continue to employ 10 workers. More information is required to answer this question. O o o O Assume a firm employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is 5 units of output and that the price of the output is $4. According to economic theory, in the short run the firm should hire additional workers. the firm should reduce the number of workers employed. the firm should continue to employ 10 workers. More information is required to answer this question. O o o O
Expert Answer:
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
Students also viewed these accounting questions
-
Consider the following description of a two-security economy: Probability Security 1 returns (%) 0.1 0.15 State (Scenario) 1 (Extreme boom) 2 (Boom) 3 (Normal growth) 4 (Recession) 5 (Extreme...
-
A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6 th worker, the hourly wage increases to $18 for all workers. What is the marginal cost of hiring the 6 th worker? a....
-
Output per worker is expected to increase by 10 percent during the next year. Therefore, wages can also increase by 10 percent with no harmful effects on employment, output prices, or employer...
-
Suppose a country's productivity last year was 84. If this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be: A. 88.2. B....
-
Janet Smother is the new bookkeeper who replaced Dick Burns, owing to his sudden illness. Janet finds a note on her desk requesting that she close the books and supplies the ending capital figure....
-
A velocity selector consists of electric and magnetic fields described by the expressions E = Ek and B = Bj, with B = 15.0 mT. Find the value of E such that a 750-eV electron moving along the...
-
Plaintiff grounds manager sued a manufacturer, Monsanto, alleging that herbicide use caused his non-Hodgkins lymphoma. The jury awarded the plaintiff \($39.3\) million in compensatory damages and...
-
Nayak Company has recorded the following items in its financial records. Cash in bank ............ $ 41,000 Cash in plant expansion fund ...... 100,000 Cash on hand ............ 8,000 Highly liquid...
-
Your web application's database is MySQL.How you can establish the database connection and if database connection is failed, you able to detect the errors that cause the database connection failed....
-
Complete Form 941 for the 4th quarter for TCLH Industries (which is located at 202 Whitmore Avenue, Durham, NC 27701; Employer Identification #44-4444444). Assume that all necessary deposits were...
-
Based on data below what is the amount to be added as additional expense to a manufacturing business which is an accredited training institution as granted by CHED, for the current year: Total direct...
-
An insurance company must make payments to a customer of 10$ million in one year and 5$ million in five years. The yield curve is flat at 10%. a. If it wants to fully find and immunize its obligation...
-
The original balance in Aisha's account was $760. Last week, she wrote five checks to her employees, each for $100. Find Aisha's net balance. Evaluate -4pq for p = -6, and q = -3
-
1. List the four written sources of American criminal law. 2. Discuss the primary goals of civil law and criminal law, and explain how these goals are realized. 3. List and briefly define the most...
-
Define and differentiate property law, tort law, family law, contract law, and criminal law. (200 words) ?
-
Should there be a single set of criminal laws that apply to all states and the federal government?
-
A ____ is a process of measuring the work of a project in the form of a list of quantified work items measured in accordance with a uniform set of rules. Group of answer choices quantity takeoff...
-
Find the equations of the ellipses satisfying the given conditions. The center of each is at the origin. Passes through (2, 2) and (1, 4)
-
Repeat Problem 59 if the company decides to include a 1 % bonus for the sales manager in the incentive plan. Problem 59 A small company provides an incentive plan for its top executives. Each...
-
In biology, there is an approximate rule, called the bioclimatic rule for temperate climates. This rule states that in spring and early summer, periodic phenomena such as the blossoming of flowers,...
-
A 4-person grievance committee is selected out of 2 departments A and B, with 15 and 20 people, respectively. In how many ways can the following committees be selected? (A) 3 from A and 1 from B (B)...
-
Which of the following is not an inherent part of Statement on Auditing Standards, No. 99/113? 1. Greater scrutiny of the chief executive and chief financial officers personal financial condition 2....
-
Which of the following statements best describes corporate governance with respect to fraud? 1. Auditors are primarily responsible for the detection of fraud, the Board of Directors for the...
-
Which of the following is not a reason that the prevention and detection of fraud resulting from management override and collusion presents a significant challenge for the antifraud community? 1....
Study smarter with the SolutionInn App