Premium Essay

Chapter 12 Eco 102 Hw

In: Business and Management

Submitted By jmidd67548
Words 699
Pages 3
James Middleton CHP 12 HW
#2 Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. A. How many workers will the firm hire if the going wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates. Two workers at $27.95 because the MRP of the first worker is $34 and the MRP of the second worker is $28, both exceeding the $27.95 wage. Four workers at $19.95 because workers 1 through 4 have MRPs exceeding the $19.95 wage. The fifth worker’s MRP is only $14 so he or she will not be hired.

B. Show in schedule form and graphically the labor demand curve of this firm.
The demand schedule consists of the first and last columns of the table:

C. Now again determine the firm’s demand curve for labor, assuming that it is selling in an imperfectly competitive market and that, although it can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successive labor unit. Compare this demand curve with that derived in question 2b. Which curve is more elastic? Explain.

Reconstruct the table. New product price data, top to bottom: $2.20; $2.15; $2.10; $2.05; $2.00; $1.95. New total revenue data, top to bottom: $0; $37.40; $66.65; $90.30; $108.65; $120.00; $126.75. New marginal revenue product data, top to bottom: $37.40; $29.25; $23.65; $18.35; $11.35; $6.75. The new labor demand is less elastic. Here, MRP falls because of diminishing returns and because product price declines as output increases. A decrease in the wage rate will produce less of an increase in the quantity of labor demanded, because the output from the added labor will reduce product price and thus MRP.

| | | | | | | Unitsoflabor |…...

Similar Documents

Premium Essay

Acct Hw Chapter 15

...ACCT 495 January 28, 2013 HW: E15-9,10,18 E 15-9 N = 6 $562,907 (5.32948) = 3,000,000 I =5% Lessor 1/1 Lease Receivables 3,000,000 Equipment Warehouse 3,000,000 6/30 Cash 562,907 Lease Receivables 562,907 12/31 Cash 562,907 Lease Receivables 441,052 Interest Revenue 121,855 Georgia- Atlantic Inc. Income Statement For the year ended 31, 2011 Non-Operating Revenue Interest Revenue 121,855 Operating Expense Depreciation Expense 500,000 Georgia- Atlantic Inc. Balance Sheet For the year ended December 31, 2011 Assets Non-Current Assets Leased Equipment 3,000,000 Less Accumulated Depreciation (500,000) Net Leased Equip 2,500,000 Long-Term Assets Lease Receivable 1,996,041 Georgia- Atlantic Inc. Statement Cash Flow For the year ended December 31, 2011 Cash Flow from Operating Activities Interest received 121,855 Depreciation Exp. 500,000 621,855 Cash Flow from Investing Activities Lease Payment Received 1,003,959 E-10 Present value of lease payments (to the nearest $000) ------------------------------------------------- $562,907 x 5.32948* = $3,000,000 * PVAD: N=6, I=5% 1/1 Lease Rec. 3,000,000 COGS 2,500,000 Sales 3,000,000 ...

Words: 561 - Pages: 3

Free Essay

Linux Chapter 12 and 13

...Review Questions 2. B 4. B 6. A, C 8. B, C 10. A 12. B 14. True 16. D 18. A 20. A, C, D Hands On Projects 12-1 1. OK 2. OK 3. Just one device, eth0 for the Ethernet. Just one driver for that device. 4. Most likely when the system was first installed. OK 5. OK 6. OK 7. 8. OK 9. OK 10. The old one as the script has not been read since it was modified. OK 11. OK 12. The new one as the modified script was read at boot.Yes 13. OK 14. OK 15. The modified configuration. 16. OK 12-2 1. OK 2. 3. No DNS servers have been setup. 4. Files then dns. 5. an entry for: server1 localhost.localdomain localhost 6. Yes 7. Yes 8. Yes it was resolved, but not available to contact. 9. Yes it was resolved, but not available to contact. 10. OK 12-3 1. OK 2., yes, 3. nslookup lists the IP of your DNS server. 4. Detailed query information and statistics. 5. OK 12-4 1. OK 2. 3. OK 4. Yes it will interfere with the default gateway. 5. 30 6. No, and at least 1. 7. Ok Discovery Assignments 1. Subnet mask = Hosts per network = 220-2 First five ranges are:––––– 2. The cat command is run on the remote system; to......

Words: 926 - Pages: 4

Free Essay

Chapter 12 Supply Chain

...ANSWER KEY Homework Chapter 12 – Managing Production Multiple Choice: 1. D 2. C 3. C 4. B 5. D 6. C | 7. D 8. C 9. B 10. D 11. D | Essay – Chapter 12/12S 1. What is MRP Nervousnes?.Can this condition affect DRP system as well?. Answer: MRP nervousness refers to the observation that any change, even a small one, in the requirements for items at the top of the bill can have drastic effects on items further down the bill. As you fall short of parts at the top, you cannot create more parts as you go down the bill, and at the bottom you have massive amounts of shortages. MRP nervousness can affect DRP systems as well because they use MRP-style logic to feed accurate demand information into the master schedule. 2. What are the benefit of having formal Master Scheduling Process?. What happen to the firm that don’t follow some of basic rules of master scheduling?. Answer: It is good to have a formal master scheduling process because it ensures uniformity in the calculation and results, no matter who does the scheduling. If firms do not follow some of the basic rules of scheduling there would be a disconnect between the supply chain, sales, marketing, and finance and that almost ensures that there will be chaos among these units. 3. What is the different between information flow and information system? Do information system always have to be computerized? Why? Answer: An information flow focuses on “what” information is......

Words: 308 - Pages: 2

Premium Essay

Mfrs Chapter 12

...Chapter 12 1(a) Tagline Statement of Cash Flows For the year ended 31 December x5 | RM’000 | | RM’000 | Cash from operating activities: | | | | Profit before taxation | | | 50 | Adjustments fro: | | | | Depreciation | | | 2,200 | Profit on disposal of PPE (12,000-7,400) | | | (4,600) | Release of government grant | | | (250) | Increase in insurance claim receivable | | | (300) | Interest expense | | | 260 | Investment income | | | (40) | Cash generated from operations | | | (2,680) | Increase in inventories | | | (700) | Increase in trade receivables | | | (500) | Increase in trade payables | | | 1,100 | | | | (2,780) | Interest paid | | | (260) | Income taxes paid | | | (1,350) | Net cash flow from operating activities | | | (4,390) | | | | | Cash flows from investing activities: | | | | Purchase of plant | (2,900) | | | Proceeds from the disposal of plant | 12,000 | | | Proceeds from government grant | 950 | | | Investment income | 40 | | 10,090 | Net cash inflow......

Words: 1211 - Pages: 5

Premium Essay

Finance Chapter 3 Hw

...Foundations of Finance Homework 3 Prof. Johannes Stroebel Due at the start of class 9 Topic 5: The Capital Asset Pricing Model 1. Assume the risk free rate equals Rf = 4%, and the return on the market portfolio has expectation E [RM ] = 12% and standard deviation σM = 15%. (a) What is the equilibrium risk premium (that is, the excess return on the market portfolio)? (b) If a certain stock has a realized return of 14%, what can we say about the beta of this stock? (c) If a certain stock has an expected return of 14%, what can we say about the beta of this stock? 2. You are given the following two equations: E(Ri ) = Rf + (E(RM ) − Rf )βi E(RM ) − Rf σp E(Rp ) = Rf + σM (1) (2) You also have the following information: E(RM ) = .15, Rf = .06, σM = .15. Answer the following questions, assuming that the capital asset pricing model is correct: (a) Which equation would you use to determine the expected return on an individual security with a standard deviation of returns =.5 and a β = 2? Given the parameters above, what is the expected return for that security? (b) Which equation would you use to determine the expected return on a portfolio knowing that it is an efficient portfolio (consisting of the market portfolio M combined with the 1 risk-free rate)? If you were told that the standard deviation of returns on that portfolio is equal to σM and you were given the above parameters, what is the expected return on that portfolio? (c) Can you determine the β of the portfolio...

Words: 1360 - Pages: 6

Free Essay

Umuc-Cmis 102 Hw 4

...Joe Metz Professor James Huskins CMIS 102 6385 February 22nd 2015 Program Description – This program will calculate the area and perimeter of a rectangle with the provided user input. Analysis – First the user needs to provide the values for both the length and the width of the rectangle they want to determine the area and perimeter from. From there calculations need to be made. For this example we will use a rectangle with the length of 3 and a width of 9. The formula for determining the perimeter of a rectangle is P=2(l+w) where l and w stand for length and width and P is perimeter. While the formula for determining the area of a rectangle is A=lw. Where A is area and l and w are length and width. By using the values stated previously we can plug in the numbers for that formula and get 2(3+9). Simplified that's 2x12=24. To determine the area we can plug the numbers in and get A=3x9 or A=27. By writing the formulas into a function and calling that function we can have the program use any variety of input by the user to determine what the area and perimeter of a rectangle is with any values. Test Case - Test Case # | Input | Expected Output | 1 | length(l) = 3, width(w) = 9 | Perimeter (P) =24 Area (A) =27 | 2 | l = 5, w = 10 | P =30 A= 50 | 3 | l = 9, w = 36 | P=90 A= 324 | Pseudocode - //Declare Variables L, W, P, A //Float Variables P, A Write “Please Enter the Length of the Rectangle” Input...

Words: 339 - Pages: 2

Premium Essay

Chapter 12

...Chapter 12 Intangible Assets Lack physical substance (patents, copyrights, franchises, licenses, trademarks, trade names, goodwill) They are NOT financial instruments (A/R, notes and bonds receivable,….ect.) Valuation: Record at cost (everything necessary to make asset ready for intended use). For internally-generated intangibles, only direct costs are capitalized (e.g., legal costs for patent). If insignificant cost, then usually expensed. Amortization:* Limited-life intangibles—over useful life. Amortizable base equals cost minus residual value. Indefinite-life intangibles—do NOT amortize. * Usually decrease the value of the asset directly, can use a contra-account: Accum. Amort. “Types” of Intangible Assets Legal Amortization life Period Market-related: Trademark Indefinate, Company name renewable Not amortized Customer-related: Customer lists None Lesser of useful or economic life. Artistic-related: Copyrights Life of creator Lesser of useful or plus 70 years economic life. Contract-related: Franchises Length of Length of Licences contract or contract or Permits indefinite not amortized Technology-related: Patents 20 years Less of useful or legal life. Goodwill: None Not amortized Recording Goodwill Duncun Corp. purchased the Fran Company for $300,000 on December 31, 2003. The balance sheet of Fran......

Words: 1637 - Pages: 7

Free Essay

Eco Chapter 3 Homework

...ECO 251 NT1 Chapter 3 Homework 2. a) Both husband and wife being professional workers would reduce time available for a garden, therefore reducing the amount of household production. b) With the household located in the city your land area is restricted, as well as you pay a higher price for the land, this would reduce the amount of household production. c) Living in an area that has a high sales tax on food purchases would influence an increase in household production seeing as you are not taxed on what you produce. d) Living in an area with a high property tax would case a reduction in household production due to the higher costs of owning the land. 4. In an economic analysis the assumed objectives of households is to maximize their utility, the firms is to maximize their profits, and the government is to maximize their votes. 8. The cottage industry system was all based on raw materials and hand craftsmanship. The Industrial Revolution offered more machines making things under peoples operation. So production shifted from by hand and slow to faster and machine made in the Industrial Revolution. 9. a) market failure b) public good c) externality d) transfer payment e) fiscal policy 12. When you allow the market to determine how much of a good with an external cost is produced they will always overproduce these goods because their cost is always lower than the general consumers cost. 14. The difference between a quota and a tariff is that a tariff is a tax on...

Words: 292 - Pages: 2

Premium Essay

Chapter 4-5 Hw

...9/6/2015 HW2 Assignment FIN465 – Chapters 4,5 Instructor: Dr. Blaise Roncagli You may use your book and notes when working on these problems, and you may work in groups with others, but the final product that you submit for grading must be your own work. Follow the instructions provided in this handout very carefully. Failure to follow instructions may result in loss of points. Chapter 4 Problems 4.1 Assume the spot rate of the British pound is $1.6610. The expected spot rate one year from now is assumed to be $1.5500. What percentage change does this reflect? Does the pound appreciate or depreciate? 4.2 ANSWER: ($1.5500 – $1.6610)/$1.6610 = –6.683% Depreciation Gigantic Bank expects that the Singapore dollar will depreciate against the dollar from its spot rate of $.46 to $.44 in 90 days. The following interbank lending and borrowing rates exist: (Note: these are annual rates, not 90 day rates.) Lending Rate U.S. dollar 8.0% Singapore dollar 23.0% Borrowing Rate 8.3% 25.5% Gigantic Bank considers borrowing 10 million Singapore dollars in the interbank market and investing the funds in dollars for 90 days. Estimate the profits (or losses) that could be earned from this strategy. Should Gigantic Bank pursue this strategy? ANSWER: Borrow S$10,000,000 and convert to U.S. $: S$10,000,000 × $.46 = $4,600,000 Invest funds for 90 days. The rate earned in the U.S. for 90 days is: 8% × (90/360) = 2.00% Total amount accumulated in 90 days: $4,600,000 × (1......

Words: 1282 - Pages: 6

Free Essay

Ais Hw Chapter 1

...Mariajose Anare ACG 4401 M & W August 31, 2015 Chapter 1 HW DQ1 The cost and benefits of information may be difficult to quantify as the book estates. And given the difficulty at times any organization may produce information that exceeds cost without realizing it until it too late. Producing information that is valuable but costly does not sound like a good idea, however there are times when organization are force by law to produce information regardless of the cost. For example the IRS mandates regular tax reports quarterly; this practice may cause the organization you spend more than the benefit they may obtain from the information. DQ2 The characteristics that make information useful could go both ways; it can be met simultaneously or one can hider another. For example when information is accessible to users, then it becomes verifiable because independent users can check it; when information is verifiable, then it is reliable because it can be trusted. Information that is relevant it’s usually understandable and presented at the right time. However there are times when a focus on one particular characteristic may lessen others. If the focus is to have a complete report, it may not necessarily be presented at the proper time. Therefore complete information may not be timely. Accessible information may not always be easily understandable making it unverifiable. Problem 4 1. Relevant – F. An accountant receivable aging report is used in......

Words: 599 - Pages: 3

Premium Essay

Cmis 102, Hw Week 3

...Week 3 Homework for CMIS 102. * Program description: This program will calculate the total price of a laptop computer system. The program will ask the user to enter the desired CPU speed, RAM amount, Hard Drive and Monitor Size. The program use these values to calculate and then print the price of a computer system. The design step will include both pseudocode and flow chart visualization. * Analysis: I will use sequential and selection programming statements. I will define 1 float number for CPU and 4 integers for the RAM(random access memory), Hard Drive, Display and Price : CPU, RAM, HD, Monitor, Price. I will be using selection statements (If- then) to find out CPU, RAM, HD and Monitor variable option and price. For example if we have: Two HD Options: 250GB ($50) and 500GB($ 100) Two RAM Options: 4GB($ 100) and 8GB( $150) Two Display Options: 13 Inch Retna($150) and 15 inch ($250) Two CPU options: 2.7GHz ($900) and 2.9GHz ($1000) The selection statement will be of this form: //Input CPU if (CPU == 2.7) then * set price = 900 * if (CPU == 2.9) then set price = 1000 We will repeat this process for every each of our variables, since we have only a few options it should not take much time. Otherwise we will have to group some of our options. The next step will be to find out the total Price of our selected laptop computer system by simple adding all variable and Print our computer Price. Price = CPU+ RAM+HD+......

Words: 712 - Pages: 3

Free Essay

Eco 100 Wk 8 Quiz Chapters 12 and 13

...ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 ECO 100 WK 8 Quiz Chapters 12 and 13 All Questions Included... Activity mode aims to provide quality study notes and tutorials to the students of ECO 100 WK 8 Quiz Chapters 12 and 13 in order to ace their studies. ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 ECO 100 WK 8 Quiz Chapters 12 and 13 All Questions Included... Activity mode aims to provide quality study notes and tutorials to the students of ECO 100 WK 8 Quiz Chapters 12 and 13 in order to ace their studies. ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 To purchase this visit here: Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 ECO 100 WK 8 Quiz Chapters 12 and 13 All Questions Included... Activity mode aims to provide quality study notes and tutorials to the students of ECO 100 WK 8 Quiz Chapters 12 and 13 in order to ace their studies. ECO 100 WK 8 QUIZ CHAPTERS 12 AND 13 To purchase this visit here: Contact us......

Words: 673 - Pages: 3

Premium Essay

Hw-1 Chapter 1

...Finance, Information technology, executive management and R&D. The downstream suppliers consist of Supply management, Operations, Logistics, marketing and human resources. • Cotton is grown o Workers • Cotton is refined o Energy o Workers • Transport o workers o Fossil fuels:  Truck  Train  Ship • Fabric Dyed o Workers o Energy o water • Fabric Woven o Workers o Energy • Fabric Cut o Workers o Energy • Slacks Assembled o Workers o Energy o Water o Makers labels • Transport to warehouse o Fossil fuels • Transport to retail o Fossil fuels • Retail to Consumer 7. How might SC thinking help a company develop a uniquely competitive business model? Identify and describe one example not discussed in the chapter. According to the text, SC thinking can help a company develop a uniquely competitive business model by using the four decision areas of strategy: • Environment- “view change as a challenge and an opportunity. Leverage relationships and technology to anticipate, define, and respond to changes in the competitive environment.” • Resources- “Develop unique, boundary-spanning capabilities; develop and manage supplier capabilities; leverage customer resources when possible; build world-class supply chain team.” • Objectives- “Help the supply chain satisfy end-customer needs; help first-tier customers become more competitive; build continuous-improvement-based advantage; achieve sustained profitability.” • Feedback- “measure process......

Words: 630 - Pages: 3

Free Essay

Chapter 12

...TUGAS RESUME CHAPTER 12, 14 DAN 15 MATA KULIAH MANAJEMEN SUMBER DAYA MANUSIA (KELAS H) KELOMPOK 9 Nama Anggota : Auliana Maharani Puteri / 041411231251 Rila Nickytha Dewi / 041411231252 Fakhrur Rizal / 041411231253 Eva Amelia Rasidahwati / 041411233001 Amira Nadia Sawitri / 041411233004 Anggy Haristya Octari / 041411233015 Aza Rosmala / 041411233032 Kurnia Pramadhani / 041411233038 JURUSAN MANAJEMEN FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS AIRLANGGA 2015 CHAPTER 12 THE ORGANIZATIONAL REWARD SYSTEM DEFINING SYSTEM sistem reward organisasi terdiri dari jenis hadiah yang akan ditawarkan dan distribusi mereka. Imbalan organisasi mencakup semua jenis hadiah, baik intrinsik dan ekstrinsik, yang diterima sebagai hasil kerja oleh organisasi. Imbalan intrinsik yang internal untuk individu dan biasanya berasal dari keterlibatan dalam kegiatan atau tugas-tugas tertentu. Kepuasan kerja dan perasaan. Imbalan ekstrinsik secara langsung dikontrol dan didistribusikan oleh organisasi dan lebih nyata tha reward intrinsik. membayar dan manfaat rawat inap. RELATING REWARDS TO PERFORMANCE Pertimbangan untuk menentukan reward yang akan diberikan, jumlah prasyarat yang diinginkan telah diidentifikasi dan berlaku umum: * Kepercayaan dalam manajemen * Tidak adanya kendala kinerja * Supervisor terlatih dan manajer * Sistem pengukuran yang baik * Kemampuan untuk membayar * Clear perbedaan antara biaya hidup, senioritas, dan......

Words: 1988 - Pages: 8

Premium Essay

Chapter 1 Hw

...Chapter 1 Modern Project Management Review Questions 1. Define a project. What are five characteristics which help differentiate projects from other functions carried out in the daily operations of the organization? A project is a complex, non routine, one-time effort limited by time, budget, resource, and specifications. Differentiating characteristics of projects from routine, repetitive daily work are below: a. A defined life span b. A well-defined objective c. Typically involves people from several disciplines d. A project life cycle e. Specific time, cost, and performance requirements. 2. What are some of the key environmental forces that have changed the way projects are managed? What has been the effect of these forces on the management of projects? Some environmental forces that have changed the way we manage projects are the product life cycle, knowledge growth, global competition, organization downsizing, technology changes, time-to-market. The impact of these forces is more projects per organization, project teams responsible for implementing projects, accountability, changing organization structures, need for rapid completion of projects, linking projects to organization strategy and customers, prioritizing projects to conserve organization resources, alliances with external organizations, etc. 3. Why is the implementation of projects important to strategic planning and the project manager? Strategic......

Words: 492 - Pages: 2