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- Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another industry-/situation with a compensating wage differential.provide an isoquant/isocost analysis diagram explaining the possible impact of the higher wages onthe output level, total cost of production and input-factor mix of this business in boththe short and long-run estimated that the wage elasticity of labour demand is -1.7
- It is easy to conclude that when hiring workers in the short run whose marginalproductivity rises, the average product of labor will rise as well. However, if workersproductivity declines, average product of labor may still be rising. Explain why this mayhappen.According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuringplan in an attempt to reverse declining global sales. Suppose that as part of the restructuring planMitsubishi conducts an analysis of how labour and capital are used in its production process. Priorto restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 ( in absolute value). Tohire workers. Suppose that Mitsubishi must pay the competitive hourly wage of US$ 15. In thestudy of production process and markets where capital is procured, suppose that Mitsubishidetermine that its marginal productivity of capital is 0.5 small cars per hour at its new targetedlevel of output and that capital is procured in a highly competitive market. The same studyindicates that the average selling price of Mitsubishi’s smallest car is US$ 9500. Determine therate at which Mitsubishi can rent capital and marginal productivity of labour at its new targetedlevel of output. To minimize costs…1 2 5 4 3 10 9 8 7 6 1 2 3 4 5 6 7 8 9 10 Label axis variables Identify curves - for one isocost curve and one isoquant draw an arrow to indicate direction of increase This particular firm's MITS = -1 $1 we deduce . Given wage is -price of capital is r = -this firm's isocost lines are given by the equation C= Draw the resulting new isocost lines if the union doubles wages
- QUESTION 8 Quantity of Labor Supplied Required Wage Rate $6.00 1 2 9.00 3 12.00 4 15.00 18.00 21.00 7 24.00 27.00 9. 30.00 10 33.00 According to the above table, the marginal factor cost of the fifth worker is $30.00. $45.00. O $90.00. $60.00.Define the term Direct Labor?Please can i get help with my HW asap? Consider Bowles’ theory about the firm’s employment of labour for pursuing profit maximization. DefineQ = output per hour, e = the amount of output per unit of work done, d = the amount of work done per hour, andw = the hourly wage.Unit labour cost, ulc = w/QThe figure below shows the labour exaction curves of the firm. (a) If the firm has control over w, e and d, what can it do in order to increase its profits?(b) Explain the shape of the “old extraction curve” in the graph. What is the slope of the straight line that links up a point on the labour extraction curve and the origin?(c) Suppose that e and d are determined by technology and the firm’s extraction strategy (e.g., supervision), respectively. What causes the shift of the labour extraction curve from the “old” to the “new”?(d) Suppose there is a technical change such that e decreases but dincreases, and e (percentage change) < d (percentage change), is it profitable for the…
- Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. Units of Labor Total ProductMarginal ProductTotal Revenue 0 1 AWNF 2 3 4 567 0 14 30 35 39 44 14 10 2 $ 112 240 312 336 352 If the wage rate is $40 and Manfred's only fixed input is capital, the total cost of which is $35, then what will be his economic profit? Multiple Choice 120 112 85 56Income $560 $320 B 60 40 0 Work T Suppose this worker's union negotiates an increase in the straight-time wage from $8 to $9.33 per hour with no bonus for overtime. This plan would allow earnings of $560 at 60 hours per week. Assuming this worker can freely choose the number of hours worked, he will choose to work more than 60 hours per week. 60 hours per week. more than 60 hours per week if the income effect dominates; less otherwise. fewer than 60 hours per week. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.