The product price is $10 per unit and the cost per worker is $540. How many workers will the firm employ?
A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.
A. 4
B. 5
C. 6
D. 7
B. 5
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Professor Rush decides to quit teaching economics and opens a shoe store out at the mall. He gave up an annual income of $50,000 to open the store. A year after opening the shoe store, the total revenue for the year was $200,000
Rush's expenses were $30,000 for labor, rent was $18,000, and utilities were $1,200. He also had to purchase new shoes from manufacturers, at a cost of $60,000, which was financed by cashing in his savings of $60,000 that had been in a bank earning 8 percent per year. The normal profit from operating a shoe store in the mall is $20,000. Determine Professor Rush's total cost and economic profit.
Explain what are the factors that shift the DD Schedule
What will be an ideal response?
The role of the Commodity Futures Trading Commission is to
A) set the prices of futures contracts. B) operate the Chicago Mercantile Exchange. C) operate the Chicago Board of Trade. D) monitor potential price manipulation in futures trading.
Which of the following is an example of a produced factor of production?
a. a plant in which automobiles are assembled b. skills that people accumulate in high school and college c. skills that people accumulate through experience in the workplace d. All of the above are correct.