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    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

An entrepreneur has a factory the produces Lαwidgets

1. An entrepreneur has a factory the produces Lαwidgets, where α<1, when L hours of labor is used. The cost of labor (wage and benefits) is w per hour. If the entrepreneur maximizes profit, what is the supply curve for widgets?

2. In the above exercise, suppose now that more than 40 hours entails a higher cost of labor (overtime pay). Let w be $20/hr for under 40 hours, and $30/hr for each hour over 40 hours, and α = ½. Find the supply curve.

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Status NEW Posted 08 May 2017 12:05 PM My Price 9.00

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