Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Jun 2017 My Price 11.00

economic consultant by a price-taking firm

You’ve been hired as an economic consultant by a price-taking firm that produces baseball caps. The firm already has a factory so it is operating in the short run. The price of caps is $5, the hourly wage is $12, and each cap requires $1 worth of material. The firm has experimented with the different workshops and the results are shown in the first two columns of the following table.

a.Fill in the blanks in the table

b.Is it sensible to continue to operate ata loss with 14 workers

c.Would it be better to operate with 15 workers, Explain using the marginal principle

Workers

Caps

Labor cost

Material cost

Variable cost

Total revenue

Marginal cost of caps
             
             

14

56

          

15

60

          
             

 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Jun 2017 06:06 PM My Price 11.00

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