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10 months ago

Peter's Pans sells cooking pans for $30 each. The company

1 answer:

6 0

The value of the VMP are 600, 570, 540, 510, 480, 450. The total workers to be hired are 4 workers because MRL > wage.

<h3>How to solve for the VMP</h3>

= MP * selling price

20 * 30 = 600
19 * 30 = 570
18 * 30 = 540
17 * 30 = 510
16 * 30 = 480
15 * 30 = 450

This has been computed in the excel file that I have attached to the question.

2. A competitive firm is going to have to hire when the wage is equal to MRPL or MRPL is greater than the wage

based on this the labor of the firm would be at 4 units.

3. Four workers are going to be hired based on the fact that the marginal revenue of the added labor is more than the wage that was paid for the work done.

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2 years ago

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1. Equilibrium price ,p = $1.20 per pound, equilibrium quantity = 95 million pounds.

2. Surplus = 0

Explanation:

1. From the question,

the equilibrium price = 1.20

The equilibrium quantity = 95 million per pounds.

Equilibrium is gotten when Quantity supplied = quantity demanded.

2. When price floor == $1.00

Quantity demanded = 101

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3. If a decrease in cost of feeding cows shift supply by 40 million we will have new supply schedule =

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