Business, 23.03.2020 20:03 smartgirl61987
AP MICROECONOMICS 1. GW Company produces and sells hats in a perfectly competitive market at a price of $2 per hat. Assume that labour is the only variable input and the wage rate is $15 per unit of labour per day. The table below shows GW's short-run production function for hats. 1 2 3 4 5 6 Number of workers 0 per day 0 10 26 36 44 49 52 Output of hats per day (a) After which worker do diminishing marginal returns begin? (b) Calculate the marginal physical product of the fifth worker. (c) Calculate the marginal revenue product of the third worker. (d) How many workers will GW hire to maximize profit? (e) if GW Company has fixed costs equal to $20, what will be the company's short-run economic profits from hiring two workers? (1) If the price of hats increases, what will happen to the number of workers hired in the short run? Explain.
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AP MICROECONOMICS 1. GW Company produces and sells hats in a perfectly competitive market at a price...
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