Home / Questions / The nation of Ectenia has 20 competitive apple orchards which sell apples at the world pri...
The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: Q = 100L– L 2 . MPL= 100 – 2L where Qis the number of apples produced in a day, Lis the number of workers, and MPL is the marginal product of labor. a. What is each orchard’s labor demand as a function of the daily wage W?
Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
What is the market’s labor demand? b. Ecteniahas 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make? c. Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. d. Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
Click here for more on this paper……. Click here to have a similar A+ quality paper done for you by one of our writers within the set deadline at a discounted
May 01 2020 View more View Less
What is a cash flow hedge? How does this happen and why? What is the benefit of hedging cash flow?
Apr 20 2021Find the phasor input VS in Figure P8–79 when the phasor output is VO = 300 + j200 V.
Jun 15 2020The magnitude of the absolute velocity of point A on the automobiletire is 12 m/s when A is in the position shown. What are thecorresponding velocity Vo of the car andthe...
May 05 2020Reflect on Walmart’s strategy in terms of ‘the architecture of simplicity’. In your view what is the caution it should exercise to avoid decline? You would ideally focus ...
Apr 04 2021Use Sample Combination WACC and OCS Spread Sheet.Complete the OCS project according to the assignment instructions. For example: •Complete a table similar to Figure 15-5...
Nov 08 2017Table BDateCash Flow12/12/2016$25,0007/22/2017$10,0009/18/2018$15,0004/22/2019$20,0008/13/2020$15,000 Find the present value (as of 9/2/2016) of the cash flows in Tabl...
May 24 2018Most large egg farmers sell eggs directly to retailers. What is the farmer s price per dozen to the retailer for both conventional and organic eggs if the retailer s marg...
Jun 19 2020A vine of length 17m hangs vertically at one side of a gorge of width 10m (See Figure 2). Tarzan runs up, grabs the vine swings over the gorge and drops on the other edge...
Jun 19 2020N independent random variables X 1 , X 2 X N all have a normal distribution with the same mean zero and variance V 2 . Derive the maximum likelihood estimator for the mea...
Jun 19 2020The Martin-Beck Company operates a plant in St. Louis with an annual capacity of 30,000 units. Product is shipped to regional distribution centers located in Boston, Atla...
Apr 25 2020