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Clarke Mementos manufactures small figurines that they sell to retailers around the country. Clarke ...

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Clarke Mementos manufactures small figurines that they sell to retailers around the country. Clarke ...

Clarke Mementos manufactures small figurines that they sell to retailers around the country. Clarke sells the figurines for $5.00 each, a price the firm considers given. Clarke's production function is given by the expression:
   Q = 60L - 0.5L2,
where Q = number of figurines per day, and L = number of skilled workers per day. Based on this production function, the average and marginal products of labor are as follows:
   AP = 60 - 0.5L MP = 60 - L

a.   Write an expression for the firm's marginal revenue product.
b.   Clarke currently pays $150 per day (including fringe benefits) for each of its skilled workers. How many workers should the firm employ?
c.   Clarke's workers are highly skilled artisans with a great deal of job mobility. The firm's managers fear that they must increase the workers' total compensation to $200 per day to remain competitive. What impact would the wage increase have upon the firm's employment?

Textbook

Microeconomics

Edition: 8^th

Author: Pindyck

Read 1017 times

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3 years ago Edited: 3 years ago, Alisher Sembekov

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