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7 years ago
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

Microeconomics


Edition: 8th
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Bart_argBart_arg
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