How many hours of labor must hire to maximize profits, Microeconomics

+44 141 628 6080
[email protected]

How many hours of labor must hire to maximize profits

Firm XYZ measured its MP of labor curve to be the following:

MP = 4000 - 2L

where L is the number of hours of labor hired per day.

XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many hours of labor must hire to maximize profits

Reference No:- TGS052782

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Microeconomics

Q : Promised return on the company debt

What payoff do bondholders expect to receive in the event of a recession? What is the promised return on the company's debt? What is the expected return on the company's debt?

Q : Draw the demand and marginal cost curves

The combined marginal costs of the firms in the gilder industry are: MC = 9 + 0.3Q. a. Draw the demand, and marginal cost curves. Calculate and show how much these firms will sell and what they will charge.

Q : Prepare journal entries showing the adjustments

Assume the trial balance has been prepared but the books have not been closed for 2010. Assuming all amounts are material, prepare journal entries showing the adjustments that are required. (Ignore income tax considerations.)

Q : What is corona company days sales

What is Corona Company's days' sales in inventory ratio for 2011 assuming net sales and gross profit for the period were $1,236,783, $927,587 respectively?

Q : How many hours of labor must hire to maximize profits

XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?

Q : Prepare the entry to record the gross profit realized

Creations Company provided the following financial information for its installment sales for the current year.

Q : Income before income taxes problem

Mitchell Corporation had income before income taxes of $195,000 in 2012. Mitchell's current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare Mitchell's 2012 income statement, beginning with Income before income ta

Q : Claim that low dividend is depressing stock price

Comment on the claim that the low dividend is depressing the stock price. Support your argument with calculations. If the proposal is adopted, at what price will the new shares sell? How many will be sold?

Q : Theoretical framework that describes the experiences

Choose a theoretical framework that describes the experiences of people living with this condition and that might guide a person-centered intervention. You may use any of the theories covered in your text or bring in one that you have found successfu

1925995

Questions
Asked

3,689

Active Tutors

1454351

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many hours of labor must hire to maximize profits

Reference No:- TGS052782

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Promised return on the company debt

Q : Draw the demand and marginal cost curves

Q : Prepare journal entries showing the adjustments

Q : What is corona company days sales

Q : How many hours of labor must hire to maximize profits

Q : Prepare the entry to record the gross profit realized

Q : Income before income taxes problem

Q : Claim that low dividend is depressing stock price

Q : Theoretical framework that describes the experiences

Discuss characteristic findings for a stroke

How nurses have the biggest impact on patient care

Child seems unusual for this age compared with other kids

Condition of exposure to cold temperature or certain parts

Mission of ucr school of medicine is to improve the health

What happened during a practice episode of significance

Pick an image about cultural competency

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many hours of labor must hire to maximize profits

Reference No:- TGS052782

Recent Questions Asked Microeconomics

Q : Promised return on the company debt

Q : Draw the demand and marginal cost curves

Q : Prepare journal entries showing the adjustments

Q : What is corona company days sales

Q : How many hours of labor must hire to maximize profits

Q : Prepare the entry to record the gross profit realized

Q : Income before income taxes problem

Q : Claim that low dividend is depressing stock price

Q : Theoretical framework that describes the experiences

Asked Questions