We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Short answer questions - Coursework Example

Comments (0)
Summary
Karen sells stethoscopes to hospitals. She sells any and all stethoscopes she produces at the price of $10. She can hire as much labor as she wants at the wage rate of $100 per day per worker (wage taker). In the short run, the only variable cost is labor. The production…
Download full paper
GRAB THE BEST PAPER
Short answer questions
Read TextPreview

Extract of sample
Short answer questions

Download file to see previous pages... With two workers, Karen would make 40 stethoscopes ($400), but pay $200 in wages, giving a profit margin of $200. With three workers, Karen would make 55 stethoscopes ($550), but pay $300 in wages , giving a profit margin of $250. With four workers, Karen would make 65 stethoscopes ($650), but pay $400 in wages, again giving a profit margin of $250. With five workers, Karen would make 70 stethoscopes ($700), but pay $500 in wages, giving a profit margin of $200. With six workers, Karen would make 73 stethoscopes ($730), and give $600 in wages, meaning the profit margin is only $130, and with seven the profit margin is only $40. Taking all of this into account, it would seem that Karen should hire 4 or 5 workers, as these options both give a $250 profit margin and this gives the profit-maximizing level of output. This can be found using the formula:
2. Given the information from question 1, now say that the workers whom Karen hires get trained in new technology and learn new skills. This causes them to become more productive. Karen’s firm is the only firm to use this technology, and training does not improve the productivity of workers in firms outside of Karen’s firm. a) Will this change the quantity of workers whom Karen hires? Explain your answer. b) Will this change the wage rate of the workers in Karen’s firm? Explain your answer. (5 points)
b- Different skill levels often equate to a difference in pay, and in this case Karen has hired workers trained in new technology with skills that cannot be found outside her own firm. The difference in pay rates for skilled workers can be seen as a compensation for aquiring skills (which may mean the worker has not been earning for some time) or for simply going through the lengthy and sometimes difficult process of aquiring these skills (Baumol, 2011). Additionally, as this technology is not available at other firms, workers need to have an incentive to work for Karen and undergo the relevant training, and ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Answer questions
This is particularly important for exotic species, ie species introduced from outside the development area or abroad. The case must meet the needs of farm families. For this reason it is important to involve farmers, men and women in selected species. They should identify the desired products of wood and planting sites based on local markets, and conservation needs.
7 Pages(1750 words)Coursework
Answer QUESTIONS
We successful came up with a user interface which was user friendly to all and which was readily accepted making our project a success. An example of where consensus building could be used is the international negotiations over
2 Pages(500 words)Coursework
Short Answer Questions
Most individuals first tend to try to alter the cause of stress, if it fails, some may chose, to adopt other strategies such as avoiding or adapting. Preventive is when one tries to avoid occurrences that may cause stress. However,
1 Pages(250 words)Assignment
Short Answer (strategic planning)
It is a short, clear and credible picture of how an organisation sees itself once it has successfully implemented its strategies and attained its optimal potential. A vision plays a key role in strategic planning. It inspires action by pulling ideas, people and
2 Pages(500 words)Coursework
Short answer questions
In addition to the pores, the hairs present on the surface of skin also play a role in temperature regulation. The erector muscles present at the hair follicles’ base help erect the hairs, thus making them entrap air. As the body generates heat, this layer of air which
1 Pages(250 words)Assignment
Short Answer Questions
The increased production of cheaper goods has resulted in global warming and increased pollution due to increased emission of carbon dioxide and carbon monoxide. The rapid economic growth has resulted in a
1 Pages(250 words)Coursework
Short answer
There is evidence that, the emergence of technology has served to redefine employment as well as the categories of work that exist in the modern day (Lytras & Corti, 2012). Notably, before technology
9 Pages(2250 words)Coursework
Answer Questions
It also helps a firm to gain competitive advantage in the industry. The firm will acquire competitive resources. Effective strategy will improve the firm’s current and future financial performance hence
5 Pages(1250 words)Coursework
Answer questions
The less dominant one will take up the wrist in the mouth avoiding biting as a sign of acceptance of the reconciliation. The gestures may be followed with vocalization, hugging or even kissing. Bones
1 Pages(250 words)Coursework
Answer the questions at the back of each chapter
There are great chances that China would become world’s largest economy by 2020. This development would definitely have positive or negative effects on world’s economy. So following are the possible implications of such a
4 Pages(1000 words)Coursework
Let us find you another Coursework on topic Short answer questions for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us