help with microeconomics 6 – Nursing Writers Hub

help with microeconomics 6 – Nursing Writers Hub 

help with microeconomics 6 – Nursing Writers Hub

Sullivan’s Custom Cabinets operate in a perfectly competitive market and employs labor and capital. Labor costs $30 a day. Machines cost $36 a day. Currently, Sullivan’s has six machines and the marginal revenue product of capital is $30. Output sells at $5 per unit. Sullivan’s hires you as a consultant and provides you with the following production function.

Workers (days)

Total Output

1

9

2

17

3

24

4

30

5

35

6

39

7

42

1.  Explain, in your own words, the meaning of MRP.
2.  How is MRP computed?
3.  Using the data presented, in the short run, how many workers would you recommend Sullivan’s hire per day to maximize profits?
4.  Explain how you arrived at this number.

 
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help with microeconomics 6 – Nursing Writers Hub

Sullivan’s Custom Cabinets operate in a perfectly competitive market and employs labor and capital. Labor costs $30 a day. Machines cost $36 a day. Currently, Sullivan’s has six machines and the marginal revenue product of capital is $30. Output sells at $5 per unit. Sullivan’s hires you as a consultant and provides you with the following production function.

Workers (days)

Total Output

1

9

2

17

3

24

4

30

5

35

6

39

7

42

1.  Explain, in your own words, the meaning of MRP.
2.  How is MRP computed?
3.  Using the data presented, in the short run, how many workers would you recommend Sullivan’s hire per day to maximize profits?
4.  Explain how you arrived at this number.

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

help with microeconomics 6 – Nursing Writers Hub

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