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draw side-by-side graphs for the labor market, and for Chuck, smashing and bashing, and show each of the following Chucks Smashing and Bashing is a
draw side-by-side graphs for the labor market, and for Chuck, smashing and bashing, and show each of the following
Chucks Smashing and Bashing is a perfectly competitive, profit-maximizing smashing bashing firm, you need something destroyed Chuck is your guy. Chucks Smashing and Bashing hires workers in a perfectly competitive labor market. a. Draw side-by-side graphs for the labor market and for Chucks Smashing and Bashing and show each of the following. i. The market wage, labeled WM, and the quantity of workers hired in the market, labeled LM ii The marginal factor (resource) cost curve, labeled MFC iii. The marginal revenue product curve, labeled MRP iv . The wage paid by the firm, labeled WF, and the quantity of workers hired by the firm, labeled LF b. Assume that Chucks Smashing and bashing is the only firm in the industry to adopt a new technology. The new technology increases the productivity of Chucks Smashing and Bashing workers. i. In the short run, will the wage paid by Chucks Smashing and Bashing be higher than, lower than, or equal to WF? Explain. ii. In the short run, will the number of workers hired by Chucks Smashing and Bashing increase, decrease, or stay the same? Explain. . Chucks Smashing and Bashing uses capital in the form of trucks, which it rents for $10,000 each. The marginal product of the last truck used is 100,000 units. Chucks Smashing and Bashing is minimizing its costs and the marginal product of the last worker hired is 500 units, calculate the wage. Show your workStep by Step Solution
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