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Juice and More faces a perfectly elastic demand for drinks at the price of $5 per drink. They also face an upward-sloping marginal cost of labor curve given by:
MCE= 3+0.3E
and
SE=25w - 5

Each hour of labor produces 12 drinks. The cost of producing each drink is $2.

a. How many workers should Juice and More hire to maximize profits?

b. What wage will Juice and More pay?

c. What are Juice and More's profits? (This is an unasked problem you should automatically do.)

d. Graph parts a-c on one graph.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939158

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