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Clarke Mementos manufactures small figurines that they sell to retailers around the country. Clarke sells the figurines for $5.00 each, a price the firm considers given. Clarke's production function is given by the expression:
Q = 60L 0.5L2,

where Q = number of figurines per day, and L = number of skilled workers per day. Based on this production
function, the average and marginal products of labor are as follows:
AP = 60 - 0.5L MP = 60 - L

a. prepare an expression for the firm's marginal revenue product.

b. Clarke currently pays $150 per day (including fringe benefits) for each of its skilled workers. How many workers should the firm employ?

c. Clarke's workers are highly skilled artisans with a great deal of job mobility. The firm's managers fear that they must increase the workers' total compensation to $200 per day to remain competitive. What impact would the wage increase have upon the firm's employment?

Microeconomics, Economics

  • Category:- Microeconomics
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