A firm currently uses 40,000 workers to produce 180,000 units of output per day. The daily wage per worker is $100, and the price of the firm's output is $28. The cost of other variable inputs is $500,000 per day. (Note: Assume that output is constant at the level of 180,000 units per day.)
Assume that total fixed cost equals $1,200,000. Calculate the values for the following four formulas:
Complete the following:
Provide a report to the management of the firm that discusses what should be done.
Be sure to show your work to support the decision that you outline in your report.
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|$10.00||Economics, Microeconomics||Lewin||0 time(s)|
|$8.00||Economics, Macroeconomics||RNguyen99||0 time(s)|