Business, 28.08.2019 10:20 marciekinser
You’ve been hired as an economic consultant to a price-taking firm that produces shirts. the firm already has a shirt factory, so it is operating in the short run. the price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of material. at the current level of output (20 workers and 70 shirts per hour), the firm is losing money: its total cost exceeds it total revenue. the firm has experimented with different numbers of workers and discovered that 21 workers would produce 72 shirts; 15 workers would produce 60 shirts; and 16 workers would produce 63 shirts. you job as a consultant is to tell the firm which of these four options to take; and explain and show your calculations as to why you selected an option. 1. option 1: shut down the unprofitable operation. explain why giving numerical calculations? 2. option 2: continue to produce 70 shirts per hour. explain why giving numerical calculations? 3. option 3: produce more shirts. explain why giving numerical calculations? 4. option 4: produce fewer shirts. explain why giving numerical calculations?
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