Comparing inventory methods. Assume that a firm seperately determined inventory under FIFO and LIFO and then compared the results.

1. In each of the below, select the less than(<), greater than(>), or equal sign(=) for each comparision, assuming periods of rising prices.

a. FIFO ending inventory 1110 ending inventory
b. FIFO cost of goods soldIWO cost of goods sold
c. FIFO net incomeLIFO net income
d. FIFO income taxUFO income tax

2. Why would management prefer to use LIFO over FIFO in periods of rising prices'

Which of the following is intended to demonstrate to an employer the importance of cooperating with workers? a. a collective agreement. b. a stock offer. c. a boost in production. d. a work slowdown. 2b2t

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

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