In the short run, by definition, the capital stock is fixed. Show what would happen to the demand for labor if the capital stock were fixed at 20 units instead. Find the equation for the firm’s new demand curve for labor. What would be the new optimal level of labor, assuming W stays at $10? 20c. Finally, show what would happen to the firm’s demand for labor if labor became more productive so that the production function could now be represented by the formula Q = 2KL − 0.025KL2 , which would make the marginal product expression at K = 10 MPL = 20 − 0.5L. Find the equation for the firm’s new demand curve for labor. What would be the new optimal level of labor assuming W stays at $10?

The following cost data relate to the manufacturing activities of chang company during the just completed year: manufacturing overhead costs incurred: indirect materials $ 15,800 indirect labor 138,000 property taxes, factory 8,800 utilities, factory 78,000 depreciation, factory 150,600 insurance, factory 10,800 total actual manufacturing overhead costs incurred $ 402,000 other costs incurred: purchases of raw materials (both direct and indirect) $ 408,000 direct labor cost $ 68,000 inventories: raw materials, beginning $ 20,800 raw materials, ending $ 30,800 work in process, beginning $ 40,800 work in process, ending $ 70,800 the company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. a total of 20,500 machine-hours were used during the year. required: 1. compute the amount of underapplied or overapplied overhead cost for the year. 2. prepare a schedule of cost of goods manufactured for the year.

Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise

)a business incurs the following costs per unit: labor $125/unit, materials $45/unit, and rent $250,000/month. if the firm produces 1,000,000 units a month, calculate the following: a. total variable costs b. total fixed costs c. total costs