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order Group Title

To increase its labour force from 50 to 51 workers, a firm has to increase the daily wage rate from $600 to $610. What is the marginal cost of labour per day? A $10 B $510 C $610 D $1110

  • one year ago
  • one year ago

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  1. mustry Group Title
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    as u knw marginal cost =change in total cost/change in labour

    • one year ago
  2. order Group Title
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    Yup

    • one year ago
  3. mustry Group Title
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    so ll be mrgc=($610-$600)/(51-50)

    • one year ago
  4. order Group Title
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    So it would be 610-600/51-50 right? Which would be 10/1 right? Well, the answer isn't $10 :(

    • one year ago
  5. order Group Title
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    That's what's bugging me.. the answer is actually $1110, and I don't know how to get to that.

    • one year ago
  6. mustry Group Title
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    ll be $10/1 so mrgcst=$10

    • one year ago
  7. order Group Title
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    It's an advanced level question... so it's not meant to be that easy, and the answer isn't that... so I don't know..

    • one year ago
  8. hba Group Title
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    \[Marginal \ cost =\frac{ Change \ i n \ total \ cost }{Change \ i n \ output }=\frac{ \Delta TC }{ \Delta q }\]

    • one year ago
  9. order Group Title
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    Yes, thanks... but that doesn't help :(

    • one year ago
  10. hba Group Title
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    I know that :P

    • one year ago
  11. hba Group Title
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    Well i guess the labour is increasing by 1/> And it goes from 600-610 So, 10 $ Therfore, 10 /1=10

    • one year ago
  12. order Group Title
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    The answer is $1110... I thought it was also $10...

    • one year ago
  13. hba Group Title
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    Are you sure it is $ 1110 ?

    • one year ago
  14. order Group Title
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    Pretty sure, yeah, but not sure how to get to that answer...

    • one year ago
  15. hba Group Title
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    brb

    • one year ago
  16. order Group Title
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    Sure

    • one year ago
  17. mustry Group Title
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    its barely to knw

    • one year ago
  18. hba Group Title
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    Yuppie i got it :D

    • one year ago
  19. order Group Title
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    How?!

    • one year ago
  20. hba Group Title
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    It is easy :P

    • one year ago
  21. order Group Title
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    So say it!!!

    • one year ago
  22. hba Group Title
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    The wage rate is actually per labour So, Lets calculate 1=(600 * 50) Now lets calculate the new one. 2=(610*51) Now to calculate marginal cost Subtract them :) So, (610*51)-(600*50) =31,100-30,000=1,100 $

    • one year ago
  23. order Group Title
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    Tricky examiners!!!! Come, on, you would have gone with $10 at first glance... that's how they want students to fail!!! Thanks for pointing it out though... and they weren't specific with it being one labour's wage xD How did you figure that out?

    • one year ago
  24. hba Group Title
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    My friend who is doing his BBA at LSE.

    • one year ago
  25. order Group Title
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    What's BBA?

    • one year ago
  26. hba Group Title
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    Bachelor's in Business Administration.

    • one year ago
  27. mustry Group Title
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    good ideal @hba

    • one year ago
  28. hba Group Title
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    Whaaaat :o

    • one year ago
  29. mustry Group Title
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    thankx 4 assist

    • one year ago
  30. hba Group Title
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    Welcome :)

    • one year ago
  31. order Group Title
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    Yeah, this helped a lot!!!. Still going to have to watch my back with examiners

    • one year ago
  32. hba Group Title
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    Best of luck with that :)

    • one year ago
  33. phi Group Title
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    I have not studied economics, but I would not overthink this problem 50 to 51 workers, a firm has to increase the daily wage rate from $600 to $610. What is the marginal cost of labour per day? the original cost per day is 50*600= 30000 the new cost per day is 51*610= 31110 So it looks like it costs $1110 per day to add 1 person

    • one year ago
  34. hba Group Title
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    ^ Yeah that is correct :)

    • one year ago
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