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The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm’s output is $25. The cost of other variable inputs is $400,000 per day. Assume that total fixed cost equals $1,000,000. Calculate the
values for the following four formulas:
Then, assume that total fixed cost equals $3,000,000, and
recalculate the values of the four variables listed above.
For both cases, calculate the firm’s profit or loss. For both sets of calculations, compare the firm’s output price
and the calculated average variable cost and average total cost.
Should the firm shutdown immediately when the total fixed cost
equals $1,000,000? Should the firm shut down immediately when the
total fixed cost equals $3,000,000?
For one of the cases, if the firm can operate at a loss in the
short-run, how many employees need to be laid off in order for the
company to break even? To calculate the number of workers to be
laid off, divide the loss for the two situations by the daily
wage per worker. Given a lower number of employees now working at
the company, what is the change in worker productivity? Is the
change in worker too large, and the firm should shut down
immediately? Or in your opinion, can the workers increase
their productivity, assuming that the units of output per day
remain fixed at 200,000 units, so that the firm operates at a
breakeven state?
Provide a two to four page report to management of the firm
that discusses what should be done.
Be sure to show your work to support the decision you outline
in your report.
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Perfect competition is the first of four basic market models that we study in this course. Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
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