You will need to fill in the following exam sheet (see link below) for this part of your exam. You may either print out the exam sheet and complete it by hand, or type in/draw your answers in Word in the document itself.
- Directions for completing the exam sheet by hand: If you hand write the exam sheet, when you are done, you will need to scan and submit the sheet using the link at the end of this part of the exam.
- Directions for completing the exam sheet in Word: If you complete the exam sheet in Word you will need to save a copy of the file and submit it using the link at the end of this part of the exam.
Download Exam Sheet 1 Part 1 C
Question 1:
Given that the current wage is $80 and the price of output (Q) is equal to $3.00, complete the table on your exam sheet.
NOTE: This work is to be done using the Exam Sheet 1 Part 1 C. You will upload this work, along with other work to be done on this sheet, to question #8 on this exam. Enter the word "Finished" into the text-box below when ready to move on.
Question 2:
Use your table on the exam sheet to answer the following questions:
- How many workers will the firm hire to maximize profits?
- What are the maximum profits?
- Explain why the firm doesn't hire one less worker as well as why the firm doesn't hire one more worker.