Suppose that a monopoly firm finds that its mr is $60 for the first unit sold each day, $59 for the second unit sold each day, $58 for the third unit sold each day, and so on. further suppose that the first worker hired produces 5 units per day, the second 4 units per day, the third 3 units per day, and so on.

instructions: enter your answers as whole numbers.

a. what is the firm’s mrp for each of the first five workers?

b. suppose that the monopolist is subjected to rate regulation and the regulator stipulates that it must charge exactly $50 per unit for all units sold. at that price, what is the firm’s mrp for each of the first five workers?

c. if the daily wage paid to workers is $210 per day, how many workers will the unregulated monopoly demand? worker(s).

if the daily wage paid to workers is $210 per day, how many workers will the regulated monopoly demand? worker(s).

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

Omnidata uses the annualized income method to determine its quarterly federal income tax payments. it had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters). what is omnidata's annual estimated taxable income for purposes of calculating the third quarter estimated payment?

In terms of the "great wheel of science", statistics are central to the research process (a) only between the hypothesis phase and the observation phase (b) only between the observation phase and the empirical generalization phase (c) only between the theory phase and the hypothesis phase (d) only between the empirical generalization phase and the theory phase