Authors libby rittenberg 777
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11. Large retail firms often advertise that their “buying power” allows
them to obtain goods at lower prices and hence offer lower prices to
their consumers. Explain the economic logic of this claim.
NUMERICAL PROBLEMS
Suppose a firm faces the following supply schedule for labor by
unskilled workers:
Wage per day Number of workers
$0
0
8
1
16
2
24
3
32
4
40
5
48
6
56
7
64
8
72
9
80
10
1. In terms of its supply of labor, what sort of firm is this? Explain. Add
columns for total factor cost and marginal factor cost and fill them in.
2. Plot the supply and marginal factor cost curves for this firm.
Remember to plot marginal values at the midpoints of the intervals.
3. Suppose the firm faces the following total product schedule for labor:
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
777
