Standard Enterprises Produces an Output That It Sells in a Highly

question 43

Essay

Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per unit.Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as-needed basis in a labor market at a cost of $2,800 per worker.Based on the following production data, how many workers should the firm employ to maximize its profits?

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Definitions:

Id

A term in psychoanalytic theory referring to the part of the unconscious personality which contains our primal, instinctive desires and drives.

Ego

A psychoanalytic term referring to the part of the mind that mediates between the conscious and the unconscious and is responsible for reality testing and a sense of personal identity.

Resistance

In psychology, the opposition to making changes or exploring unconscious feelings and thoughts during therapy.

Anal Stage

The second stage in Freud's psychosexual development theory, focusing on toilet training and control issues, leading to traits of orderliness or messiness.