Figure 12-18 -Use the Figure Above to Answer the Following Questions

question 117

Essay

Figure 12-18

-Use the figure above to answer the following questions.
a.How can you determine that the figure represents a graph of a perfectly competitive firm? Be specific; indicate which curve gives you the information and how you use this information to arrive at your conclusion.
b.What is the market price?
c.What is the profit-maximizing output?
d.What is total revenue at the profit-maximizing output?
e.What is the total cost at the profit-maximizing output?
f.What is the profit or loss at the profit-maximizing output?
g.What is the firm's total fixed cost?
h.What is the total variable cost?
i.Identify the firm's short-run supply curve.
j.Is the industry in a long-run equilibrium?
k.If it is not in long-run equilibrium, what will happen in this industry to restore long-run equilibrium?
l.In long-run equilibrium, what is the firm's profit maximizing quantity?

Identify different strategies (forcing, fostering, escape) used by companies and unions in labor negotiations.

Comprehend high-performance work systems and their impact on employee involvement and decision making.

Examine the impact of flexibility in the workplace on employee and employer relationships.

Understand the concept of the psychological contract between employers and employees.

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Definitions:

Continuous Reinforcement

A method of learning where every correct response is reinforced every time, leading to faster acquisition of behavior but quicker extinction once reinforcement stops.

Partial Reinforcement

A conditioning schedule where only some responses are reinforced, leading to more resistant behaviors to extinction.

Delayed Reinforcer

A reward that does not immediately follow an action but is delayed for a certain time.

Primary Reinforcer

A stimulus that satisfies a basic biological need and is inherently rewarding.