Business, 26.03.2021 16:30 ehaynie

A manufacturing company recorded orders of 10 million products. To maintain its output volume, the company combines efforts of capital and 100, 000 workers. Suppose a new minimum wage law is imposed by the governor, leading to a higher minimum wage in the labor market. As a manager of the company, what would you do in the following situations? Please provide clear and accurate explanations to support your answer • In the short-run, if you cannot purchase more machines (capital is fixed) and you need to maintain the company's output volume. Would you decrease the number of workers you hired? Why? • What would you do in the long-run if you want to maximize your profit and maintain the company's output volume, and why? Create an original reply below by Sunday, Oct 11th at 11:59 pm. Note: Each question worth 5pt. You need to provide correct answers with accurate explanations to earn full points. To help you answer this question, please draw an isoquant diagram for each question.

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A manufacturing company recorded orders of 10 million products. To maintain its output volume, the c...

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